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SHREVEPORT, La., Sept. 15, 1998 - The Louisiana Gaming
Control Board today granted final approval to Hollywood Casino(R) Corporation
(Nasdaq: HWCC), Sodak Gaming, Inc. (Nasdaq: SODK) and New Orleans Paddlewheels,
Inc. to build a $185 million riverboat casino entertainment resort in Shreveport,
Louisiana. Construction on the Hollywood Casino Resort Shreveport is scheduled
to begin in early 1999, with an anticipated opening date of June 2000.
The project effectively will be owned on a 50/50 basis by Hollywood Casino
Corporation and Sodak Gaming, Inc., with the exception that New Orleans
Paddlewheels, Inc. will own a 10% residual interest.
The Hollywood-themed project will offer the following:
The facility will be constructed on a city-owned site located in downtown Shreveport on the waterfront, adjacent to Harrah's casino complex. The project will be managed by an affiliate of Hollywood Casino Corporation under a long-term management agreement and will be themed similar to the Hollywood Casino properties in Tunica, Mississippi and Aurora, Illinois. The new entertainment complex will feature a huge display of blockbuster motion picture memorabilia. Also proposed to be associated with the project is 140,000 square feet of retail/restaurant establishments offering the customer top-name attractions by a separate developer. The Red River Entertainment District will be developed by the company that was instrumental in the development of Beale Street in Memphis. "Hollywood Casino Resort Shreveport is the largest riverboat project ever built in a single phase in the State of Louisiana. We will be raising the bar considerably for gaming entertainment and lodging facilities in this part of the United States," according to Jack E. Pratt, Chairman of the Board and Chief Executive Officer of Hollywood Casino Corporation. "The retail shops, restaurants and luxury services will present a unique entertainment experience, unparalleled in the State of Louisiana." "Hollywood Casino Resort Shreveport will become a must-see attraction for visitors to the Shreveport area," said Mayor Bo Williams. "The synergy created by the combination of Harrah's and the Hollywood Casino Resort means that downtown Shreveport gains extensive economic revitalization due to this project's proximity to Shreve Square, the Civic Theater and Expo Hall -- all located within walking distance." "Mayor Williams is to be congratulated on his leadership making this large-scale attraction a reality. We are excited to be a partner in this quality project and see it providing both substantial economic value to the Shreveport community and superior entertainment value to the patrons," stated Roland W. Gentner, CEO of Sodak Gaming. New Orleans Paddlewheels, Inc. is one of the oldest and largest tour and excursion vessel companies in the State of Louisiana and is one of the founders of riverboat gaming in the state. Sodak Gaming, Inc. is a premier distributor of gaming equipment and products, the provider of the first and largest interstate wide area progressive systems in the United States and a catalyst for the development of gaming ventures throughout North America. Hollywood Casino Corporation owns and operates Hollywood Casino Hotel Resort in Tunica, Mississippi and Hollywood Casino in Aurora, Illinois. Each property showcases restaurants and headliner entertainment. |
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