EXHIBIT 12.1
HOLLYWOOD PARK, INC.
CALCULATION OF HISTORICAL RATIO OF EARNINGS
TO FIXED CHARGES
(IN THOUSANDS, EXCEPT THE RATIO)
NINE MONTHS ENDED
YEARS ENDED DECEMBER 31, SEPTEMBER 30,
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1992 1993 1994 1995 1996 1996 1997
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Earnings:
Pre tax income (loss). $ 6,663 $7,418 $5,340 $ (469) $ (790) $ (4,501) $ 11,743
Fixed charges......... 4,883 1,517 3,061 4,515 2,422 2,000 4,352
Less capitalized
interest............. 0 0 0 (593) (1,446) (1,082) (15)
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Total Earnings...... $11,546 $8,935 $8,401 $3,453 $ 186 $ (3,583) $ 16,080
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Fixed charges:
Capitalized
interest(a).......... 0 0 0 593 1,446 1,082 15
Interest expense...... 4,883 1,517 3,061 3,922 942 918 3,782
Amortization of debt
discount (premium)... 0 0 0 0 0 0 0
Amortization of debt
issuance costs....... 0 0 0 0 0 0 71
Portion of rent
expense
representative of the
interest factor...... 0 0 0 0 $ 34 0 484
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Total fixed charges. $ 4,883 $1,517 $3,061 $4,515 $ 2,422 $ 2,000 $ 4,352
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Ratio of earnings to
fixed charges........ 2.36x 5.89x 2.74x -- (2) -- (2) -- (2) 3.69x
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(1) In computing the ratio of earnings to fixed charges: (a) earnings have
been based on income from continuing operations before income taxes and
fixed charges (exclusive of interest capitalized) and (b) fixed charges
consist of interest and amortization of debt discount and expense
(including amounts capitalized) and the estimated interest portion of
rents.
(2) The Company's earnings were not sufficient to cover its fixed charge
requirements by $1.1 million, and $2.2 million for the years ended
December 31, 1995, and 1996, respectively, and by $5.6 million for the
nine months ended September 30, 1996.