If the council approves the project, the track's owner, San Francisco developer Wilson Meany Sullivan, plans to begin building a massive retail and residential complex in about a year. It would be called Hollywood Park Tomorrow.
The owner says Hollywood Park, where horses have raced since 1938, is no longer profitable, and the new project would be a boom for the city of Inglewood, creating parks, fixing streets and even possibly installing a new school.
Horse racing officials would reportedly get six months notice, and racing would come to a halt either in July or December to coincide with the end of one of the track's two seasons.
The 238-acre project would include the existing Hollywood Park Casino.
CNS contributed to this report.