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CIRCUS CIRCUS ENTERPRISES INC. ANNOUNCES RESULTS

 LAS VEGAS, May 25 /PRNewswire/ -- Circus Circus Enterprises Inc. today announced its results for the first quarter ended April 30, 1993.
 The company reported net income of $32,779,000, or $.56 per share, compared with $25,820,000, or $.46 per share, for the corresponding quarter last year. In the first quarter last year, Circus redeemed its $100 million 10 1/8 percent Senior Subordinated Notes at a call premium, which resulted in an extraordinary charge against income of $3.7 million, or $.06 per share. Earnings per share in the year-ago quarter, before this extraordinary charge, were $.52.
 The most significant factor in this year's improved results was a reduction in interest expense of $6.9 million because of additional capitalized interest and the retirement of the Subordinated Notes in last year's first quarter.
 Revenues in the first quarter were $209,786,000 against $205,914,000 in the prior-year's quarter.
 The company's operating income in the quarter was down 3 percent from the prior year because of poor results in February, especially at Circus Circus-Las Vegas, which was hampered by the ongoing construction of Grand Slam Canyon. The last two months of the quarter reflected slight increases in operating income.
 Also, on May 18, 1993, Circus announced a joint venture with the Eldorado Hotel/Casino, a privately held company, to develop and operate "Project C" in downtown Reno, Nev. The project will be located on a site adjoining both Circus Circus and the Eldorado and will be managed by Circus Circus. This project will be the first new development of this magnitude in the Reno area since 1978 when Circus Circus-Reno and the MGM Grand opened. Groundbreaking is set for Sept. 1, 1993, with completion expected in February 1995.
 Further, on May 21, 1993, Circus announced that it has agreed to develop a riverboat casino site in Tunica County, Miss., less than 20 miles from Memphis, Tenn. The project will contain approximately 25,000-square-feet of casino space in addition to restaurants, retail shops and entertainment areas.
 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, Nev.; 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. Grand Slam Canyon, a theme park at Circus Circus-Las Vegas, will open in August of this year.
 CIRCUS CIRCUS ENTERPRISES INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except share data)
 (Unaudited)
 Three Months Ended
 April 30,
 1993 1992
 Revenues $209,786 $205,914
 Costs and expenses 154,581 149,170
 Operating profit before corporate expense 55,205 56,744
 Corporate expense 3,433 3,298
 Income from operations 51,772 53,446
 Other income (expense):
 Interest, dividend and other income (139) 100
 Interest expense (1,968) (8,878)
 Total (2,107) (8,778)
 Income before income tax and
 extraordinary loss 49,665 44,668
 Income tax 16,886 15,187
 Income before extraordinary loss 32,779 29,481
 Extraordinary loss on early extinguishment
 of debt, net of income tax benefit --- (3,661)
 Net income $32,779 $25,820
 Earnings per share:
 Income before extraordinary loss $0.56 $0.52
 Extraordinary loss --- (0.06)
 Net income $0.56 $0.46
 Average shares outstanding 58,194,908 56,746,391
 -0- 5/25/93
 /CONTACT: Clyde T. Turner of Circus Circus Enterprises, 702-734-0410, ext. 3189/


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

LS-JL -- LA010 -- 2033 05/25/93 09:32 EDT
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Date:May 25, 1993
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