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EXCALIBUR HOLDING CORP. SIGNS RIVERBOAT JOINT VENTURE

 IRVINE, Calif., March 9 /PRNewswire/ -- Excalibur Holding Corp. (NASDAQ: EXHC) announced today that it has entered into a joint venture agreement with Regal Casinos Inc. for the development of a riverboat gambling facility at Tunica, Miss., to be owned 80 percent by Excalibur Holding and 20 percent by Regal. The riverboat would be located at a mooring site for which Regal has a 10-year lease, which lease Regal has agreed to assign to the joint venture. The lease calls for a vessel accommodating 600 slot machines and 25 gaming tables opening prior to July 1993, but such opening date may be extended for up to four months; a restaurant and live entertainment are also contemplated for the development. The site adjoins the Tunica Splash Casino, approximately 30 minutes driving time from Memphis, Tenn.
 Excalibur Holding agreed to arrange approximately $9.7 million in financing for the joint venture and to provide a $200,000 deposit toward the purchase of a gaming vessel for which Regal has entered a contract. The joint venture agreement requires repayment of all financing arranged and all advances made by Excalibur Holding prior to any distribution of profits, except that Regal will be entitled to a monthly management fee.
 Under a separate agreement entered March 5 between Excalibur Holding and M&R Ivestment Co. Inc., which Regal has approved, M&R has 30 days to elect to participate as a contributing joint venturer to the extent of 50 percent of Excalibur Holding's interest. M&R financed an initial $100,000 payment on the lease, which will be converted into a demand note in the event M&R does not elect to participate in the development.
 The joint venture must obtain a license from state gaming authorities as a prerequisite to the operation of a riverboat gambling facility.
 Through a wholly owned subsidiary, Mountaineer Park Inc., Excalibur Holding owns an entertainment complex in West Virginia, which includes a racetrack and an electronic lottery computer system played on video lottery terminals operated pursuant to state racing and lottery commission licenses. Excalibur Holding's stock and warrants are traded on NASDAQ under the symbol EXHC. Excalibur Holding is not affiliated with the Excalibur Hotel and Casino in Las Vegas.
 -0- 3/9/93
 /CONTACT: Michael R. Dunn of Excalibur Holding, 714-222-2220/
 (EXHC)


CO: Excalibur Holding Corp.; Regal Casinos Inc. ST: California, Mississippi IN: CNO SU: JVN

BP-JL -- LA021 -- 4601 03/09/93 15:09 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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