EXHIBIT 12.2
HOLLYWOOD PARK, INC.
CALCULATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHANGES
Total Company Pro Forma Restricted Group Pro Forma
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Nine months Nine months
Year ended ended Year ended ended
December 31, September 30, December 31, September 30,
1997 1998 1997 1998
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(in thousands, except ratios)
Earnings:
Pre-tax income (loss).. $(7,501) $ 6,529 $(1,796) $ 1,978
Add fixed charges...... 64,858 51,259 47,627 38,102
Less capitalized
interest.............. (2,389) (3,475) (2,282) (3,075)
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Total earnings....... $54,968 $54,313 $43,549 $37,005
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Fixed Charges:
Interest expense--
inclusive of the
amortization of debt
issuance costs........ $61,154 $46,749 $44,227 $34,118
Capitalized interest... 2,389 3,475 2,282 3,075
Estimated interest
factor in rent
expense............... 1,315 1,035 1,118 909
------- ------- ------- -------
Total fixed charges.. $64,858 $51,259 $47,627 $38,102
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Ratio of earnings to
fixed charges(a)........ -- 1.06x -- --
======= ======= ======= =======
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(a) In computing the ratio of earnings to fixed charges: (1) earnings were
calculated from income from continuing operations, before income taxes, and
fixed charges, and excluding capitalized interest; and (2) fixed charges
were computed from interest expense, amortization of debt issuance costs,
capitalized interest, and the estimated interest included in rental
expense. Hollywood Park's total company pro forma earnings for the year
ended December 31, 1997, were not sufficient to cover its pro forma fixed
charge requirement by $9.9 million. Hollywood Park's restricted group pro
forma earnings for the year ended December 31, 1997, and for the nine
months ended September 30, 1998, were not sufficient to cover its pro forma
fixed charge requirements by $4.1 million and $1.1 million, respectively.