Bay Meadows/California Jockey Club Report Nine Months Results.

SAN MATEO, Calif.--(BUSINESS WIRE)--Nov. 15, 1996--Bay Meadows Operating Company and California Jockey Club (AMEX: CJ) today reported results for the quarter and the nine months ended Sept. 30, 1996.

Combined revenues for the first nine months of 1996 were $41,774,000, compared to $30,198,000 a year ago. The companies reported a net income of $2,461,000, or 42 cents per share, for the first nine months of 1996 compared with $1,978,000, or 34 cents per share, a year ago.

On a combined basis, revenues for the third quarter for 1996 were $12,195,000 compared with $13,144,000 in the same period a year earlier. The companies reported a net loss of $608,000, or 11 cents per share, for the third quarter of 1996 compared with income of $1,071,000, or 19 cents per share, in the same period in 1995.

The combined results were adversely impacted by the expenditures of $616,000 incurred in legal services relating to a proxy contest and, $220,000 in legal services relating to a potential transaction which has been abandoned and a $149,000 write down of fixed assets.

"For the third quarter of 1996, the operating results of Bay Meadows Operating Company were in line with expectations," said F. Jack Liebau, president of Bay Meadows Operating Company. "The comparative operating results of the first nine months of 1996 with those of the prior year were, however, positively impacted by Bay Meadows having 31 days more of live racing in the first nine months of 1996 than in 1995. The fourth quarter of 1996 will be adversely impacted by there being 24 less days of live racing than there were in 1995," Liebau added.

On Oct. 31, 1996, California Jockey Club and Bay Meadows Operating Company entered into a binding acquisition with Patriot American Hospitality Inc. The acquisition agreement was approved unanimously by the Boards of Patriot American, California Jockey Club and Bay Meadows Operating Company and is subject to approval by the shareholders of Patriot American and the paired shareholders of California Jockey Club and Bay Meadows Operating Company.

California Jockey Club is an equity real estate investment trust whose principal asset is Bay Meadows Racecourse, located on the San Francisco Peninsula. Its shares are traded on a paired basis with Bay Meadows Operating Company, which operates Bay Meadows Racecourse. The shares of the two companies trade on the AMEX under the name Bay Meadows and the Symbol CJ. -0-

                     Combined Operating Results
         Bay Meadows Operating Company/California Jockey Club

                                       For the Three Months
                                         Ended Sept. 30,
                                      1996             1995

Revenue                              $12,195,000    $13,144,000
Net income (loss)                       (608,000)     1,071,000
Net income (loss) per paired share     (11 cents)     (19 cents)

                                        For the Nine Months
                                          Ended Sept. 30,
                                        1996            1995

Revenue                              $41,774,000    $30,198,000
Net income                             2,461,000      1,978,000
Net income per paired share             42 cents       34 cents

CONTACT: Bay Meadows Operating Company/California Jockey Club

F. Jack Liebau, 415/573-4505