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CASINO AMERICA REPORTS THIRD QUARTER RESULTS

 BOCA RATON, Fla., March 8 /PRNewswire/ -- Casino America, Inc. (NASDAQ: CSNO) today announced its results for the third quarter and nine months ended Jan. 31, 1993.
 For the third quarter ended Jan. 31, 1993 revenue totaled $22,179,000. Net income for the third quarter ended Jan. 31, 1993 totaled $4,726,000, or $.69 per share on a fully diluted basis. The Company did not commence operations of its casino in Biloxi, Miss. until Aug. 1, 1992 and, as such, its results for the third quarter of 1992 cannot be considered comparable to its results during the same period in 1993.
 The company noted that $.36 of its earnings per share on a fully diluted basis during the third quarter of fiscal 1993 resulted from the income of its management subsidiary, including a gain from its sale of a contract to manage a riverboat casino facility in Peoria, Ill. In addition, net income during the recently ended period was impacted by expenses of about $350,000 related to the opening of a 350 seat, 9,000 square foot restaurant and lounge at its "Isle of Capri Casino" in Biloxi, Miss.
 Commenting on the announcement, Allan B. Solomon, secretary and treasurer of Casino America, stated: "We are very pleased with the company's continued strong performance during the second full quarter of operations at our Biloxi gaming facility. As we expected, net income during the recently ended quarter reflects the slower tourist activity level typical of that time of season in the Biloxi-Gulfport area. However, revenues during February climbed to almost $7 million, which is the highest monthly revenues achieved to date."
 Casino America, Inc. is engaged in the business of developing, owning and operating riverboat and dockside casinos. The company presently operates a dockside gaming facility in Biloxi, Miss. known as the "Isle of Capri Casino." The company recently obtained licensing approval for its planned dockside gaming location in Vicksburg, Miss., which is expected to open in summer 1993. It has also announced plans to open, together with Louisiana Downs, Inc., a riverboat casino in Bossier City, La., subject to receipt of all licenses and regulatory approvals.
 CASINO AMERICA, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 For the Three Months Ended Jan. 31,
 1993 1992
 Revenues $22,179,000 $ 876,000
 Net income (loss) $ 4,726,000 $ 302,000
 Earnings (loss) per
 share:
 Primary $.70 $.14
 Fully diluted $.69 $.14
 Weighted average common
 and common equivalent
 shares outstanding:
 Primary 6,748,000 2,200,000
 Fully diluted 6,803,000 2,200,000
 For the Nine Months Ended Jan. 31,
 1993 1992
 Revenues $ 40,455,000 $ 2,371,000
 Net income (loss) $ 6,929,000 $ (149,000)
 Earnings (loss)
 per share:
 Primary $1.15 $(.07)
 Fully diluted $1.02 $(.07)
 Weighted average
 common and
 common equivalent
 shares outstanding:
 Primary 6,006,000 2,200,000
 Fully diluted 6,803,000 2,200,000
 -0- 3/8/93
 /CONTACT: Allan B. Solomon, secretary and treasurer of Casino America, Inc., 407-483-7000; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Casino America, Inc./
 (CSNO)


CO: Casino America, Inc. ST: Florida IN: CNO SU: ERN

SS-AW -- FL010 -- 3863 03/08/93 09:33 EST
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Date:Mar 8, 1993
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