EXHIBIT 99
HOLLYWOOD PARK, INC. BOOMTOWN, INC.
1050 South Prairie Avenue P.O. Box 399
Inglewood, CA 90301 Verdi, NV 89439
TRADED: NASDAQ: HPRK TRADED: NASDAQ: BMTN
AT HOLLYWOOD PARK, INC. AT BOOMTOWN, INC.
R.D. Hubbard, Chairman & CEO Timothy J. Parrott
G. Michael Finnigan, CFO & Chairman & CEO
President, Sports and Entertainment (702) 345-8680
(310) 419-1539
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AT THE FINANCIAL RELATIONS BOARD
Jody Martin Steve Seiler Kathy Brunson Sue Dooley
General Information Media Contact Investor Contact Investor Contact
11611 San Vicente Blvd., #700 11611 San Vicente Blvd., #700 875 N. Michigan, #2250 180 Montgomery, #1050
Los Angeles, CA 90049 Los Angeles, CA 90049 Chicago, IL 60611 San Francisco, CA 94104
(310) 442-0599 (310) 442-0599 (312) 266-7800 (415) 986-1591
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FOR IMMEDIATE RELEASE
Wednesday, March 20, 1996
HOLLYWOOD PARK, INC. AND BOOMTOWN, INC. ANNOUNCE MERGER PLAN
MERGER CREATES DIVERSE GAMING, SPORTS AND ENTERTAINMENT
COMPANY WITH OPERATIONS IN SIX STATES
Inglewood, California, March 20, 1996 -- Hollywood Park, Inc. (Nasdaq: HPRK) and
Reno, Nevada-based Boomtown, Inc. (Nasdaq: BMTN) today announced that they have
entered into a Letter of Intent providing for the merger of Hollywood Park and
Boomtown. If completed, this merger will result in Boomtown becoming a wholly-
owned subsidiary of Hollywood Park, and will expand and diversify the merged
Company's entertainment, sports and gaming operations to six states.
Under the terms of the agreement, each share of Boomtown common stock will
be converted into .625 shares of Hollywood Park common stock. The agreement
additionally stipulates that, upon completion of the merger, the Company's 11-
member Board of Directors will include four members of Boomtown's current Board
of Directors.
Completion of the merger is subject to the negotiation and execution of a
definitive merger agreement, approvals from the Boards of Directors of both
companies, as well as stockholder and regulatory approvals, among other
contingencies. The transaction is expected to close in the fourth quarter of
this year.
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The combined Company will have five operating casinos -- the Hollywood
Park -Casino in California, Boomtown's Las Vegas and Reno casinos in Nevada, its
Biloxi dockside casino in Mississippi, and the Westbank riverboat casino in
Louisiana -- in addition to three race tracks -- the Company's flagship
Hollywood Park Race Track in California, site of the 1997 Breeders' Cup/(R)/,
Turf Paradise in Arizona and The Woodlands in Kansas. The Company will also be
landlord for two additional California-based card club casinos expected to open
in late 1996.
About the transaction, R.D. Hubbard, Chief Executive Officer of Hollywood
Park, stated, "This merger will be a landmark step in furthering our goal of
making Hollywood Park a leading national gaming, sports and entertainment
company and will afford our shareholders many benefits. Our goal is to combine
two highly recognized entities into one stronger Company that has extensive
expansion opportunities and management depth, particularly in the areas of
marketing, corporate development and gaming operations management."
"From a financial perspective, we are combining Hollywood Park's strong
balance sheet with Boomtown's earnings potential," Mr. Hubbard added. "The
diverse group of entertainment, sports and gaming properties and the synergy
resulting from this merger are expected to give us greater access to capital for
further expansion, including increasing room capacity at Boomtown's Reno
property and additional property amenities at the New Orleans location. We will
also be able to lower Boomtown's financing costs with an overall lower cost of
capital."
"The new Company will continue to pursue an active growth strategy," said
Timothy J. Parrott, Chairman and Chief Executive Officer of Boomtown. "We
believe this merger, when completed, will immediately allow us to begin planned
expansion projects at our existing Boomtown properties, while it also enables us
to participate in new ventures, such as our proposed joint venture with Hilton
in Indiana. Additionally, we see an opportunity to encourage increased patronage
at Boomtown's Nevada-based casino operations and Hollywood Park's California-
based casino and racing operations through cross-marketing programs that take
advantage of our compatible customer bases."
Boomtown, Inc. is a gaming and entertainment Company that operates four
highly themed "old west" casinos in the diverse gaming markets of Reno and Las
Vegas, Nevada; Biloxi, Mississippi; and a riverboat operation in New Orleans,
Louisiana.
Hollywood Park, Inc., headquartered in Inglewood, California, is a gaming
and entertainment holding company which owns and operates: the Hollywood Park
Race Track, one of America's premier thoroughbred racing facilities; The
Woodlands, a leading greyhound and thoroughbred racing facility located in
Kansas City, Kansas; Turf Paradise, Inc., a premier thoroughbred racing facility
in Phoenix, Arizona; and the Hollywood Park - Casino, one of California's finest
card club casinos. Hollywood Park owns other attractions located on 380 acres
near Los Angeles International Airport.
For more information on Hollywood Park, Inc. via facsimile at no cost, call
1-800-PRO-INFO and dial company code 043.
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