Institutional investors sell stakes

Thursday, Feb. 10, 2000 | 11:14 a.m.

A New York investment firm has sold two-thirds of its stake in Harrah's Entertainment Inc.

In a filing with the Securities and Exchange Commission, MacKay Shields Financial Corp. reported a 2.31 million-share stake in the Las Vegas-based casino operator as of Dec. 31. That represents 1.8 percent control of the company.

In its 1998 ownership statement, filed in February 1999, MacKay Shields reported 7 percent control of Harrah's, or 7.09 million shares. The filing did not indicate when MacKay Shields sold the 4.78 million shares, or how much it received. MacKay Shields' parent company is the New York Life Insurance Co.

In a separate filing, the Massachusetts Financial Services Co., a Boston investment advisory firm, reported holdings of 5.11 million shares in Harrah's, a 4 percent stake. One year ago, the firm controlled 6.23 million shares, or 6.1 percent of the company's stock.

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