Sports theme park may be sold

Wednesday, Aug. 16, 2000 | 11:14 a.m.

The companies that own the All-American SportPark say the sports theme park at Las Vegas Boulevard South and Sunset Road may be for sale.

Ron Boreta, president of All-American SportPark Inc. (AASP), which owns the park, and Voss Boreta, president of Sports Entertainment Enterprises Inc., which has two-thirds ownership of AASP, said in separate news releases that selling all or a portion of the park is an option being considered by the owners.

"Although top line results for the SportPark are relatively flat compared to the prior year, (that) is because of a lack of capital resources available to the company for most of the past year," Ron Boreta said in a release on his company's second-quarter earnings.

"We are very focused on resolving the outstanding issues related to the SportPark; this may include the sale of all or a portion of the ownership in this asset," he said. "Successful execution of this strategy would enable the company to focus all of its energies on profitable business opportunities."

AASP, which owns the theme park and adjacent Callaway Golf Center on 65 acres, reported losses of $723,162, 23 cents a share, on revenues of $1.6 million for the quarter ending June 30. That compares with a loss of $1.1 million, 35 cents a share, on revenues of $1.7 million in the second quarter of 1999.

Company officials attributed the revenue decline to limited advertising in the previous two quarters due to cash flow constraints and fewer operating days, since the facility was closed to the public Monday through Wednesday to accommodate private parties and special events, at the recommendation of a park consultant.

Sports Entertainment Enterprises, which owns a profitable golf and tennis retail store in addition to its two-thirds stake in AASP, reported a net loss of $710,550, 9 cents a share, on revenues of $2.48 million for the quarter ending June 30, compared with a net loss of $901,190, 11 cents a share, on revenues of $2.43 million for the second quarter of 1999.

The theme park operates a batting cage licensed by Major League Baseball, a race track licensed by NASCAR and an arena sponsored by Pepsi Cola. The park also includes an indoor putting course and a climbing wall.

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