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 BILOXI, Miss., Jan. 6 /PRNewswire/ -- Casino Resource Corporation (NASDAQ: CSNR) today announced that it was a participant in a joint venture with Grand Casinos, Inc., of Minneapolis, in a proposal to develop a casino, hotel, theater and convention center in Council Bluffs, Iowa.
 On Dec. 29, 1993, Grand Casino Resorts, Inc., a wholly owned subsidiary of Grand Casinos, Inc., and Casino Resource Corporation joined together to form Grand Casino-Iowa, Inc., for purposes of preparing and filing a casino and resort development proposal to the City of Council Bluffs. One of six respondents named as finalists by the City of Council Bluffs, the joint venture is proposed to develop a casino-anchored project to be known as the Grand Casino Council Bluffs and Resort, featuring a casino, a 160-room hotel, a 1,200-seat live entertainment facility and convention center, child care center, restaurants, shops, offices, parking facilities and sports complex. The joint venture proposes that Grand Casino will manage and operate the casino while Casino Resource Corporation will manage and operate supporting amenities, including a theater and hotel. Casino Resource Corporation would own an equity interest in the casino as well as owning the hotel and theater.
 John J. ("Jack") Pilger, chairman and CEO of Casino Resource Corporation, stated, "The Council Bluffs joint venture represents a very exciting opportunity for Casino Resource Corporation, not only to expand its entertainment and hospitality business, but, additionally, to be involved with one of America's premier casino operators in the ownership of the casino. This venture, if successful, will represent Casino Resource Corporation's first ownership interest in an operating casino. Needless to say, we are extremely excited about this venture, not only because of its excellent feasibility and prospects, but, additionally, because it further strengthens our relationship and strategic alliance with Grand Casinos, Inc."
 It is expected that the City of Council Bluffs will invite final proposals to be submitted sometime within the next four to six weeks and, thereafter, a final decision on the winning proposal is expected. The project, when completed, is expected to cost approximately $40 million. The Council Bluffs-Omaha, Neb. market represents in excess of one million people within a fifty-mile radius. The City Council has announced that this license, when awarded, will represent the only license in the Council Bluffs area.
 Casino Resource Corporation develops and manages entertainment and hospitality facilities adjacent to operating casinos and additionally provides a wide range of direct marketing services to casino operators and other businesses throughout the United States. Casino Resource Corporation is traded on the NASDAQ National Market System under the symbol CSNR and CSNRW.
 -0- 1/6/94
 /CONTACT: Kris Cummings, financial relations of Casino Resource Corporation, 414-723-6660/

CO: Casino Resource Corporation; Grand Casinos, Inc. ST: Mississippi, Iowa IN: CNO SU:

DB-CP -- MN013 -- 9849 01/06/94 15:11 EST
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Publication:PR Newswire
Date:Jan 6, 1994

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