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CIRCUS CIRCUS ANNOUNCES SECOND QUARTER RESULTS

 CIRCUS CIRCUS ANNOUNCES SECOND QUARTER RESULTS
 LAS VEGAS, Nev., Aug. 21 /PRNewswire/ -- Circus Circus


Enterprises Inc. (NYSE: CIR) today announced its results for the second quarter and six months ended July 31, 1992.
 For the second quarter, the company reported earnings per share of $.62 compared with $.52 in the same quarter last year. Net income was $35,332,000 compared with $28,662,000, while revenues were $222,127,000 vs. $209,986,000.
 The company's growth in operating income in the quarter derived from all three of its Nevada markets, with the largest contribution coming from its two Laughlin, Nev., properties.
 In Las Vegas, the Excalibur posted a 5 percent increase in operating results against the same year-ago quarter, while Circus Circus-Las Vegas compared 4 percent below its results for the second quarter last year. During the quarter, the company completed the refurbishment of the 810-room Circus Circus Manor, which temporarily lowered the available number of rooms at Circus Circus-Las Vegas. For their part, Slots-A-Fun and Silver City together turned in strong increases in operating results for the quarter. As the summer develops, the company is experiencing higher visitor counts in all its Las Vegas properties compared to last year.
 In Reno, Circus Circus posted an 8 percent increase in operating results compared with the year-ago quarter.
 Interest expense was approximately $6 million lower than in last year's second quarter. Lower outstanding debt at lower average rates was the main contributor to the decline in interest expense. At July 31, Circus' long-term debt stood at $288 million against $395 million on the same date last year, and the redemption of the company's 10 1/8 percent Senior Subordinated Notes in the first quarter this year significantly reduced the company's average rate on its long-term debt. The company's substantial free cash flows have been the source for its paydown of debt in the past year. Further, the effect of capitalized interest primarily related to the construction of Luxor served to improve comparisons in interest expense.
 For the six months, Circus reported earnings per share (on the same operating basis, before an extraordinary charge of $.06 per share related to the redemption of the Notes at a call premium) of $1.14 compared with $.99 in the like period last year. Net income, before the extraordinary charge of $3,661,000, was $64,813,000 against $55,002,000, while revenues were $428,041,000 against $407,073,000.
 Circus Circus Enterprises Inc. operates seven properties in Nevada: Excalibur; the Circus Circus resorts in Las Vegas and Reno; the Colorado Belle and Edgewater in Laughlin; and Slots-A-Fun and Silver City in Las Vegas. Its eighth property, Luxor, is currently under construction adjacent to Excalibur on the Las Vegas Strip. This property is slated to open in October 1993.
 CIRCUS CIRCUS ENTERPRISES INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except share data)
 (Unaudited)
 Three Months Ended Six Months Ended
 July 31, July 31,
 1992 1991 1992 1991
 Revenues $222,127 $209,986 $428,041 $407,073
 Costs and
 expenses 159,641 151,647 308,811 294,016
 Operating profit
 before
 corporate
 expense 62,486 58,339 119,230 113,057
 Corporate expense 3,254 3,163 6,552 6,251
 Income from
 operations 59,232 55,176 112,678 106,806
 Other income
 (expense):
 Interest, dividend
 and other income 73 161 173 324
 Interest expense (5,773) (11,910) (14,651) (23,794)
 Total (5,700) (11,749) (14,478) (23,470)
 Income before
 income tax
 and extraordinary
 loss 53,532 43,427 98,200 83,336
 Income tax 18,200 14,765 33,387 28,334
 Income before
 extraordinary
 loss 35,332 28,662 64,813 55,002
 Extraordinary loss
 on early
 extinguishment
 of debt, net of
 income tax
 benefit --- --- (3,661) ---
 Net income $35,332 $28,662 $61,152 $55,002
 Earnings per
 share:
 Income before
 extraordinary
 loss $0.62 $0.52 $1.14 $0.99
 Extraordinary
 loss --- --- (0.06) ---
 Net income $0.62 $0.52 $1.08 $0.99
 Average shares
 outstanding 57,015,875 55,642,499 56,882,614 55,351,561
 -0- 8/21/92
 /CONTACT: Glenn Schaeffer of Circus Circus, 702-734-0410, ext. 3189/
 (CIR) CO: Circus Circus Enterprises Inc. ST: Nevada IN: CNO LEI SU: ERN


LS-BP -- LA002 -- 2038 08/21/92 09:31 EDT
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