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BALLY MANUFACTURING ENTERS INTO AGREEMENT TO ACQUIRE SIGNIFICANT OWNERSHIP INTEREST IN LAS VEGAS CASINO

 CHICAGO, June 23 /PRNewswire/ -- Bally Manufacturing Corporation (NYSE: BLY) announced today that it and its wholly-owned subsidiary, BGR, Inc., have entered into separate definitive stock exchange agreements with a number of different funds managed by Fidelity Management & Research Company and its affiliates.
 Under the stock exchange agreements, which are subject to certain regulatory approvals and other conditions, Bally Manufacturing and BGR, Inc. will exchange 1,752,400 shares of the common stock of Bally Gaming International, Inc. owned by them, for 1,932,133 shares of the common stock of Bally's Grand, Inc., the owner and operator of the Bally's Las Vegas casino hotel resort, that will be issued to the Fidelity investment funds upon the consummation of the Bally's Grand, Inc. Chapter 11 Plan of Reorganization.
 Upon completion of this transaction, Bally Manufacturing and its affiliates, together with Bally's Grand, Inc.'s officers and directors will control approximately 40 percent of the outstanding common stock of Bally's Grand, Inc.
 Bally Manufacturing Corporation is one of the world's foremost operators of casino hotel resorts and fitness centers.
 -0- 6/23/93
 /CONTACT: Michael W. Kempner or Laurie Terry of MWW/Strategic Communications, 201-342-9500, for Bally Manufacturing/
 (BLY)


CO: Bally Manufacturing Corporation ST: Illinois, Nevada IN: CNO SU:

PS -- NY039 -- 4978 06/23/93 11:40 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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