INGLEWOOD, Calif., Sept. 14, 1998 - Hollywood Park,
Inc. (NYSE: HPK) today announced that the Indiana Gaming Commission has
awarded the company the State's last remaining riverboat gaming license
for the Ohio River, which was applied for by Hollywood Park's Boomtown
subsidiary in December 1995.
The Indiana facility, estimated to cost approximately $150 million,
is to be located on the Ohio River in Switzerland County approximately
35 miles south of Cincinnati, Ohio. The facility will include a cruising
riverboat with 38,000 square feet of gaming space and supporting land-based
facilities that will include 309 hotel rooms and suites, an 18-hole golf
course, a 14,000-square-foot multi-purpose special events center, and several
restaurants and retail operations. The facility is expected to begin operations
in 18 months.
"We have exciting plans for the latest addition to Hollywood Park's
growing presence in the gaming and entertainment business," said R.D. Hubbard,
Hollywood Park's chairman and CEO. "We're pleased that the Indiana Gaming
Commission decided in our favor, and we look forward to offering our guests
the area's premiere gaming facility with state-of-the-art entertainment."
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 plans for the expansion of the Company's business and
development of properties. Forward-looking information involves important
risks and uncertainties, including but not limited to, certain governmental
approvals and environmental permits necessary for the Indiana project,
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in forward-looking
statements made by or on behalf of the Company. For more information on
the potential factors which could affect the Company's financial results,
review the Company'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 the Company's Joint Proxy/Prospectus dated
Sept. 20, 1996. |