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CIRCUS CIRCUS ANNOUNCES JOINT VENTURE FOR SYDNEY CASINO

 LAS VEGAS, June 16 /PRNewswire/ -- Circus Circus Enterprises Inc. (NYSE: CIR) today announced that it has reached a preliminary agreement with Consolidated Press Holdings Ltd. and Nine Network Australia Ltd. to bid for the proposed Sydney casino license. If the bid is successful, Circus Circus will own 50 percent of the Sydney Casino, with Consolidated Press Holdings and Nine Network owning the other 50 percent.
 Consolidated Press Holdings is a major conglomerate with investments mainly in Australia and the United States, and is privately owned by Kerry Packer. Included in Consolidated Press Holdings' Australian investments are 45 percent interest in both Nine Network Australia Ltd. and Australian Consolidated Press Ltd., which has more than 50 percent of the Australian magazine market. Nine Network Australia Ltd. is a publicly traded company and owns the No. 1 television network in Australia, plus other media investments.
 William G. Bennett, chairman of Circus Circus, said "that the investment opportunity provided by the Sydney Casino was consistent with the company's new expansion strategy."
 Clyde Turner, president of Circus Circus, noted, "In addition to having strong financial resources and a proven track record in casino development and management, the consortium of Circus Circus, Nine Network and Consolidated Press have the unique ability to incorporate a casino within a world class total entertainment center."
 Circus Circus is a New York Stock Exchange-listed U.S. corporation based in Las Vegas. They are the largest casino operator in terms of casino square footage and have been in the casino business for more than 19 years. Circus operates seven hotel/casinos in Las Vegas, Reno and Laughlin, Nev. Two new projects, Luxor and Grand Slam Canyon, are due to open before the end of the year.
 -0- 6/16/93
 /CONTACT: Clyde T. Turner, president of Circus Circus Enterprises, 702-734-0410, ext. 3189/
 (CIR)


CO: Circus Circus Enterprises Inc.; Consolidated Press Holdings Ltd.;
 Nine Network Australia Ltd. ST: Nevada IN: CNO PUB ENT SU: JVN


BP-MF -- LA023 -- 2697 06/16/93 15:04 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
Words:333
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