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CASINO MAGIC COMMENTS ON INACCURATE REPORT IN BARRON'S

 BAY SAINT LOUIS, Miss., Aug. 23 /PRNewswire/ -- In response to an inaccuracy in today's issue of Barron's, Marlin F. Torguson, president and chief executive officer of Casino Magic Corp. (NASDAQ-NMS: CMAG) issued the following statement.
 "The Up&Down Wall Street column in today's Barron's incorrectly reported the interest rates on short-term notes we have issued. The article stated that the notes were issued at 16% above prime, which is not true.
 "As fully disclosed in our 10-Q, the notes initially pay interest at a 16 percent annual percentage rate. We selected this form of interim financing until we complete arrangements, that are currently under discussion, for long-term debt financing. We have complete flexibility to repay these notes at any time, with no prepayment penalty.
 "Upon completion of our arrangements for new long-term debt financing, which we expect in four to six weeks, we will repay the higher interest rate debt and significantly reduce current liabilities as shown on our June 30 balance sheet.
 "Our business strategy remains focused on positioning and strengthening our company for long-term growth, and we are continuing to work toward identifing and evaluating additional casino sites in a wide variety of geographic locations."
 Casino Magic Corp., a Minnesota corporation, with principal offices in Bay Saint Louis, Miss., operates gaming casinos in Bay Saint Louis and Biloxi, Miss., and Deadwood, S.D.
 The common stock of Casino Magic Corp. is listed on the NASDAQ National Market System under the symbol CMAG.
 -0- 8/23/93
 /CONTACT: Doug Ewing of Swenson/Falker Associates, 612-371-0000, for Casino Magic; or Marlin Torguson of Casino Magic Corp., 601-467-9257/
 (CMAG)


CO: Casino Magic Corp. ST: Minnesota IN: CNO SU:

AL-DB -- MN007 -- 5110 08/23/93 14:40 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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