Firm’s stock jumps 70 percent

Thursday, Sept. 23, 1999 | 10:43 a.m.

Las Vegas Entertainment Network Inc.'s stock shot up nearly 70 percent in heavier-than-normal trading Tuesday, but company officials are remaining silent on the cause.

Shares of the thinly traded Los Angeles company rose $1.13 to close at $2.75, on volume of 166,000 shares. The company's stock was the highest percentage gainer on the NASDAQ for the day.

"I have no comment on that right now," said company spokesman Jay Goldberg.

Recently, LVEN received a $305 million investment from six anonymous trusts, which bought a 53 percent stake in the company for $101.60 per share. The company also said in Securities and Exchange Commission filings several months ago that it was in the final stages of negotiating the sale of the defunct El Rancho property on the Strip.

LVEN is marketing the property on behalf of International Thoroughbred Breeders Inc. of Cherry Hill, N.J., and will receive a portion of the proceeds from its sale.

On Sept. 15, the company said in an SEC filing that its report for the quarter ending May 31 would be late. LVEN offered no explanation in the filing.

In trading Wednesday, LVEN closed unchanged at $2.75. It was down this morning at $2.69.

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