REAL ESTATE

Hilton Says Bally Purchase Ratified: The Beverly Hills-based hotel chain said shareholders approved the $3-billion purchase of Bally Entertainment Corp. and that it named Bally Chairman Arthur Goldberg as president of the combined company’s gambling operations. Hilton also said its board authorized a 5-million share buyback plan, before a four-for-one stock split, and agreed to increase the dividend on post-split common shares by 6.7% to 8 cents a share. Goldberg, who first invested in Bally in 1990 as the company neared default, is widely seen as having turned around the Chicago-based casino operator. The Bally acquisition still needs regulatory approval, with completion expected by December. Hilton shares rose $1.25 to $106.75 on the NYSE.