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CASINO MAGIC SAYS NET REVENUES FROM MISSISSIPPI GULF COAST CASINOS WERE $42.7 MILLION FOR TWO MONTHS ENDED AUG. 31

 BAY SAINT LOUIS, Miss., Sept. 21 /PRNewswire/ -- Casino Magic Corp. (NASDAQ/NMS: CMAG) announced today that its two Mississippi Gulf Coast casinos recorded combined net revenues of $42,723,000 for the two months ended Aug. 31.
 Casino Magic's casino in Bay Saint Louis, Miss., had net revenues of $32,660,000 for the two month period. Casino Magic Biloxi, which opened its initial phase in June, had net revenues of $10,063,000 for the two months.
 The company said that operating income from the two casinos, before operating expenses of the parent, Casino Magic Corp. and its other subsidiaries, was estimated to be $11.3 million for the two months ended Aug. 31. Casino Magic's current fiscal quarter ends Sept. 30.
 Casino Magic also said that it is continuing the previously announced process of arranging for long-term debt financing which is expected to reduce current liabilities and satisfy the company's currently anticipated cash needs to fund its operating and debt-service requirements through 1994. In addition, the company has received commitments from certain lenders to make available up to $5 million in short-term borrowings which would satisfy Casino Magic's liquidity requirements through the end of this year.
 Marlin F. Torguson, president and chief executive officer, said, "The operating margin at our Bay Saint Louis casino was approximately 33 percent for the first two months of the current quarter compared to 41 percent in the second quarter ended June 30. Much of the decline in margin was due to expenses related to the short-term lease of the Dubuque Casino Belle which was moored at the Bay Saint Louis casino through Sept. 15.
 "Our Biloxi casino operated at a break even point for the July and August period. We expect an improvement in our results when we complete the development of the Biloxi parking facility.
 "Our business strategy remains focused on positioning and strengthening our company for long-term growth, and we are continuing to work toward identifying and evaluating additional casino sites in a wide variety of geographic locations," Torguson said.
 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- 9/21/93
 /CONTACT: Doug Ewing of Swenson/Falker Associates, 612-371-0000 or Marlin Torguson of Casino Magic Corp., 601-467-9257/
 (CMAG)


CO: Casino Magic Corp. ST: Mississippi IN: CNO SU: ERP

DS-AL -- MN003 -- 4026 09/21/93 09:26 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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