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CLARIDGE HOTEL AND CASINO OF ATLANTIC CITY AND FITZGERALDS LAS VEGAS CASINO HOTEL ANNOUNCE LETTER OF INTENT

 ATLANTIC CITY, N.J., Jan. 8 /PRNewswire/ -- The Claridge Hotel and Casino Corporation of Atlantic City and Fitzgeralds Las Vegas Casino Hotel today announced that they have signed a letter of intent to combine the business and assets of the two organizations.
 The Claridge operates the 500-room Claridge Casino Hotel in Atlantic City, and Fitzgeralds operates the 650-room Fitzgeralds Casino Hotel in Las Vegas. Their combination will result in a new company well positioned to participate in opportunities resulting from the growth of gaming in the United States and elsewhere. Corporate offices are planned to be in Las Vegas.
 "The combined management and staff of these two successful casino hotels will provide a strong management group to oversee any new gaming operations we pursue," said Shannon Bybee, chairman and chief executive officer of the Claridge, who will become president and chief operating officer of the new company.
 Fitzgeralds' President and Chief Executive Officer Jerome Turk, who will become chairman and chief executive officer of the new company, said, "We believe the combination of our two businesses will provide us both with a stronger company, which will be better positioned to participate in the growth of the gaming industry, together with greater stability by diversifying our base of operations in Las Vegas and Atlantic City, thereby providing the foundation for our future."
 The terms of the proposed transaction are yet to be negotiated and the parties plan no further announcements on the matter until a definitive agreement is executed. It is contemplated that the transaction, which is subject to shareholder and regulatory approvals, will be completed by mid-year.
 /delval/
 -0- 1/8/93
 /CONTACT: Glenn Lillie of the Claridge, 609-340-3501, or Jerry Turk of Fitzgeralds, 702-388-2240/


CO: Claridge Hotel and Casino Corporation; Fitzgeralds Las Vegas Casino
 Hotel ST: New Jersey, Nevada IN: CNO SU: TNM


MK-LJ -- PH006 -- 5610 01/08/93 11:01 EST
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Publication:PR Newswire
Date:Jan 8, 1993
Words:313
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