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CASINO MAGIC REPORTS FIRST QUARTER NET INCOME OF $13.5 MILLION

 BAY SAINT LOUIS, Miss., May 13 /PRNewswire/ -- Casino Magic Corp. (NASDAQ-NMS: CMAG) today reported net income of $13,493,765, or $1.36 per share, for the first quarter ended March 31, 1992. Net revenues for the quarter were $38,715,092.
 Marlin F. Torguson, president and chief executive officer of Casino Magic said, "We are very pleased with the continuation of excellent growth in revenues at the Bay Saint Louis casino, and the resulting strong financial performance. Customers are enthusiastic about our existing facility and very excited about our plans for the Bay Saint Louis casino as the centerpiece of a major destination resort complex. In the next week we will open additional casino space at the Bay Saint Louis site, substantially increasing the number of gaming positions."
 The Dubuque Casino Belle, a 387-foot vessel designed after a 19th Century sidewheeler, arrived yesterday at Casino Magic's site in Bay Saint Louis. The Dubuque Casino Belle, designated the Magic Too for the term of its lease to Casino Magic, will be moored to the Bay Saint Louis casino through at least mid-Sept.
 The company said that casino space on the Magic Too will allow for the addition of approximately 750 slot machines and 40 table games at the Bay Saint Louis casino, bringing the total to 1,830 slot machines and 104 table games.
 The Bay Saint Louis casino currently has about 125,000 square feet of space, with approximately 40,000 square feet in the casino area. The additional casino space provided on the Magic Too will bring the total casino space at the Bay Saint Louis site to approximately 70,000 square feet.
 Torguson said, "We are also nearing completion of the first phase of our Biloxi, Miss., casino which will open later this month. On opening day, the Biloxi casino will feature 650 slot machines and 39 table games; we have already hired nearly 1,000 employees, mostly from local communities. The second phase of the Biloxi casino is planned to open in July, and a 1000-vehicle parking facility is scheduled to open in August."
 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.
 Casino Magic Corp.
 Three months ended Three months ended
 March 31, 1993 (a) March 31, 1992 (a)
 (unaudited) (unaudited)
 Net revenues $38,715,092 $454,992
 Net income (loss) 13,493,765 (33,213)
 Net income (loss) per
 common share $1.36 $(0.01)
 Weighted average common shares
 and common share
 equivalents outstanding 9,884,843 4,869,500
 (a) The company began operations in its Bay Saint Louis, Miss., casino, the primary source of its current revenues, on Sept. 30, 1992.
 -0- 5/13/93
 /CONTACT: Doug Ewing of Swenson Falker Eilertsen, 612-371-0000, for Casino Magic; Marlin Torguson or Joe Anderson of Casino Magic Corp., 601-467-9257/
 (CMAG)


CO: Casino Magic Corporation ST: Minnesota, Mississippi IN: CNO SU: ERN

AL -- MN017 -- 8332 05/13/93 17:09 EDT
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Publication:PR Newswire
Date:May 13, 1993
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