HOLLYWOOD CASINO SHREVEPORT ANNOUNCES PROPOSED OFFERING OF FIRST MORTGAGE NOTES WITH CONTINGENT INTEREST

Source: Hollywood Casino Corporation

July 19, 1999
DALLAS, TX-- Hollywood Casino Shreveport, a subsidiary of Hollywood Casino(R) Corporation (Nasdaq: HWCC), announced Friday that it is proposing to make an offering of approximately $150 million aggregate principal amount of first mortgage notes with contingent interest. The Company expects that the notes will bear a fixed interest rate and contingent interest based on cash flow generated by operations. The notes are expected to mature in 2006. Interest on these notes will be paid semiannually. The notes are expected to be co-issued by HWCC-Louisiana Inc, a corporate subsidiary of Hollywood Casino and the managing general partner of Hollywood Casino Shreveport.

The net proceeds of the notes offering are expected to be used, together with additional equity contributions from Hollywood Casino and other furniture, fixture, and equipment financing, to finance the construction of a hotel, riverboat casino and entertainment resort in Shreveport, Louisiana.

The notes will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of that act.

Hollywood Casino Corporation owns and operates distinctive Hollywood- themed casino entertainment facilities under the service mark Hollywood Casino(R) in Aurora, Illinois and Tunica, Mississippi. The company also has a license to develop, own, and operate a Hollywood themed destination resort in Shreveport, Louisiana. Hollywood Casino Corporation is one of the nation's largest collectors and exhibitors of motion picture memorabilia.

Statements in this press release concerning future events, including the proposed offering of first mortgage notes with contingent interest, are forward-looking statements, and are subject to certain risks and uncertainties. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, economic, bank, equity and debt market conditions, changes in laws or regulation, licensing and other regulatory approvals, the availability of financing, competition and business conditions in the gaming industry. Additionally information concerning potential factors that could affect Hollywood Casino Corporation's financial condition, results of operations and expansion projects, is included in the fillings of Hollywood Casino Corporation with the Secures and Exchange Commission, including but not limited to, its Form 10-K for the fiscal year ended December 31, 1998.

SOURCE Hollywood Casino Corporation
http://www.hollywoodcasino.com/
(HWCC)
CO: Hollywood Casino Corporation; Hollywood Casino Shreveport; HWCC-Louisiana