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AMERICAN ENTERPRISES SIGNS AGREEMENT TO MANAGE INDIAN CASINO IN NORTHERN CALIFORNIA

 LAS VEGAS, June 22 /PRNewswire/ -- American Enterprises Inc. (NASDAQ: ACES) announced today that it has entered into a memorandum of understanding with the Cher-Ae Heights Band of Indians to serve as management consultants to the tribe's casino located in Trinidad, Calif. The company expects to sign a formal contract this month and begin managing the casino in July.
 Ronald J. Tassinari, president of American Enterprises, said the terms of the contract are expected to be a 65/35 split of net profits between the tribe and American Enterprises. "This will be a five-year agreement where the company receives 35 percent of net profits from the casino," he said. "We will also establish a joint management committee comprised of Tribal members and company members to ensure that all casino policies, procedures and related issues are agreed upon by an authoritative body within the Rancheria." Tassinari said the idea for a joint management committee was taken from the company's current contract with the Table Mountain Band of Indians in Friant, Calif. "We have found this to be the most effective way to ensure that both the Tribe and management company participate in the way the casino is managed," he said.
 Overlooking the Pacific Ocean, the Trinidad Rancheria is located approximately 25 miles north of Eureka off US Highway 101. It is just south of Redwood National Park, which draws almost two million visitors per year. Called Cher-Ae Heights Bingo, the 20,000-square-foot, high-stakes casino has approximately 750 bingo seats and 55 electronic video devices. "Like us, the Tribe would like to see the casino grow significantly. We plan to institute a phased approach to upgrade the casino, add more games and revamp marketing efforts to include more of the tourist trade. One of the first changes will be to add a card room which will include conventional and Asian poker," Tassinari said. Currently, the casino draws approximately 1,500-2,000 people weekly.
 American Enterprises Inc. is one of a few public companies in the United States involved in Indian Gaming. Aside from its newest agreement with the Trinidad Rancheria, the company manages a high-stakes casino, called Table Mountain Rancheria Casino and Bingo in Friant, located 17 miles north of Fresno. The Table Mountain casino is a 33,000 square-foot facility offering bingo, conventional and Asian poker and other non-banking card games. The casino is currently undergoing an expansion that will increase the facility to approximately 50,000 square feet.
 -0- 6/22/93
 /CONTACT: Ron Tassinari of American Enterprises, 702-896-8888; or Elizabeth Truax or Sue Caulton of the Financial Relations Board, 415-986-1591, for American Enterprises/
 (ACES)


CO: American Enterprises Inc. ST: Nevada IN: CNO SU:

GT -- SF005 -- 4415 06/22/93 09:08 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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