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Hollywood Casino Considers Rival's Offer

14 June 2005

LOUISIANA – As reported by the Shreveport Times: "One of Hollywood Casino's top leaders is leaning toward a deal with the rival company trying to buy the property, the casino's financial adviser said Monday in a bankruptcy hearing in Shreveport.

"Dan Clemente, one of two on the casino's board of directors, has become 'more active in conversations with Black Diamond over the last months,' said Greg Bousquette of Libra Securities.

"The testimony marked the first time Hollywood's leadership hasn't taken a hard-fisted stance against Black Diamond Capital Management, the casino's second-largest bondholder. Black Diamond has tried to buy the casino several times since losing a bid to Eldorado Resorts last summer.

"Now Hollywood is in the final days of a nearly nine-month bankruptcy, and Black Diamond lawyers are arguing the merits of their latest bid, an all-cash offer worth $169.1 million.

"…Bousquette said Eldorado's deal would give $152 million to creditors, and Eldorado has a 99 percent chance of being licensed in Louisiana.

"…Under Black Diamond's plan, the casino would be managed by Paul Alanis, who resigned from Pinnacle Entertainment Inc. three years ago amid a prostitution scandal at an Indiana casino…"

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