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CAESARS WORLD AND CASINO MAGIC TO FORM JOINT VENTURE FOR GAMING CASINO IN ST. LOUIS

 BAY SAINT LOUIS, Miss., Oct. 1 /PRNewswire/ -- Caesars World, Inc. (NYSE: CAW) and Casino Magic Corp. (NASDAQ-NMS: CMAG) today said that they intend to form a joint venture to plan, develop and operate a dockside riverboat gaming casino and entertainment complex in St. Louis.
 The joint venture partnership expects to present a proposal to the city of St. Louis on Oct. 18 to develop the project on the Mississippi River at Lacledes Landing, between the Eads Bridge and the Martin Luther King Jr. Bridge in downtown St. Louis. The Lacledes Landing redevelopment area is in the heart of the city's improved waterfront, adjacent to the recently expanded America's Center convention center and new St. Louis domed stadium, currently under construction.
 The joint venture, in which Caesars World and Casino Magic would be equal partners, is expected to include a 25-percent participation by a group of St. Louis investors. It is anticipated that total investment in the project would be in a range of $60 million to $80 million.
 Caesars World owns and operates hotel/casinos in Las Vegas and Stateline, Nev., and Atlantic City, N.J. It also has four non-gaming resorts in Pennsylvania.
 Casino Magic Corp. operates gaming casinos in Bay Saint Louis and Biloxi, Miss., and Deadwood, S.D.
 -0- 10/1/93
 /CONTACT: Doug Ewing of Swenson/Falker Associates, 612-371-0000, for Casino Magic; Marlin Torguson of Casino Magic, 601-467-9257; or Jack Leone of Caesars World, 310-552-2711/


CO: Caesars World, Inc.; Casino Magic Corp. ST: Mississippi, Missouri IN: CNO SU: JVN

KH-DB -- MN016 -- 7984 10/01/93 17:34 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:262
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