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Hollywood Park and Casino Magic Corp.
Announce Plan to Merge
$340 Million Transaction Will Create Expanded, More
Diversified Gaming, Sports And Entertainment Company
Highlights Include:
INGLEWOOD, Calif., Feb. 19, 1998 - Hollywood Park Inc. (NYSE: HPK) and Casino Magic Corp. (Nasdaq: CMAG) today announced they have signed a definitive merger agreement. Under the terms of the agreement, Hollywood Park will acquire Casino Magic for a combination of cash and assumed debt with an aggregate value of approximately $340 million. Hollywood Park will purchase in cash each share of Casino Magic common stock for $2.27 per share. Casino Magic has approximately 35.7 million shares outstanding.

The combined company will have six operating casinos in three states, own two card club casinos in California
and operate three pari-mutuel race tracks, creating a diversified gaming, sports and entertainment company with
combined revenues and assets in excess of $600 million and $800 million, respectively.

Completion of the merger is subject to various conditions, including approval by the shareholders of Casino
Magic, licensing approvals from authorities in the states where the combined company will operate, and
termination of the waiting period under the Hart-Scott-Rodino Act.

"I look forward to being able to grow Casino Magic with Hollywood Park and capitalize on the expansion
opportunities this combined operation will generate," said Marlin F. Torguson, chairman of Casino Magic. Mr.
Torguson will remain with the company.

"This merger further solidifies our role as a consolidator in the non-Las Vegas, non-Atlantic City gaming sector,"
said R.D. Hubbard, chairman and chief executive officer of Hollywood Park. "Following the successful integration of Boomtown in 1997, we are excited about continuing our growth strategy as a national gaming, sports and entertainment company."

Casino Magic Corp., with principal offices in Bay Saint Louis, Mississippi, operates gaming casinos, through
subsidiaries, in Bay Saint Louis and Biloxi, Mississippi, Bossier City, Louisiana, Neuquen City and San Martin de
los Andes, Argentina.

Hollywood Park Inc., headquartered in Inglewood, Calif., is a gaming and entertainment holding company. It
owns and operates Boomtown, Inc. with casinos in Reno, Nev., Biloxi, Miss., and New Orleans; the Hollywood
Park Race Track, one of America's premier thoroughbred racing facilities and site of the 1997 Breeders Cup(R);
Turf Paradise Inc., a premier thoroughbred racing facility in Phoenix. Ariz.; and the Hollywood Park - Casino. The
company owns and leases the Radisson Crystal Park Hotel and Casino in Crystal City, Calif. Hollywood Park
Race Track and Hollywood Park - Casino are situated on 378 acres near Los Angeles International Airport.

(The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
The Information contained in this news release, other than historical data, contains statements that are
forward-looking, such as references to the future performance of the combined company, growth opportunities,
and the company's dependence on shareholder and regulatory approval to complete the transaction.
Forward-looking information involves important risks and uncertainties that could significantly affect anticipated
results in the future and accordingly, such results may differ from the expressed in forward looking statements
made by or on behalf of the company. For more information on the potential factors which could affect
Hollywood Park Inc.'s financial results, review Hollywood Park Inc.'s filings with the Securities and Exchange
Commission, including the Company's annual report on Form 1O-K and the Company's other filings with the SEC,
including Hollywood Park Inc.'s Join Proxy/Prospectus dated Sept. 20, 1996.)
R.D. Hubbard, Chairman and CEO
 G. Michael Finnigan, President, Sports and Entertainment and CFO
Hollywood Park, Inc., 310-419-1539
 Larry Delaney or Daniel Saks, General Information
Michaelle Burstin, Media
 Investors: Kathy Brunson, 312-266-7800, or Sue Dooley, 415-986-1591
all of The Financial Relations Board

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