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GAMING CORPORATION OF AMERICA ANNOUNCES ACQUISITION OF FULL OWNERSHIP IN ITS BILOXI CASINO PROJECT

 MINNEAPOLIS, May 11 /PRNewswire/ -- Gaming Corporation of America (NASDAQ: GCAM) (GCA) announced today that it has acquired 100 percent ownership of its current dockside casino project in Biloxi, Miss. The company previously had the right to acquire a 70 percent ownership interest in Casino One Corporation, the affiliate of the company which is developing the casino at the Biloxi site. Under the terms of the acquisition announced today, GCA acquired full ownership of Casino One from the existing Casino One shareholders (Brian Bolis, Bobby Bordges and David Marker) in exchange for 730,000 shares of GCA Common Stock and may loan the Casino One shareholders an aggregate of up to $700,000 over the next nine months. These loans will be due in two years and will be secured by a portion of the GCA shares received by the shareholders. Bolis and Bordges, the principal shareholders of Casino One, are continuing to be employed by Casino One after its acquisition by GCA.
 Sheldon T. Fleck, CEO and president of GCA, stated: "We believe this transaction will align the interests of the current Casino One shareholders and GCA's shareholders and will be in the best interest of all."
 The proposed casino, including restaurants, bars, a lounge and a gift shop, would comprise approximately 60,000 square feet in total area in a two-story structure built on two barges. The gaming area of the casino is expected to include approximately 950 slot machines, 44 table games, and a keno lounge.
 Gaming Corporation of America, with principal executive offices in Minneapolis, is pursuing several casino management and development opportunities in the rapidly expanding casino-style gaming industry. These include several opportunities to manage casinos on Indian land and to develop, own and operate dockside casinos. The company's affiliate, Golden Nickel Casinos, Inc., recently was granted the gaming license to manage the Wisconsin Winnebago Tribe's casino being developed near Wisconsin Dells, Wis. GCA has an agreement to acquire Golden Nickel Casinos as a wholly owned subsidiary upon receipt of additional approvals from the tribe. GCA currently has a license application pending for the Biloxi casino project, and is pursuing National Indian Gaming Commission approval of its contract with the Pascua Yaqui Tribe of Arizona. Also, the company recently announced its participation in a joint venture with Grand Casinos, Inc. to acquire a gaming site 30 miles south of Memphis, Tenn., located in Tunica County, Miss., for the potential development and operation of one or more dockside casinos at that location.
 GCA, organized in 1991, completed its initial public offering of securities in February 1993, raising over $23 million. Also, in early March 1993, the holders of the company's Series A Notes converted into common stock all of the $6 million then-outstanding Series A Notes. GCA's common stock, warrants and units are traded on NASDAQ under the symbols GCAM, GCAMW and GCAMU.
 -0- 5/11/93
 /CONTACT: Sheldon T. Fleck, CEO and president of Gaming Corporation of America, 612-339-8171/
 (GCAM)


CO: Gaming Corporation of America ST: Minnesota, Mississippi IN: CNO SU: TNM

AL -- MN014 -- 7280 05/11/93 17:40 EDT
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Date:May 11, 1993
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