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CIRCUS REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR

 CIRCUS REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR
 LAS VEGAS, Feb. 28 /PRNewswire/ -- Circus Circus Enterprises Inc. (NYSE: CIR) today announced its results for the fourth quarter and fiscal year ended Jan. 31, 1992.
 For the fourth quarter, Circus reported earnings per share of $.34, compared with $.27 in last year's same quarter. Net income was $19,054,000, compared with $14,724,000, while revenues were $187,554,000 against $176,285,000.
 The largest portion of the company's growth in operating income in the quarter derived from its two Laughlin, Nev., properties. The Edgewater's results were the main contributor, reflecting the addition of its 988-room tower last February. In the prior year, results at both Laughlin properties were depressed, given the entry of a large new competitor in the market and construction at the Edgewater.
 In Las Vegas, both Circus Circus and Excalibur compared mildly below last year's fourth-quarter operating results. Their occupancy rates held steady at nearly 100 percent, but the recession continued to dampen customer spending. In Reno, Nev., Circus Circus produced a 14 percent increase in operating income -- rounding out this property's record year in operating results, despite the challenging economic environment.
 "Circus again led the industry in operating profit margins in fiscal 1992, attaining our historic level between 25 and 30 percent," said William G. Bennett, chairman and chief executive officer. "With our low cost structure working so well in a downcast economy, we see good upside prospects as consumer spending behavior revives."
 Bennett also noted that Circus' production of free cash flow came in on target in fiscal 1992 -- "close to $150 million." The company's next major investment for growth, temporarily titled Project X, adjacent to Excalibur on the Las Vegas Strip, can be funded entirely from the company's free cash flow.
 Interest expense in the quarter dropped approximately $3.3 million from last year's figure. During fiscal 1992, Circus reduced long-term debt from approximately $497 million to $338 million. At year's end, the company's cash-flow coverage of total debt service was the highest among public companies in the industry -- about three times the industry's average.
 For the year, Circus reported earnings per share of $1.84, compared with $1.39 ($1.52 before non-recurring items) in the prior year. Net income was $103,348,000 against $76,292,000 ($83,669,000 before non- recurring items), while revenues were $806,023,000 vs. $692,052,000. In the prior year, Circus wrote off the pre-opening expenses at Excalibur in the amount of $11,177,000.
 Separately, Circus announced that its board of directors has approved redemption on April 15 of its $100 million principal amount of 10 1/8 percent senior subordinated notes due 1997. The call price of the notes is $102.89, which is a premium to the original issuance price of $97.71. This redemption, which also includes the write-off of unamortized issuance costs, will result in an estimated charge, as an extraordinary item, of $3.6 million, or $.06 per share, in the company's first quarter.
 "This step will be of substantial benefit to the company's free cash flow and future earnings, as we substitute bank lines currently priced at less than half the rate of these notes," Bennett said.
 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.
 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,
 1992 1991 1992 1991
 Revenues $187,554 $176,285 $806,023 $692,052
 Costs and expenses 146,313 137,331 592,926 522,532
 Operating profit
 before corporate
 expense 41,241 38,954 213,097 169,520
 Corporate expense 3,000 2,726 12,706 11,044
 Income from
 operations 38,241 36,228 200,391 158,476
 Other income (expense):
 Interest, dividend and
 other income (57) (1,073) 245 (570)
 Interest expense (9,310) (12,582) (43,632) (42,048)
 Total (9,367) (13,655) (43,387) (42,618)
 Income before income
 tax 28,874 22,573 157,004 115,858
 Income tax 9,820 7,849 53,656 39,566
 Net Income $19,054 $14,724 $103,348 $76,292
 Earnings per share $0.34 $0.27 $1.84 $1.39
 Average shares
 outstanding 56,685,610 54,942,734 56,068,573 54,957,372
 -0- 2/28/92
 /CONTACT: Glenn Schaeffer of Circus Circus Enterprises, 702-734-0410, ext. 3189/
 (CIR) CO: Circus Circus Enterprises Inc. ST: Nevada IN: CNO LEI SU: ERN


DM-JL -- LA006 -- 3607 02/28/92 09:31 EST
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Date:Feb 28, 1992
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