"We believe this decision by the Board is a sound and appropriate business move," said R.D. Hubbard, Hollywood Park's chairman and CEO. "In light of our role as a leading consolidator in the non-Las Vegas, non-Atlantic City gaming sector, the advantages of remaining a C Corporation outweigh reorganizing the company into a 'synthetic,' or paper clip, REIT structure at this time."

The company began exploring the paper clip restructure after Federal legislation was introduced that will eliminate Hollywood Park's opportunity to become a paired share REIT. Although the paired share structure was approved by its shareholders in April 1998, legislation supported by House Ways and Means Chairman Bill Archer (R., Texas) and Senate Finance Committee Chairman William Roth (R., Del.) would impose limits on the resurrection of paired share REITS retroactive to March 26, 1998.

"At this point in time, it did not make sense for us to pursue the paper clip option further," added Hubbard. "Market conditions now and the foreseeable future indicate that for an acquisition - oriented company like Hollywood Park it would be difficult to obtain required financing -- debt or equity -- in sufficient amounts or on sufficiently favorable terms as a paper clip REIT. This situation would be incompatible with our strategic growth plans in the gaming sector.

"Our acquisition plans and overall corporate strategy are firmly in place. We strongly believe that we can realize our goals with our current corporate structure."

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 10-K and the Company's other filings with the SEC, including Hollywood Park Inc.'s Joint Proxy/Prospectus dated Sept. 20, 1996.)