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PLAYERS INTERNATIONAL REPORTS THIRD QUARTER RESULTS; ANTICIPATES FOURTH QUARTER LAUNCH OF FIRST RIVERBOAT CASINO

 CALABASAS, Calif., Feb. 12 /PRNewswire/ -- Players International, Inc. (NASDAQ: PLAY) today reported third quarter 1993 revenues of $3,471,800, with a net loss of $3,666,900 or $.43 per share, as compared to third quarter revenues in 1992 of $5,105,200, with net income of $79,100 or $.01 per share, for the period ending Dec. 31.
 For the first nine months of fiscal 1993, ending Dec. 31, 1992, the company reported revenues of $12,417,600 with a net loss of $5,435,200 or $.65 per share, as compared to nine month 1992 revenues of $17,591,600 and a net loss of $3,570,000 or $.43 per share.
 Ed Fishman, chairman of Players International, stated that more than $2-million of the reported loss for the quarter was the result of a one- time non-cash charge taken by the company to terminate a contract that the company had with spokesperson Telly Savalas.
 Marshall Geller, interim president of Players International, noted that the decision to terminate the contract with Savalas was one that "is predicated by the new direction that Players International has undertaken." Geller noted that the loss for the third quarter was completely "in-line with the refocusing of the business of Players International." He stated that the company has been intentionally moving away from a concentration in the area of club marketing services and redirecting efforts and resources in an aggressive manner toward the riverboat gambling casino marketplace. "As a result of our new focus, we have also expensed start-up costs of $409,700, as we prepare to launch our first riverboat casino in southern Illinois," Geller said.
 According to Fishman, the first Players Riverboat Casino, which recently arrived at its Metropolis, Ill. home port, should commence operations upon approval from the Illinois State Gaming Board. "We expect that this approval will be granted in the near future, and once received, we will immediately open our casino for business," Fishman said.
 Geller noted that already the recently opened Merv Griffin Bar and Grill and Celebrity Buffet, in Metropolis, located at Merv Griffin's Landing, where the riverboat is docked, is experiencing excellent acceptance among consumers. "We are confident that our riverboat casino, once it opens, will enjoy the same level of success," Geller said.
 Geller also noted the company recently announced plans to begin developing a second riverboat casino in Lake Charles, La., located 150 miles from Houston.
 "We continue to be confident that we are on track with our strategic plan to build Players into one of the country's foremost riverboat casino operators," Geller said.
 Players International, headquartered in Calabasas, Calif., has been known for its specialization in the marketing of numerous services and products to the gaming and entertainment industries. The company will operate riverboat gaming, dining and entertainment facilities in Metropolis, Ill.
 PLAYERS INTERNATIONAL, INC.
 CONDENSED STATEMENT OF OPERATIONS
 (Unaudited)
 For the Three Months
 Ended Dec. 31,
 1992 1991
 Revenues $3,471,800 $5,105,200
 Income (Loss) Before Benefit
 (Provision) for Income Taxes (3,666,900) 5,800
 Benefit (Provision) for
 Income Taxes 0 73,300
 Net Income (Loss) ($3,666,900) $ 79,100
 Earnings (Loss) Per
 Common Share ($.43) $ .01
 Weighted Averge Number of
 Common Shares Outstanding 8,496,500 8,349,400
 For the Nine Months
 Ended Dec. 31,
 1992 1991
 Revenues $12,417,600 $17,591,600
 Income (Loss) Before Benefit
 (Provision) for Income Taxes (5,401,100) (5,590,300)
 Benefit (Provision) for
 Income Taxes (34,100) 2,020,300
 Net Income (Loss) ($5,435,200) ($3,570,000)
 Earnings (Loss) Per
 Common Share ($.65) $ ($.43)
 Weighted Averge Number of
 Common Shares Outstanding 8,363,100 8,215,500
 The results of operations for the three and nine months ended Dec. 31, 1992 includes a $2,134,300 non-recurring, non-cash charge for a contract settlement and a $409,700 charge for riverboat pre-opening costs.
 The results of operations for the nine months ended Dec. 31, 1991 includes a $5,792,500 pretax and $3,798,200 after tax charge for change in accounting estimated.
 -0- 2/12/93
 /CONTACT: Beverly Jedynak of Martin E. Janis & Company, Inc., 312-943-1100, for Players International/
 (PLAY)


CO: Players International ST: California IN: LEI CNO SU: ERN

LC -- CL020 -- 6347 02/12/93 18:03 EST
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Date:Feb 12, 1993
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