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CASINO MAGIC REPORTS SECOND QUARTER REVENUES OF $47 MILLION, NET INCOME OF $9.8 MILLION

 BAY SAINT LOUIS, Miss., Aug. 12 /PRNewswire/ -- Casino Magic Corp. (NASDAQ-NMS: CMAG) today reported net income of $9,790,394, or 32 cents per share, for the second quarter ended June 30, 1993, vs. a net loss of $1,155,036, or 8 cents per share in last year's second quarter. Net revenues for the second quarter were $46,976,710, vs. $688,480 last year. Second quarter net income reflects pre-opening expense of $2,113,864, or approximately 5 cents per share after tax, for Casino Magic's new casino in Biloxi, Miss., which opened in June.
 Marlin F. Torguson, president and chief executive officer of Casino Magic said, "Excluding pre-opening expense, which we view as an investment in our future growth, second quarter earnings would have been 37 cents per share. And we achieved a substantial increase in revenues over the first quarter level, even though the Biloxi casino was only open for about three weeks of the second quarter.
 "So far in the third quarter, we have had excellent customer traffic and very strong revenues, particularly at our Bay Saint Louis casino. Net gaming revenues at the Bay Saint Louis casino were higher in July than in any month since our opening last fall. The Biloxi casino is in line with our expectations, given the fact that we opened Biloxi with about one-half of our casino space open and with temporary parking facilities. We expect continued growth in revenues at Biloxi, although that growth will be moderate until our additional casino space and permanent parking facility open later this year.
 "In keeping with our philosophy of giving our customers a level of service that is "a cut above," we have continued to upgrade our level of customer service, implemented more extensive marketing programs, and developed additional facilities at the Bay Saint Louis site. We opened the first phase of our recreational vehicle park in July, and will add a new fine dining facility with the opening of a steak house and seafood restaurant in the Porte Cochere at Bay Saint Louis.
 "A stepped-up schedule of air charters, which is part of our more extensive marketing program, is now in operation for both the Biloxi and Bay Saint Louis casinos. In both August and September we have scheduled more than 40 air charters to the Gulf Coast from cities throughout the central and eastern U.S.
 "Our business strategy remains focused on positioning and strengthening our company for long-term growth, and we have increased our development program to identify and evaluate additional casino sites in a wide variety of geographic locations."
 Casino Magic Corp., a Minnesota corporation, with principal offices in Bay Saint Louis, operates gaming casinos in Bay Saint Louis and Biloxi, 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
 June 30, 1993 June 30, 1992
 (unaudited) (unaudited)
 Net revenues $46,976,710 $688,480
 Costs and expenses 29,309,887 1,411,284
 Pre-opening expense 2,113,864 0
 Other (income) expense 182,632 432,232
 Income (loss) before
 income taxes 15,370,327 (1,155,036)
 Income taxes 5,579,933 0
 Net income (loss) $9,790,394 $(1,155,036)
 Net income (loss)
 per common share (a) $0.32 $(0.08)
 Weighted average
 common shares and
 common share
 equivalents outstanding (a) 30,668,181 14,608,500
 Six months ended Six months ended
 June 30, 1993 June 30, 1992
 (unaudited)
 Net revenues $85,691,802 $1,143,472
 Costs and expenses 47,504,075 1,865,900
 Pre-opening expense 2,113,864 0
 Other (income) expense 794,834 465,821
 Income (loss) before
 income taxes 35,279,029 (1,188,249)
 Income taxes 11,994,870 0
 Net income (loss) $23,284,159 $(1,188,249)
 Net income (loss)
 per common share (a) $.77 $(0.08)
 Weighted average
 common shares and
 common share
 equivalents outstanding (a) 30,168,229 14,608,500
 (a) Per share amounts and shares outstanding have been adjusted to reflect a 3-for-1 stock split effective June 18, 1993.
 -0- 8/12/93
 /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, Mississippi IN: CNO SU: ERN

AL -- MN006 -- 2003 08/12/93 09:08 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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