|DALLAS, April 20, 1999 - Hollywood Casino(R) Corporation
(Nasdaq: HWCC) today received the unanimous approval of the Louisiana Gaming
Control Board to acquire Sodak, Louisiana, LLC, an entity which owns a
50% stake in the planned Hollywood Casino in Shreveport, Louisiana.
Upon completion of the acquisition, Hollywood will own effectively 100%
of the project, with New Orleans Paddlewheels retaining a 10% residual
interest payable in the event the project is ever sold.
approval paves the way for Hollywood to move forward on plans for a $200
million casino resort in Shreveport, which includes a 400-room hotel, 30,000
square feet of casino space, an expansive Pavilion with numerous Hollywood-themed
restaurants and entertainment facilities, and an adjoining retail/entertainment
complex considered a cornerstone of the city's downtown revitalization.
Groundbreaking ceremonies are slated for July, with completion slated for
September of 2000.
"We are thrilled the gaming board supports our determination to bring
an exciting and luxurious resort to the growing Shreveport/Bossier market,"
said Jack E Pratt, Chairman of the Board and CEO. "I want to thank Mayor
Hightower and all officials and citizens of Shreveport for their patience
and support of this fabulous project."
Hollywood Casino Corporation, one of the most innovative gaming companies
in the nation, owns and operates two casino entertainment properties, Hollywood
Casino(R) in Tunica, Mississippi and the Hollywood Casino(R) in Aurora,
Illinois. Each property showcases authentic memorabilia from Hollywood
blockbuster movies and offers award-winning restaurants and headline entertainment.