Keeneland Association (Keeneland; Dreamport Inc (GTECH); Dusty Corporation) purchase Turfway Park from Turfway Park Racing Association Inc.

Keeneland Led Group To Purchase Turfway Park

FLORENCE,, KY –  (January 15, 1999)

Keeneland Association, Inc. today announced that a tentative agreement has been reached with Turfway Park Racing Association, Inc. to purchase all of its racetrack related assets for $37 million. The agreement is subject to financing, due diligence provisions and approval of the Kentucky Racing Commission. Keeneland will manage the facility on behalf of Turfway Park LLC, a newly formed company whose membership interests are equally controlled by Keeneland; Dreamport Inc., a wholly-owned subsidiary of GTECH Corporation (NYSE: GTK); and Dusty Corporation, a wholly-owned subsidiary of Harrah’s Entertainment, Inc. (NYSE: HET).

Located on approximately 200 acres in Florence, Kentucky near the Greater Cincinnati/Northern Kentucky International Airport, Turfway Park conducts approximately 105 days of thoroughbred racing annually and is open throughout the year for simulcast wagering. It has been owned and operated by an investor group led by Jerry Carroll for the past 13 years. Mr. Carroll will not have a relationship with the new management group.

In making the announcement, William Greeley, President and CEO of Keeneland Association, said, “What we are announcing today is very much about the future of racing in Kentucky. Keeneland exists to strengthen and promote thoroughbred racing in our state. For that to be accomplished we must maintain a strong racing circuit. Jerry Carroll and Mark Simendinger have ably managed Turfway Park for the past 13 years. We have appreciated the spirit and vitality they have brought to this operation and our industry.

“Their contribution has been significant. Since purchasing in April 1986, Jerry Carroll has developed Turfway Park into national prominence as site of the Gallery Furniture.com Stakes (formerly the Jim Beam Stakes) in March and the Kentucky Cup Day of Champions in September. As the current management moves on to pursue other interests, we felt it imperative that Turfway continue as a vital link in Kentucky’s racing circuit.”

Mr. Greeley further commented that the combination of Keeneland, Harrah’s Entertainment and Dreamport brings together the respective leaders of the racing industry, commercial gaming and public gaming. “For thoroughbred racing to continue to grow and prosper, it must make use of the significant marketing and technological innovations that have been successful in the broader gaming and entertainment market,” said Greeley.

It is intended Turfway Park will operate with a management team that includes most of the current Turfway personnel. It is not envisioned that there would be any significant changes in the operations personnel.

Keeneland Association conducts racing in April and October and is the largest thoroughbred auction company in the world. Dreamport is a leading supplier of technology and management services to the gaming and entertainment market. It has interests in Rhode Island, Oregon, Delaware, Michigan, and South Carolina as well as in three Canadian provinces, three Brazilian states, Switzerland and Spain. Harrah’s Entertainment is one of the most recognized names in the casino entertainment industry with operations throughout the United States and in Sydney, Australia.