Hollywood Casino Shreveport to miss coupon payment

Chicago, Aug. 1 - HCS I Inc., the managing general partner of Hollywood Casino Shreveport, said Hollywood Casino Shreveport will not make the Aug. 1 interest payments of $12.3 million due on its 13% senior secured notes due 2006 and 13% first mortgage notes due 2006, issued by Hollywood Casino Shreveport and Shreveport Capital Corp.

Hollywood Casino Shreveport is already in default on the notes after receiving a notice on March 14 from a representative of holders of both series of notes that it had failed to make repurchase offers as required by the note indenture.

Hollywood Casino Shreveport is in negotiations with noteholders about a possible restructuring or other resolution.

HCS I is a subsidiary of Penn National Gaming Inc. and the Hollywood Casino Shreveport and Shreveport Capital Corp. notes are non-recourse to the parent Penn National Gaming, Inc.

Hollywood Casino Shreveport is a riverboat casino and hotel in Shreveport, La.

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