The Boards of Directors of Hollywood Park...

The Boards of Directors of Hollywood Park Operating Co. and Hollywood Park Realty Enterprises, Inc. announced that the companies had decided not to pursue a proposal from an investment group to purchase the shares of the paired companies for $35 per paired share.

In reaching their decision, the Boards determined that serious uncertainties were associated with the proposal and that this would be an inappropriate time for any sale considering the inherent values of the real property holdings of the Real Estate Investment Trust, the future of racing in California, and the benefits to be derived from possible Southern California simulcasting.