All-American SportPark still seeking buyer

Tuesday, May 29, 2001 | 10:48 a.m.

The companies that operate the All-American SportPark in Las Vegas continue to seek buyers for the sports theme park while focusing on its one profitable component, its nine-hole Callaway golf course and clubhouse amenities.

All-American SportPark Inc. reported a loss of $56,941, 2 cents a share, on revenues of $620,464 for the first quarter ended March 31. That compared with a loss of $892,086, 29 cents a share, on revenues of $628,426 for the same period a year earlier.

Those losses include the discontinued operation of the theme park near McCarran International Airport, but do not include interest payments due on loans to the company from Chairman Voss Boreta, owner of Sports Entertainment Enterprises Inc., which owns two-thirds of All-American SportPark Inc. Payment of the interest has been deferred until All-American SportPark has sufficient cash flow to pay it, the company said.

"Several prospects are negotiating with our landlord and us to lease or buy the SportPark property," said Ron Boreta, president of All-American SportPark. "We are hopeful that the disposition of the SportPark will finally free us up to grow our Callaway Golf Center business and relieve our company of the financial burdens associated with the SportPark property."

The company reported lower revenue for the quarter because rainy and cold weather in Las Vegas in January and February reduced the number of golf rounds played.

Sports Entertainment Enterprises, which owns a golf and tennis retail store at Rainbow Boulevard and Sahara Avenue as well as its controlling interest in the SportPark and Callaway Golf Center, reported a net loss of $162,439, 2 cents a share, on revenues of $1.26 million compared with a loss of $879,770, 11 cents a share, on revenues of $1.25 million for the same quarter a year ago.

"We continue to make positive progress with both our Rainbow retail store, AASP's Callaway Golf Center operations and in controlling corporate overhead," said Voss Boreta, president of Sports Entertainment Enterprises.

"The SportPark property has been a strain on our company for a long time now; we think we are close to putting the SportPark behind us," he said. "We are hopeful that the disposition of the SportPark will finally free up our resources so that we can improve upon our results for both the Rainbow Store and the Callaway Golf Center."