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CASINO MAGIC CORP. RECEIVES GAMING LICENSE FOR NEW CASINO

 BAY SAINT LOUIS, Miss., Jan. 27 /PRNewswire/ -- Casino Magic Corp. (NASDAQ-NMS: CMAG) said today that it has been granted a gaming license, under the Mississippi Gaming Control Act, to operate a gaming casino in Biloxi, Miss. The license was granted to Casino Magic's subsidiary, Biloxi Casino Corp., by the Mississippi Gaming Commission.
 The new casino is scheduled to open in late May at the company's site located on U.S. Highway 90 in Biloxi, the company said. The initial phase of the casino will feature about 700 slot machines and 40 table games, housed in a two-level facility of approximately 66,000 square feet. A third level of 33,000 square feet is planned to open during Casino Magic's third quarter, which ends Sept. 30.
 Marlin F. Torguson, president and chief executive officer of Casino Magic, said, "We were delighted to receive a timely go-ahead for our Biloxi casino. With the initial success of our Bay Saint Louis casino, we have a strong organization and foundation to support our new operation, and our entire management team is looking forward to this exciting new opportunity."
 The Biloxi casino will be built on a 300-foot vessel currently under construction at the Gulf Coast's Port Bienville Industrial Park Facility in Hancock County, Miss. The casino vessel is the first to be built in Mississippi since the approval of dockside gaming.
 Casino Magic said the Biloxi casino will be funded by third party lease financing, cash flow from existing operations and available lines of credit, as well as new debt financing of approximately $11 million. Details of the new debt financing are currently under negotiation.
 Casino Magic Corp., a Minnesota corporation, has its principal offices in Bay Saint Louis, Miss., and operates gaming casinos in Bay Saint Louis, Miss., and Deadwood, S.D.
 The common stock of Casino Magic Corp. is listed on the NASDAQ National Market System under the symbol CMAG.
 -0- 1/27/93
 /CONTACT: Doug Ewing of Swenson Falker Eilertsen Inc., Minneapolis, 612-371-0000 or Marlin Torguson or Joe Anderson of Casino Magic Corp. 601-467-9257/
 (CMAG)


CO: Casino Magic Corp. ST: Minnesota; Mississippi IN: CNO SU:

KH -- MN009 -- 9683 01/27/93 12:49 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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