Global Casinos, Inc. Reports Increased Second Quarter Revenues.

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Feb. 23, 1998--Global Casinos, Inc. (NASDAQ:GBCS) today reported its second quarter results.

The company reported net revenues of $3,342,947 for the three month period ended December 31, 1997, compared to net revenues of $2,521,853 for the same period last year, an increase of $821,094, or 33%. Global reported net income of $11,809 or $.01 per share for the three months ended December 31, 1997 compared to net income of $1,470,653 or $1.12 per share for the same period in 1996. Excluding an extraordinary gain from restructuring, net income for the three months ended December 31, 1996 was $20,261 or $.02 per share.

The company also reported net revenues of $6,032,443 for the six month period ended December 31, 1997, compared to net revenues of $4,347,193 in the same period last year, an increase of $1,685,250, or 39%. Global reported a net loss of $140,623 or $.10 per share for the six months ended December 31, 1997 compared to net income of $1,153,178 or $.88 per share for the same period in 1996. Extraordinary gain from restructuring was $190,390 for the six months ended December 31, 1997 as compared to $1,450,392 for the same period in 1996.

The increases in revenue and net income for the three and six month periods reflect the acquisition of Alaska Bingo Supply in August of 1997. All other operating properties were the same in the respective periods.

"We are pleased with the contribution of our most recent acquisition, Alaska Bingo Supply. Its revenues continue to exceed projections, making additional acquisitions in the bingo segment of the gaming industry extremely attractive. We hope to achieve a substantial reduction in current liabilities this year when we extinguish the short-term notes associated with the acquisition of Alaska Bingo Supply. This should allow Global Casinos to increase its bottom line profit," said Stephen Calandrella, the president of Global Casinos. -0-

                              Three Months          Six Months
                            Ended      Ended      Ended      Ended
                           12/31/97   12/31/96   12/31/97   12/31/96

Revenues                  $3,342,947 $2,521,853 $6,032,443 $4,347,193
Cost of Goods Sold, Bingo
 Distribution                538,051          -    881,811          -
Operating and General
 Expenses                  2,428,540  2,171,577  4,642,325  3,960,413
Depreciation and
 Amortization                299,788    227,343    567,295    435,884
Income (Loss) from
 Operations                   76,568    122,933    (58,988)   (49,104)
Interest Expense              97,878     62,455    263,898    156,354
Net Reorganization Expense         -      (239)          -    (3,503)
Extraordinary Gain from
 Restructuring                     -  1,450,392    190,930  1,450,392
Minority Interest             25,005   (46,362)   (24,603)  (101,235)
Net Income (Loss)             11,809  1,470,653  (140,623)  1,153,178
Basic Earnings (Loss) Per
 Share                          $.01      $1.12     $(.10)       $.88
Diluted Earnings (Loss)
Per Share                       $.01      $1.12     $(.10)       $.88
Weighted Average Number
 of Shares Outstanding     1,480,811  1,314,801  1,480,811  1,314,801

The Company also reported that at its recent Annual Meeting the shareholders approved the election of the following four directors: Stephen G. Calandrella, Peter Bloomquist, Clifford Thygesen, and Clifford Neuman. Each director will serve until the next regular meeting of shareholders or until his successor has been duly elected and qualified. The Company's shareholders also passed a proposal to increase the number of stock options available under the Company's Stock Incentive Plan.

Global Casinos, Inc. and its wholly-owned subsidiaries operate in the rapidly developing and expanding domestic and international gaming industry. Global currently operates four gaming facilities worldwide including: The Bull Durham in Black Hawk, Colorado; Casino Masquerade on the island of Aruba, The Pelican Casino in St. Maarten and Casino Las Vegas in Bishkek, Kyrgyzstan. Additionally, Global owns and operates Alaska Bingo Supply, the largest distributor of pull-tabs and bingo supplies in Alaska.

Certain statements in this release and the Company's Quarterly Report on Form 10-Q which are not historical facts are forward looking statements, such as statements relating to future operating results, existing and expected competition, financing and refinancing sources and availability and plans for future development or expansion activities and capital expenditures. Such forward-looking statements involve a number of risks and accordingly, actual results may differ materially from those expressed in any forwarding looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt services, financing and refinancing efforts, general economic conditions, changes in gaming laws or regulations and risks related to development and construction activities.

CONTACT: Global Casinos Inc., Colorado Springs

Stephen G. Calandrella, 719/590-4900

Nick Fegen, 515/223-6296