Hollywood Park Signs Definitive Agreement to Sell Two Properties

GLENDALE, Calif., December 10, 1999 - Hollywood Park, Inc. (NYSE:  HPK) today
announced the signing of a definitive agreement under which Hollywood Park will
sell its Casino Magic Bay St. Louis and Boomtown Biloxi casino properties to
Penn National Gaming, Inc. (NASDAQ:PENN).

The assets will be sold to Penn National for $195 million in cash.  The
transaction is subject to certain closing conditions, including approval of the
Mississippi Gaming Commission, Penn National completing the necessary financing,
and termination of the Hart-Scott-Rodino waiting period.  The transaction is
expected to close in the second quarter of 2000.

Penn National will acquire all of the operating assets and related operations of
the Casino Magic Bay St. Louis and Boomtown Biloxi properties, including the
approximately 590 acres of land at Casino Magic Bay St. Louis and the leasehold
rights at Boomtown Biloxi.

Hollywood Park will use the proceeds from this sale for general corporate
purposes, including the development of its Belterra Resort and Casino scheduled
to open in August 2000, the retirement of debt, and other growth opportunities.

"This transaction allows Hollywood Park to focus on its Casino Magic Biloxi and
Boomtown New Orleans properties while reducing its overall investment in the
Gulf Coast area," commented R. D. Hubbard, Chairman and CEO of Hollywood Park.
"This transaction is very strategic for Hollywood Park and enhances our ability
to expand some of our existing properties as well as pursue acquisitions that
will continue to strengthen and diversity our portfolio."

Hollywood Park is a diversified gaming company that owns and operates eight
casinos (two of which are subject to the above proposed transaction); receives
lease income from two card club casinos; and owns and operates a horse racing
facility in Arizona.  The Company is also constructing the Belterra Resort and
Casino, a hotel/casino and golf resort on the Ohio River in Vevay, Indiana (35
miles Southwest of Cincinatti, Ohio) and has applied for the fifteenth and final
gaming license in Louisiana.

(The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements.  Forward-looking information involves important
risks and uncertainties that could significantly affect future results and,
accordingly, such results may differ from those expressed in forward-looking
statements made by or on behalf of the Company, including statements related to
the completion of the sale of Hollywood Park's Casino Magic hotel and casino in
Bay St. Louis, Mississippi, and its Boomtown Biloxi casino in Biloxi,
Mississippi.  Hollywood Park cautions that these statements are qualified by
important factors that could cause actual results to differ materially from
those reflected by the forward-looking statements contained herein.  Such
factors include, but are not limited to, the failure of either Hollywood Park or
Penn National to fulfill the conditions necessary to complete the transaction,
as well as other risks as detailed from time to time in Hollywood Park's filings
with the Securities and Exchange Commission.  For more information on the
potential factors that 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.)

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