received £250,000 and 100,000 Ladbrokes shares when he sold his stake in a 53-shop chain of English betting shops to Ladbrokes. In 1975, Ladbrokes moved into racecourse management by purchasing Lingfield Park. This was followed by the acquisitions in 1976 of Perry Barr Stadium and Totalisators and Greyhound Holdings, which owned six greyhound racing stadia at Brough Park, Crayford & Bexleyheath, Leeds, Gosforth, Willenhall and Monmore. Arthur Aldridge, formerly of the Greyhound Racing Association, joined Ladbrokes as Racing Director. The company was rocked by scandal in 1979 with the exposure of illegal marketing schemes at its London casinos, including the bribery of a police officer to obtain information about high rollers at competing casinos. As a result, Ladbrokes was forced to close its four casinos in London, which accounted for roughly 40% of the company's profits. Ladbrokes acquired Texas Homecare, a chain of DIY stores, in 1986. In October 1987, it acquired Hilton International from Allegis Corporation for £645 million, gaining 91 hotels and the rights to the Hilton brand outside the United States. Ladbrokes acquired Vernons Football Pools in 1989. Stein retired in January 1994, under pressure from investors because of the company's rising debts and losses. Under new management, Ladbrokes focused on its core areas of hotels and gambling, and began to divest other parts of its business. Texas Homecare was sold to Sainsbury's in January 1995 for £290 million. Ladbrokes' extensive portfolio of commercial and residential real estate, valued at £1 billion in 1993, was sold off in pieces and by March 1997 was down to £70 million. As part of its redoubled focus on gambling, Ladbrokes returned to casinos in September 1994, with a £50 million purchase of three clubs in London, which it stated was the first step in building an international casino business. In September 1998, Ladbrokes purchased Coral, a chain of betting shops with 891 locations, from Bass plc for £363 million. The UK Government, however, ordered Ladbrokes to sell Coral after the Monopolies and Mergers Commission found that the acquisition was anti-competitive. The Coral business, except for 59 shops in Ireland and Jersey, was sold in a management buyout financed by Morgan Grenfell Private Equity for £390 million in February 1999. In March 1999, the company acquired Stakis Hotels for £1.3 billion, gaining 53 hotels and 22 casinos. Later that year, Ladbrokes renamed itself as Hilton Group plc, to reflect its increasing