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CIRCUS CIRCUS ENTERPRISES ANNOUNCES RESULTS

 LAS VEGAS, Feb. 26 /PRNewswire/ -- Circus Circus Enterprises Inc. (NYSE: CIR) today announced its results for the fourth quarter and fiscal year ended Jan. 31, 1993.
 William G. Bennett, the company's chairman and chief executive officer, noted that, in spite of an unusual fourth quarter, Circus achieved record operating results for the year, as it has in each of the previous 10 years since becoming public. The production of free cash flow was approximately $160 million this year, and with the scheduled opening of Grand Slam Canyon and Luxor, the company's free cash flow should approach $180 million in fiscal 1994 and $250 million in fiscal 1995.
 For the fourth quarter, Circus reported earnings per share of $.35 vs. $.34 in the same quarter last year. Net income was $20.0 million compared with $19.1 million, while revenues were $191.1 million against $187.6 million.
 Income from operations was down approximately 12 percent in the fourth quarter compared to the prior year. This decrease was primarily because of the write-off of expenses associated with the company's efforts to develop a casino/entertainment complex in Chicago and the inclement weather conditions in Reno, Nev., which negatively impacted visitor counts at Circus Circus-Reno during the December and January holidays. Additionally, Circus Circus-Las Vegas experienced a decrease in operating income because of traffic disruption caused by construction of Grand Slam Canyon, Excalibur and the company's two Laughlin, Nev. properties, the Colorado Belle and the Edgewater, were essentially flat as compared with the prior year's fourth quarter.
 Interest expense during the quarter decreased $6.1 million from last year's fourth quarter. This was primarily because of the effect of capitalized interest related to the construction of Luxor and Grand Slam Canyon and the retirement of the company's 10 1/8 percent Senior Subordinated Notes in April 1992. The company also benefited from lower outstanding debt and lower average interest rates.
 For the year, Circus reported earnings per share of $2.11, before an extraordinary charge of $.06 per share related to the redemption of the company's 10 1/8 percent Senior Subordinated Notes at a call premium. This compares with $1.84 in the prior year. The growth in earnings per share was realized despite an increase in the average shares outstanding of 1.2 million. Net income, before the extraordinary charge of $3.7 million, was $121.0 million against the prior year's $103.3 million, while revenues were $843.0 million vs. $806.0 million.
 Separately, Clyde T. Turner, the company's new president, has been appointed to the board of directors.
 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. The company's eighth property, Luxor, is scheduled to open on the Las Vegas Strip in October of this year.
 CIRCUS CIRCUS ENTERPRISES INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except share data)
 (Unaudited)
 Three Months Ended 12 Months Ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Revenues $191,094 $187,554 $843,025 $806,023
 Costs and
 expenses 152,572 146,313 622,590 592,926
 Operating profit
 before
 corporate
 expense 38,522 41,241 220,435 213,097
 Corporate expense 4,963 3,000 14,953 12,706
 Income from
 operations 33,559 38,241 205,482 200,391
 Other income
 (expense):
 Interest, dividend
 and other income (4) (57) 820 245
 Interest expense (3,252) (9,310) (22,989) (43,632)
 Total (3,256) (9,367) (22,169) (43,387)
 Income before
 income tax
 and extraordinary
 loss 30,303 28,874 183,313 157,004
 Income tax 10,307 9,820 62,330 53,656
 Income before
 extraordinary
 loss 19,996 19,054 120,983 103,348
 Extraordinary loss
 on early
 extinguishment
 of debt, net of
 income tax
 benefit --- --- (3,661) ---
 Net income $19,996 $19,054 $117,322 $103,348
 Earnings per
 share:
 Income before
 extraordinary
 loss $0.35 $0.34 $2.11 $1.84
 Extraordinary
 loss --- --- (0.06) ---
 Net income $0.35 $0.34 $2.05 $1.84
 Average shares
 outstanding 57,859,050 56,685,610 57,261,955 56,068,573
 -0- 2/26/93
 /CONTACT: Clyde T. Turner, president of Circus Circus, 702-734-0410, ext. 3189/
 (CIR)


CO: Circus Circus Enterprises Inc. ST: Nevada IN: CNO LEI SU: ERN

JB-LS -- LA007 -- 0747 02/26/93 09:30 EST
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Date:Feb 26, 1993
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