EXHIBIT 99.1
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, April 24, 1996
HOLLYWOOD PARK, INC. AND BOOMTOWN, INC. SIGN
DEFINITIVE AGREEMENT TO MERGE
Inglewood, California, April 24, 1996 -- Hollywood Park, Inc. (Nasdaq: HPRK) and
Reno, Nevada-based Boomtown, Inc. (Nasdaq: BMIN) today announced that they have
signed a definitive merger agreement under which Boomtown will become a wholly
owned subsidiary of Hollywood Park, and each share of Boomtown common stock will
be converted into .625 shares of Hollywood Park common stock. The merger, which
is subject to certain regulatory and stockholder approvals, is expected to close
in late 1996, and will result in a combined Company with diverse gaming, sports
and entertainment operations in six states.
Completion of the merger is subject to various conditions, including approvals
by the shareholders of both Hollywood Park and Boomtown, licensing approvals for
both Hollywood Park and Boomtown from authorities in the states where the
combined Company will have gaming operations and consent of Boomtown's
bondholders. Dates for the Hollywood Park and Boomtown shareholders meetings
have not been set. Hollywood Park and Boomtown have already commenced the
licensing process, which is expected to require six to nine months to complete.
"Our goal is to build shareholder value by developing a national gaming,
sports and entertainment Company," stated R.D. Hubbard, Chairman and Chief
Executive Officer of Hollywood Park, Inc. "Merging with Boomtown is another
significant step for achieving this goal. We are combining our strong financial
resources with Boomtown's existing casino operations and many development
opportunities to create a Company with substantial growth potential."
"This merger will provide us with an opportunity to move ahead with the
expansion plans that we have had in mind for some time," said Timothy J.
Parrott, Chairman and Chief Executive Officer of Boomtown, Inc. "With the
additional financial strength this merger brings us, we expect to benefit from
more favorable borrowing terms and financial options that will enable us to
further develop our current properties and improve our financial performance."
The combined Company will have five operating casinos -- the Hollywood Park -
Casino in California, Boomtown's Reno and Las Vegas 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.
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
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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