suffered losses in 1995, though at the end of 1996, Hollywood Park bought Boomtown, Inc. for $188 million. Boomtown operated and owned casinos in several cities such as Las Vegas and New Orleans. Boomtown merged with the casino operator Pinnacle Entertainment in 1998. Hollywood Park was purchased by Churchill Downs Incorporated on September 10, 1999 for $140 million. Churchill Downs acquired Hollywood Park-Casino in the process, which was in turn leased by Hollywood Park Inc. (later named Pinnacle Entertainment). The previous owners of the track renamed their company Pinnacle Entertainment to concentrate on its gambling interests. Sale and later developments In July 2005, Churchill Downs Incorporated sold the track to the Bay Meadows Land Company which was owned by Stockbridge Capital Group for $260 million in cash. Under the terms of the deal, the company, which at the time also operated Bay Meadows in San Mateo, was to continue thoroughbred racing at Hollywood Park for at least three years. According to Bay Meadows officials, the continuation of Hollywood Park as a racing venue after that depended on California allowing more gambling, like slot machines, to the track. Some of the Hollywood Park land was sold to real estate developers to build a new housing community called the Inglewood Renaissance. Development began in 2005. New grass was planted on the turf course after Hollywood Park's spring-summer meet in 2005. Due to safety concerns, however, turf racing was not conducted for that year's autumn meet. As a result, several major stakes races that comprised Hollywood's Autumn Turf Festival were cancelled that year. After the conclusion of Hollywood's spring-summer meet in 2006, it was announced that a second chute would be built inside the turf course to accommodate sprint races at six furlongs. This followed a similar move by Monmouth Park to build a turf chute for sprint races. In 2010, Hollywood Park played host for the first time to Oak Tree. Betfair/Hollywood Park Agreement The Hollywood Park Racing Association and Betfair US, the Los Angeles-based subsidiary of Betfair that also owns TVG Network, completed a historic agreement March 13, 2012 intended to transform the customer experience for fans at the venue as well as online and on television. Under terms of the five-year deal, Hollywood Park was renamed "Betfair Hollywood Park" in what was the first naming rights agreement for a horse racing venue in the United States. Closure and redevelopment On