For the nine-month period, EBITDA totaled $42 million for the 1999 period compared with $34.4 million for the 1998 period.  As previously announced, the Company acquired the management and consulting contracts for its Aurora and Tunica casinos for $40.3 million and then terminated such contracts. The associated fees for such contracts ceased to accrue effective October 13, 1999. As a result, the Company will no longer be required to pay management and consulting fees to third parties. For the twelve months ended September 30, 1999, the Company incurred charges totaling $8.7 million associated with these contracts. Pro forma for the acquisition and termination of the Aurora and Tunica contracts, the Company�s EBITDA for the third quarter was $18.7 million compared to $13.7 million for the 1998 third quarter. For the nine months ended September 30, 1999, pro forma EBITDA was $48.4 million compared to $39.8 million for the 1998 period. Due to certain financial reporting standards, the Company will incur a charge to operations of approximately $40 million in the fourth quarter of 1999 due to the acquisition and termination of these contracts.

�Our Aurora casino set an all-time record for net revenues and EBITDA during the third quarter of 1999. The strong operating results reflect the continuation of a very favorable trend at our Aurora casino, which has been significantly enhanced by the commencement of dockside gaming on June 26, 1999. With net revenues increasing significantly and operating margins approximating 30% for the third quarter, we are very pleased with the operating performance of our Aurora casino. We look forward to the opportunity to expand and enhance our gaming product in Aurora through our planned development of a luxurious dockside facility. The new dockside facility would replace our existing riverboats with a large, permanently moored dockside casino that will provide our customers with a superior gaming product. The dockside casino will be more efficient to operate, and will provide us with the opportunity to maximize the operating performance of the Aurora casino,� said Mr. Edward T.  Pratt III, President and Chief Operating Officer.

Net revenues for the third quarter improved significantly to $82.9 million, a 17.1% increase over 1998 third quarter net revenues of $70.8 million. Net revenues at the Hollywood Casino in Aurora increased by 28.1% to $53.4 million for the third quarter of 1999 compared to $41.7
million for the 1998 third quarter. Net revenues at the Hollywood Casino in Tunica improved to $29.5 million for the third quarter of 1999 compared to $29.1 million for the 1998 third quarter.

For the nine months ended September 30, 1999, net revenues rose 13.9%, totaling $228.9 million compared with net revenues of $201 million for the first nine months of 1998. Nine-month net revenues for 1999 for the Hollywood Casino in Aurora increased by 20.1% while net revenues for the first nine months of 1999 for the Hollywood Casino in Tunica increased by 4.6%.

Hollywood Casino Aurora

The record setting net revenues for the third quarter at the Hollywood Casino in Aurora drove a substantial improvement in EBITDA before deducting management fees.  EBITDA before management fees totaled $16.3 million for the third quarter of 1999, up 61.1% from $10.1 million for the 1998 third quarter.  EBITDA margin before deducting management fees was 30.4% for the third quarter compared to 24.2% for the 1998 third quarter.  EBITDA margin improved dramatically for the quarter despite volume-based increases in marketing and promotional costs, admission taxes and gaming taxes.  For the nine months ended September 30, 1999, EBITDA before management fees improved 33.8% to $39.8 million compared to $29.7 million for the first nine months of 1998.

Management fees totaled $3.1 million for the third quarter of 1999 compared to $2.4 million for the 1998 third quarter. For the nine months ended September 30, 1999, management fees totaled $7.3 million compared to $6.3 million for the 1998 nine-month period. Management fees were eliminated as of October 13, 1999 as a result of the acquisition and termination of the Aurora management contract.

The Company is currently finalizing its plans to replace its existing riverboats with a newly constructed, permanently moored dockside casino. The estimated cost of the new casino is approximately $50 million. The Company is seeking all necessary approvals and is currently scheduled to commence construction of the new facility early in the first quarter of 2000. The new dockside facility is expected to be completed and opened approximately 14 months after the commencement of construction. However, a complaint was recently filed in an Illinois state court concerning the constitutionality of a portion of the legislation that enabled dockside gaming in Illinois.  Although the constitutional challenge centers on the relocation of one of the existing gaming licenses, a finding that such portion of the legislation is unconstitutional could result in a finding that of all or a portion of such legislation, including dockside gaming, is invalid. Pending the resolution of this litigation, the Company�s planned expansion of the Aurora casino could be delayed. If the state court rules that all or a portion of the legislation is invalid, management believes that it may be able to continue to operate its existing riverboats on a dockside basis pending a final resolution of the litigation. If the provisions in question are found to be unconstitutional after all appeals, and the entire legislation is invalidated and it appears that the Illinois legislature will not pass new legislation enabling dockside gaming, then the Company will likely modify its expansion plans for the Aurora casino. Under this scenario, the Company will likely proceed with the development of a new, large riverboat to replace the smaller of its two existing riverboats rather than build a permanently moored dockside casino to replace its riverboats.

Hollywood Casino Tunica

Net revenues at the Hollywood Casino in Tunica increased by 1.3% to $29.5 million in the third quarter of 1999 despite a lower than expected table games hold percentage.  The Tunica casino reported a 14.6% table games hold percentage for the third quarter of 1999, a full six percentage points below the prior year�s third quarter and well below historical averages.  Table games volume was actually up almost 8% for the 1999 third quarter compared to third quarter 1998; however, table games revenues were down $1 million for the 1999 third quarter compared to the 1998 third quarter due to the lower hold percentage.  An 8.4% increase in slot machine revenues for the third quarter of 1999 compared to the prior year�s third quarter more than offset the lower table games revenues and resulted in the modest increase in net revenues for the third quarter of 1999.

EBITDA before land rent and consulting fees totaled $6.4 million for the third quarter of 1999 compared to EBITDA before land rent and consulting fees of $7 million for the third quarter of 1998. The unusually low table games hold percentage contributed largely to the lower EBITDA results. For the nine months ended September 30, 1999, EBITDA before land rent and consulting fees totaled $19.6 million compared to EBITDA before land rent and consulting fees of $19.7 million for the first nine months of 1998.  Land rent and consulting fees totaled $1.4 million for each of the third quarters of 1999 and 1998. For the nine months ended September 30, 1999 land rent and consulting fees totaled $4.1 million and for the nine months ended September 30, 1998 land rent and consulting fees totaled $3.9 million. Consulting fees amounting to $300,000 per quarter were eliminated as of October 13, 1999 as a result of the acquisition and termination of the consulting contract.

Hollywood Casino Shreveport

The Company commenced construction of its Shreveport casino in August 1999.  Hollywood Casino Shreveport will be a highly themed destination resort.

The property will feature the largest riverboat in the Shreveport/Bossier City market, a 405-room, all-suite, art deco style hotel and an extensive restaurant and entertainment promenade.  As of September 30, 1999, approximately $21.4 million has been spent on the development and construction of the Shreveport casino.  Construction progress to date includes substantially all of the site preparation work, the completion of the foundation and the commencement of construction of the casino barge and the parking garage.  The Company plans to open the resort early in the fourth quarter of 2000.

Earnings per Share before Extraordinary Item

The Company reported net income of $1.1 million, or $.05 per basic share, for the third quarter of 1999 compared to net income of $204,000, or $.01 per basic share, for the third quarter of 1998.  For the nine months ended September 30, 1999, the Company reported net income before extraordinary item of $3.7 million, or $.15 per basic share, compared to net income of $418,000, or $.02 per basic share, for the nine months ended September 30, 1998.

The increase in net earnings for the first three months and the first nine months of 1999 reflects the increase in the Company�s EBITDA which was partially offset by a significant increase in net interest expense. The Company increased its outstanding indebtedness when it refinanced its outstanding public debt in May 1999 and completed a $150 million debt financing for the construction of the Shreveport casino in August 1999. Effective November 1, 1999, the interest rate on the $50 million of Floating Rate Senior Secured Notes issued in the May 1999 refinancing will be increased from 11.36 % to 12.41%.

Extraordinary Item

In May 1999, the Company completed the refinancing of its outstanding 12.75% Senior Secured Notes through the issuance of  $310 million of 11.25% Senior Secured Notes due May 1, 2007 and $50 million of floating rate Senior Secured Notes due May 1, 2006.  In addition to refinancing existing debt, the Company has used proceeds from the debt offering to acquire the management and consulting contracts on the Aurora and Tunica casinos and to fund a portion of the Company�s equity investment in the planned Shreveport casino.  The Company also plans to use a portion of the proceeds to finance construction of the new, dockside gaming facility at the Aurora casino.  In connection with the refinancing, the Company incurred an extraordinary charge totaling $30.4 million, or $1.22 per basic share, representing the premium paid for early redemption, redemption fees and the write off of related unamortized financing costs.

Hollywood Casino Corporation owns and operates distinctive Hollywood- themed casino entertainment facilities under the service mark Hollywood Casino® in Aurora, Illinois and Tunica, Mississippi. The Company is currently constructing a gaming and entertainment resort in Shreveport, Louisiana, which is expected to commence operations in the fourth quarter of 2000.

This press release contains forward-looking statements about the business, financial condition and prospects of the Company. The actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, among other things, changes in competition, economic conditions, tax regulations, state regulations applicable to the gaming industry in general or the Company in particular, and other risks indicated in the Company�s filings with the Securities and Exchange Commission. Such risks and uncertainties are beyond management�s ability to control and, the words �believes�, �estimates�, �anticipates� and similar expressions as they relate to the Company or its management is intended to identify forward-looking statements.