California Jockey Club Won’t Pay Dividend

California Jockey Club said it will not pay a dividend for the second half of 1996 because of reduced earnings attributable to increased general and administrative costs and less-than-projected rent from racing facilities at Bay Meadows Racecourse. The company said it incurred significant expenses relating to a proxy contest for election of directors and the negotiation of a strategic alliance aimed at increasing stockholder value at an Aug. 30 shareholders meeting. San Mateo-based California Jockey Club is a real estate investment trust whose shares trade on a paired basis with the Bay Meadows Operating Co. It reached a pending agreement with Patriot American Hospitality Inc. under which California Jockey/Bay Meadows shareholders will have the choice of receiving $33 a share in cash, or 0.9635 Patriot American shares. Patriot shares gained 50 cents to close at $40.75 on the New York Stock Exchange.