<PAGE> 1
EXHIBIT (a)(2)
[FAIR GROUNDS LETTERHEAD]
November 17, 2000
To Our Shareholders:
Earlier this month, we distributed a Notice of a Special Meeting and
Information Statement in connection with a Special Meeting of Shareholders to be
held on November 28, 2000. The principal purpose of the Special Meeting is to
consider and vote on a proposal to effect a reverse stock split. As stated in
the Information Statement, the reverse stock split will be effected based on
record ownership of Fair Grounds common stock (i.e. the name in which Fair
Grounds common stock is registered on the transfer records maintained by Fair
Grounds' transfer agent) on the effective date of the reverse stock split. The
Information Statement also points out that shareholders may adjust their record
ownership prior to the effective date of the reverse stock split. Shareholders
may wish to take the following into account in determining whether to adjust
their share ownership:
1. If a shareholder beneficially owns shares of Fair Grounds
common stock that are not registered in his name but rather are held of record
by the shareholder's broker, bank or other custodian or by a securities
clearinghouse in which the shareholder's broker or bank is a participant, those
shares will be aggregated with the shares beneficially held by other persons
whose shares are also held of record by that broker, bank, custodian or
clearinghouse, and the reverse stock split will be effected based on the
aggregate record ownership of the broker, bank, custodian or clearinghouse.
Shareholders whose shares are held for their accounts by a broker, bank or other
custodian may wish to consult with their broker, bank or custodian to determine
the manner in which their shares are registered.
2. If a shareholder is the record holder of some shares of Fair
Grounds common stock and a corporation or other entity that the shareholder owns
is the record holder of other shares of Fair Grounds common stock, the
shareholder's record ownership will not be aggregated with the record ownership
of that corporation or other entity. Thus, for purposes of the reverse stock
split, the shareholder will be the record holder of the number of shares held of
record by him and the corporation or other entity will be the record holder of
the number of shares held of record by it.
As stated in the Information Statement, if the reverse stock split
amendment is approved, record ownership will be determined for purposes of the
reverse stock split as of the date on which the reverse stock split amendment is
filed with the Secretary of State of Louisiana, which will be as soon as is
reasonably practicable following shareholder approval of the reverse stock split
amendment.
Sincerely yours,
/s/ Bryan G. Krantz
-----------------------
Bryan G. Krantz
President
WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
