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RIO HOTEL & CASINO INC. ANNOUNCES FIRST QUARTER 1993 RESULTS

 LAS VEGAS, April 14 /PRNewswire/ -- Rio Hotel & Casino Inc. (NASDAQ: RIOH) today announced that net income from continuing operations for the first quarter of 1993 increased by 145 percent to $2.7 million, or $0.14 per share, compared to the 1992 first quarter net income from continuing operations of $1.1 million, or $0.07 per share. Per share amounts are based upon 19.1 million and 14.6 million shares outstanding (fully diluted) for the quarters ended March 31, 1993, and March 31, 1992, respectively.
 Earnings before depreciation, interest and taxes (EBDIT) increased by 51 percent to $6.2 million, or $0.32 per share, for the first quarter of 1993, compared to $4.1 million, or $0.28 per share, for the same period in the prior year.
 Revenues increased by 27 percent to $24.8 million during the first quarter of 1993 from $19.5 million during the first quarter of 1992. Operating profit margin increased to 18.3 percent in the first quarter of 1993, from 13.9 percent in the first quarter of 1992.
 Net income for the first quarter of 1993 was $1.9 million, or $0.10 per share, reflecting a one-time $0.8 million non-cash charge related to the required implementation of FASB Statement No. 109, "Accounting for Income Taxes." Net income for the first quarter of 1992 was increased by $0.5 million to $1.6 million, or $0.11 per share, because of an extraordinary credit from net operating loss carryforwards.
 The first quarter 1993 results reflect the opening in late December 1992 of a 10,000-square-foot casino expansion and expansion of the Carnival World Buffet.
 Anthony A. Marnell II, chairman of the board, stated: "The impressive results of the first quarter reflect the success of the expanded casino and Carnival World Buffet in attracting more visitors to the Rio. The improvement in operating income has continued due to the consistent effort of our `Team Rio' employees to provide high levels of service."
 The Rio is currently constructing a new hotel tower which will contain 430 suites and associated public areas. The public area expansion will include additional meeting room space; a new seafood restaurant, "Buzios," opening in May; additional seating for the Beach Cafe; and seven new hospitality suites. Upon completion of the new tower, currently anticipated by December 1993, the Rio's total room count will increase to 854 suites. The expansion is expected to cost $37.0 million. Construction is on time and on budget.
 The Rio, located on a 45-acre site in Las Vegas, is an all-suite hotel/casino presently consisting of 424 suites and a 54,000-square- foot casino. The Rio was designed to permit multiple expansions in accordance with a conceptual master plan and received zoning approval for 2,400 rooms.
 RIO HOTEL & CASINO INC.
 Results of Operations
 (In thousands, except per share amounts)
 Quarter Quarter Year
 Ended Ended Ended
 March 31, March 31, Dec. 31,
 1993 1992 1992
 (Unaudited) (Unaudited)
 Revenues $24,756 $19,520 $82,475
 Expenses (20,231) (16,810) (70,180)
 Operating profit 4,525 2,710 12,295
 Interest expense (459) (1,146) (3,801)
 Interest income 21 79 158
 Other income, net --- 100 100
 Income before minority interest,
 income tax, extraordinary item
 and cumulative effect of a
 change in accounting principle $4,087 $1,743 $8,752
 Income tax provision (1,423) (566) (2,995)
 Minority interest --- (95) (242)
 Income before extraordinary item
 and cumulative effect of a
 change in accounting principle $2,664 $1,082 $5,515
 Extraordinary item:
 Reduction of income taxes
 arising from carryforward
 of prior years' losses --- 566 793
 Cumulative effect of a change in
 accounting principle:
 Adoption of Financial Accounting
 Standards Board FASB Statement
 No. 109 "Accounting for Income
 Taxes" ("SFAS 109") (777) --- ---
 Net income $1,887 $1,648 $6,308
 Income per common share:
 Continuing operations $0.14 $0.07 $0.36
 Extraordinary item --- 0.04 0.05
 Cumulative effect of a change
 in accounting principle (0.04) --- ---
 Total $0.10 $0.11 $0.41
 Weighted average number of
 common and common equivalent
 shares outstanding 19,114 14,609 15,319
 Earnings before depreciation,
 interest, amortization and
 income taxes (EBDIT) $6,204 $4,101 $18,109
 EBDIT per share $0.32 $0.28 $1.18
 RIO HOTEL & CASINO INC.
 Condensed Balance Sheets
 (In thousands)
 March 31, Dec. 31,
 1993 1992
 (Unaudited)
 Assets
 Current assets:
 Cash and equivalents $39,734 $42,623
 Accounts receivable, net 1,630 1,549
 Other current assets 4,135 2,414
 Total current assets 45,499 46,586
 Property and equipment, net 109,284 101,928
 Other assets 1,037 1,004
 Total $155,820 $149,518
 Liabilities and
 Stockholders' Equity
 Current maturities of long-term
 debt $3,006 $2,306
 Accounts payable and accrued
 expenses 10,730 8,884
 Total current liabilities 13,736 11,190
 Long-term debt, less current
 maturities 49,682 50,906
 Deferred income taxes 4,346 550
 Total liabilities 67,764 62,646
 Stockholders' equity 88,056 86,872
 Total liabilities and equity $155,820 $149,518
 -0- 4/14/93
 /CONTACT: James A. Barrett Jr., president of Rio Hotel & Casino, 702-252-7733/
 (RIOH)


CO: Rio Hotel & Casino ST: Nevada IN: CNO SU: ERN

MS-JL -- SD001 -- 5514 04/14/93 08:06 EDT
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Date:Apr 14, 1993
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