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EXCALIBUR HOLDING CORP. SIGNS AGREEMENT WITH LAS VEGAS ENTERTAINMENT NETWORK INC. FOR APPROVED MISSISSIPPI DOCKSIDE RIVERBOAT CASINO SITE

 IRVINE, Calif., June 10 /PRNewswire/ -- Excalibur Holding Corp. (NASDAQ: EXHC) announced today that it has entered into an agreement with Las Vegas Entertainment Network Inc. (NASDAQ: LVEN) to develop a Mississippi dockside riverboat casino site under lease by Excalibur Holding Corp. on approximately 20 acres in Tunica, Miss. The site, which will be developed jointly by the two companies, has all site approvals necessary to construct and operate a dockside casino. Operations are expected to begin when the two companies are licensed as operators by the Mississippi Gaming Commission.
 The joint venture site is one of the currently approved locations along the Mississippi River frontage which adjoins the currently operating "Splash" dockside riverboat casino. Other proposed tenants of the Mississippi dockside frontage include Bally Manufacturing Corp., Lady Luck and Jackpot.
 The joint venture partners are currently negotiating the purchase of a riverboat for the approved site.
 LVEN recently announced its intentions to develop, subject to approval by Mississippi gaming authorities, a full theme park and dockside casino facility on another site it has leased near Tunica. LVEN is also currently awaiting Nevada Gaming Authority approval and lender/FDIC approval for its intended purchase of the Maxim Hotel and Casino in Las Vegas.
 Through a wholly owned subsidiary, Mountaineer Park Inc., Excalibur Holding Corp. owns a 606-acre entertainment complex in West Virginia which includes a thoroughbred racetrack and an electronic lottery computer system played on video lottery terminals operated pursuant to state racing and lottery commission licenses.
 Excalibur Holding Corp. is not affiliated with the Excalibur Hotel and Casino in Las Vegas.
 -0- 6/10/93
 /CONTACT: Michael R. Dunn of Excalibur Holding, 714-222-2220/
 (EXHC LVEN)


CO: Excalibur Holding Corp.; Las Vegas Entertainment Network Inc. ST: California, Nevada, Mississippi IN: CNO SU: JVN

MF-JL -- LA005 -- 0466 06/10/93 09:03 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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