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THE PROMUS COMPANIES ANNOUNCES RIVERBOAT CASINO PROJECT FOR MISSISSIPPI

THE PROMUS COMPANIES ANNOUNCES RIVERBOAT CASINO PROJECT FOR MISSISSIPPI
 MEMPHIS, July 22 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) and Belz Enterprises announced today they have jointly submitted a request to the Mississippi Gaming Commission for a Notice of Intent to Apply for a Gaming License.
 This is the first step in the planned development of a $40 million riverboat casino entertainment complex in Lake View on Horn Lake in Northwestern DeSoto County, Mississippi. The proposed site is located just off Highway 61, one-half mile inside the Mississippi state line just south of the Memphis city limits.
 Harrah's Casino Hotels, the gaming subsidiary of The Promus Companies Incorporated, will operate the casino. Harrah's is the only casino gaming company with properties in all five major U.S. gaming markets: Atlantic City, New Jersey and Lake Tahoe, Las Vegas, Laughlin and Reno, Nevada. Harrah's has another riverboat casino under construction for launch in Joliet, Illinois, in the spring of 1993. Promus is also the parent company for the Embassy Suites, Hampton Inn and Homewood Suites hotel brands, comprising nearly 450 hotels.
 Belz Enterprises is an award-winning Mid-South development company with more than 20 million square feet of commercial developments.
 If all requirements are met to develop the riverboat casino on the Lake View site, Harrah's will be the 75 percent partner and Belz will be the 25 percent partner in the venture.
 "Harrah's has been a leader in the gaming industry for the past 54 years and teaming up with one of the South's largest and best developers, Belz Enterprises, makes us very excited about the prospect of developing a top-quality entertainment and tourism landmark in our own backyard," said Mike Rose, Chairman of the Board and Chief Executive Officer of The Promus Companies.
 The proposed project's centerpiece is a 300-foot-long riverboat featuring a classic paddle wheel design, richly detailed and handsomely crafted with high ceilings and fine finishes capturing the atmosphere of an 1850s Mississippi riverboat.
 The riverboat landing where guests will arrive is designed in a traditional Southern style.
 Escalators and moving walkways will transport guests through the riverboat landing directly onto the riverboat which will include the casino, as well as restaurants and lounges.
 An economic impact study of the proposed project in DeSoto County indicates that this casino operation could attract approximately 1.75 million visitors annually to the Lake View site, which would make it the number one tourist attraction in the Mid-South.
 Based on preliminary estimates, the riverboat casino is expected to create 800 (direct and indirect) jobs during construction and 2,000 permanent, full-time (direct and indirect) positions once the riverboat casino entertainment complex is operational.
 Completion of the project is dependent upon a number of approvals including, among others, licensing of the parties by the Mississippi Gaming Commission. In addition, under Mississippi law, opponents to a riverboat casino project may call for a local election, subject to completion of a petition. It is not presently known whether or not such a petition will be filed in DeSoto County. The timing of the opening of the project, therefore, is uncertain, but could be as early as late 1993.
 -0- 7/22/92
 /CONTACT: Ralph Berry, The Promus Companies Incorporated, 901-762-8629/
 (PRI) CO: The Promus Companies Incorporated; Belz Enterprises ST: Mississippi, Tennessee IN: LEI SU: JVN


CM -- CH007 -- 2054 07/22/92 15:29 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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