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CASINO MAGIC CORP. ANNOUNCES PRELIMINARY NINE-MONTH RESULTS, INITIAL RESULTS OF BAY SAINT LOUIS CASINO

 BAY SAINT LOUIS, Miss., Nov. 17 ~PRNewswire~ -- Casino Magic Co rp. (NASDAQ-NMS: CMAG) announced today net revenues of $2,119,000 for the nine months ended Sept. 30, 1992, resulting in a net loss of approximately $4,200,000 for the nine-month period. Revenues include one day's operation of the Bay Saint Louis casino, which opened on Sept. 30, and the loss includes a write-off of $2,126,000, reflecting previously capitalized pre-opening costs for the Bay Saint Louis casino.
 Marlin F. Torguson, president and chief executive officer of Casino Magic said, "We opened our Bay Saint Louis casino on Sept. 30, and recorded net gaming revenues of $6,880,000 for the first full month of operation.
 "We are pleased with these results, with the efforts of our employees during this period, and with the enthusiastic support we have received from our patrons and the local community," Torguson said. "However, we cannot predict whether these results are indicative of future operations. December, for example, is a traditionally slow month in the gaming industry."
 Torguson said, "We are on schedule in completing the second level of the Bay Saint Louis casino, which will open by the end of this year. This will add 475 slot machines and 24 table games, as well as Keno, to the existing 625 slot machines and 41 table games."
 The company said final results for the quarter and nine months ended Sept. 30 would be released in December.
 Casino Magic Corp., a Minnesota corporation, has its principal offices in Bay Saint Louis, and operates gaming casinos in Bay Saint Louis, and Deadwood, S.D.
 The common stock of Casino Magic Corp. is listed on the NASDAQ National Market System under the symbol CMAG.
 -0- 11~17~92
 ~CONTACT: Doug Ewing of Swenson Falker Eilertsen, 612-371-0000, for Casino Magic, or Marlin Torguson of Casino Magic, 601-467-9257~
 (CMAG)


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

AL -- MN022 -- 2100 11~17~92 18:05 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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