The Los Angeles Times from Los Angeles, California • 49

8 Part IV -Tims, Sept 18. 1979 COS AngcUfi SimeS BEWLEY AtiEN OtDOXAC Western OTC NASD Quotations for Monday, Sept. 17, 1979 Holiday Inns Takes a Gamble on Casinos SMALL ADS MEAN SMALL PRICES (213 289-5203 friar Sic" Aafcaa) iid Tkti VMtatlom KittiM ty tM Mj-ttaaal Asm. at Stcwilitt Daalars Ik. art Ml actual UMiwtMM tut art rearesaa-tativt lateraealer aricet as af aaaraii-mattly I un ail at artttc lima tMsa sacwitin cauM have teen ayrcfuxa INVESTORS Gasoline prices have gone up 8c over the past month.

Did you profit? Get in on future rises in gas prices. Buy gasoline today for 1980 delivery 16,600 gallons $3320 deposit Call now to lock in prices 213-388-1025 Co Petro Marketing Group, Inc. (iitto or uld (aid), lattrdular aurttti ctianfi UirauilMtrt tht day. Prices da ot iaciuda rami urtua, markdowa tr cam- unman. nor fc Atkad .1 7ft 1ft Mft lift 4 he 3ft Ift 1 US Vh B'A O'D 17 1 1 ft 3Uj Vi 5ft eft 1 fee A Nft 2ft 91779 KESSEEXJUE2S i In S3 Sal $375 I SUM 90 Silver liu I Bn 19600 ft ffl JJ Bio Boy Fan JudVlMC Juroemem Kaiser Steel I PF0 Undei Cedar Homes Las Aianwos Race Course Mason Industries Medical Devoiopflienl ModuknoliM National TacMcal Sanr Networks EaWTiac Corp doe Company OHon Ferns lee Onviayiadlcal Sprvfcps Inc Pacific Coast Meckel El PamexFdsKK Pay Fone Systems he Perms BUI Indus! Pttont-Mato Incorporated Progressive ill Powft Ind tnc Pyramid Co Radiant Industries Inc RatnerCorp Rtsdel Industries RooKCorporalio San Bar Corp San Fernando ElecWg Co Santa Monica Bar Southwest Bank Standard Logic Inc Stano Hydronics Inc SieriMklc Slam Sunset Ind Inc Swedlowlnc Century Industries Tttemelion Textonemc Tronsierra Eiptoraf ton Core Triple Check mc US.

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Intersclence Systems fed are the ANSWERS For free WersMttaa, laaeleti It II- Treasury Bonds Quttatiwn tar Men, Sapt 17, 179 ITTM. MR. 0ERT CHWIUII Continued from First Page downtown Las Vegas. The casino complex, scheduled to open at the end of 1980. will include a 500-room hotel, along with a show room, convention facilities and several restaurants.

This summer. Holiday Inns put a foot into Las Vegas as well, acquiring a 40 interest in Riverboat which operates the casino adjoining the Holiday Inn on the Strip. Details of the agreement were not given, beyond plans to expand the casino and add 300 rooms to the 500-room hotel. Finally, Holiday Inns signed first a joint venture, then a merger agreement with Harrah's, a 42-year-old company with casino-resorts in Reno and Lake Tahoe, and, says Winegardner, "a high-quality company with a very good image in the business." Known for the management control instituted by founder William Harrah, who died last year, Harrah's boasts a compound earnings growth record of 19 a year over the last two dozen years, and stock traded on the NYSE. It had net earnings of $15.9 million on 1979 revenues of $196 million.

And it is costing Holiday Inns about $300 million, half in cash (to Harrah's estate, which holds 70 of the outstanding shares) and half in stock (to Harrah's estate and the other shareholders.) What Holiday Inns is getting, however, is more than a casino. Harrah's, Rose says, offers a "total experience, way ahead of the rest of the industry," and in many ways one familiar to Holiday Inns. It includes hotels where occupancies run abot 95, nightclubs, restaurants, snack bars and cocktail lounges. To Holiday Inns, the gambling business is thoroughly "synergistic" with its hotel business. Winegardner notes that "the demographic profile of the casino customer closely parallels our hotel customer," and Rose describes him as male (60), 25 to 55 years old, and earning more than $15,000 a year, most more than $25,000." Image is also important to Holiday Inns, which considers itself in a mass market, and the company has come up with the statistic that "80 of Americans approve of gaming and 62 participate in gaming." The company also "looked at our hotel customer's reaction to our being in the gaming business," Rose says, "and almost 95 had no objection." Given the casino attached to the Holiday Inn on the Las Vegas Strip, Winegardner adds, "everybody already thought we were in the business.

Unfortunately, we weren't able yet to participate in the profits." The company plans to participate in the growth, however, much of it through Harrah's, which had itself begun to feel squeezed in the Reno-Lake Tahoe area by both thickening competition and increasing regula Rose says the subsidiary shows "pretty steady performance." Nevertheless, Holiday Inns has lined up some "interested" potential purchasers. With all the activity, the basic hotel business will not be left untouched. Hotels are continually being sold off in weak markets (80 in the last five years) downtown Gary, for example-, Curacao, or Amaril-lo, where four Holiday Inns were competing among themselves for business that two would find profitable. The business also is slated for an "aggressive expansion," Winegardner says, "into strategic cities like Los Angeles, Seattle, Boston." These, Rose says, are "strong destination markets serving a variety of travelers business, tourists, conventioneers and are 'feeder' cities as well. That is, they have large populations and people in those areas travel out a lot," so it helps to keep them well aware of Holiday Inns.

Surprisingly, the two executives say their hotel business has been little affected by problems that have been crushing others in the industry. Holiday Inns felt the United Airlines strike and the aftershock of the DC-10 crash only in Hawaii, where business was off 10. The spring and summer gas panics were felt mostly on the East Coast, and "very short-term," Rose says. And the rising costs of building money do not directly affect the parent corporation (which owns one-fifth of the properties) because it simply isn't borrowing money. "We're funding all our new construction out of internally generated cash," Rose says.

What the corporation has mainly done since the early '70s is beef up its management, since it is no longer, as Winegardner says, a comfortable little business "we could get our arms around" but a billion-dollar company which drew 2,000 people to San Francisco last week for a franchisee "We had to go outside the industry to find people for marketing, planning, financial management, management information systems," he adds. "You can get in too deep, but you sure have to have bench strength. If you don't have good planning, you're just reacting." Keystone to Expand Wire Production PEORIA, 111. (DJ)-Keystone Consolidated Industries Inc. disclosed plans for major expansion of its wire and wire products facilities.

The plans, disclosed in Keystone's annual report, include expanding production in Santa Clara, and Sherman, and building a wire and wire products plant in Greenville County, S.C. tions that limit expansion. Harrah's already is planning a project in Atlantic City, and under Holiday Inn's ownership, Winegardner says, Las Vegas is now "the natural market for us to go into." As its second area of expansion. Holiday Inns' management has chosen free-standing restaurants, marking the decision with last month's acquisition of Perkins 'Cake Steak Inc, a Minneapolis-based chain. ('Cake is "an abbreviation of There are 360 of the restaurants in 30 states, more than two-thirds of them franchisee, and all family style, broad menu, and open 24 hours.

Holiday Inns paid 2 million shares of its stock about $44 million worth at the time of acquisition for the privately held company, which had fiscal 1978 revenues of $71 million. The Holiday Inns executives' only comment on its profitability is a simultaneous "It's profitable." Winegardner, however, notes that the company's newest units produce an average $1 million each in revenues, unusually high for such restaurants. What will not be part of the new Holiday Inns structure is the transportation division, starting in August with the sale of Trailways, which had 1978 revenues of $268 million. Then, Holiday Inns cited a long-awaited study of its participation in the transportation industry, which concluded the corporation would do better in other businesses. More specifically, Winegardner says now; with Trail-ways "there really isn't any synergy.

The intercity bus passenger really is not the hotel-stayer." Trailways revenues had grown in recent years, and its income was just recovering from a long sag. Still, a subsidiary bringing in almost a quarter of the corporate revenues was producing only an eighth of the operating income. "If it had been highly profitable, we would have sold it for more, but we would have sold it anyway," Rose says, with Winegardner adding, "it still didn't fit in with our criteria for growth." Trailways was sold for approximately $100 million, $90 million of it cash, to a group including James Kerrigan, a former Greyhound executive who will become chairman and chief executive officer; New York investment bankers Gibbons, Green, Van Amerongen, and affiliates of the Hill-man Co. The purchase price was for roughly Holiday Inns' book investment, according to Rose, but after taxes, Holiday Inns will incur a $12 million loss from the transaction. The next subsidiary to go probably will be Delta Steamship Lines (1978 revenues $155 million).

Holiday Inns just expanded it last year, acquiring another line which added five new trade routes to Delta's three, and MtMSHIIElLK. Sn 2314 StPC U.S. Treasury Bonds for Monday. TEL (113) 4IS-t9M Sep J5 WJ7 if Han you don't have to go there to enjoy China's legendary beer and vodka. Vodka 80 Proof.

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99.2 99.4 95.16 95.20 95.24 95.21 995 99i 94.12 94.16 91.1 91.10 91.20 96.10 97.10 95.24 95.21 97.2 97.6 99.3 99.5 HI 94.6 94.4 94J 95.11 9552 94.16 94.20 92.14 92.22 92.14 92.22 95.23 95.31 93.11 93.26 95.26 1 9130 994 96.14 9652 95.21 96.4 91.4 91.6 96.13 96.21 92.30 93.6 94.30 95.6 99.5 99.13 9U 95.14 PRIVATE INVESTORS offer: Short Tern Swing Loans (i i e) io interest 4 mos Interest Prepayment Penalty Loans secured bv iw Aug mi Treasury notes. I. Aug 8.375 Aug 9 in Aim 1911 1981 I981n Bid and asked prices quoted in dollars and thirty seconds. Subject to Federal taxes but not lo State income property on the market lor sale or in escrow DiSCOUnted T.D.'S yeer due doles I 10 Interest Rate 1SH-2SH OiKatwts Frew Outsteeeliesj PriMieef lalsnce. All loans secured by real estate, you pay no closing costs, and no commissions1 You receive the Note and Trust Deed recorded in your name plus a policy ol title insurance.

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