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GAMING CORPORATION OF AMERICA ANNOUNCES PARTICIPATION IN JOINT VENTURE TO ACQUIRE GAMING SITE NEAR MEMPHIS

 MINNEAPOLIS, April 19 /PRNewswire/ -- Gaming Corporation of America (NASDAQ: GCAM) (GCA) announced today that it holds a 50 percent interest in a joint venture having an option to acquire a gaming site and 1,000 acres of adjoining land less than 30 miles from Memphis, Tenn. The site is in northernmost Tunica County, Miss., on Buck Lake, an oxbow lake along the Mississippi River which qualifies as a legal gaming site under current Mississippi Gaming Regulations. The company's joint venture partner is Grand Casinos, Inc. (NASDAQ-NMS: GRND), which is a publicly traded corporation specializing in the development and management of casino gaming facilities. The approximate cost to acquire the site and adjoining land will be $40 million, which would be shared equally by the company and Grand Casinos and paid in stages until closing of the acquisition not later than Jan. 4, 1994.
 Sheldon Fleck, president of GCA said that rights to the site gave GCA an excellent strategic position in the Memphis gaming market, and complement the company's position in the Casino One casino gaming project in Biloxi, Miss., expected to open in the third quarter of 1993. GCA and Grand Casinos intend to construct one or more dockside casino facilities on the site and to develop the adjoining land into a comprehensive destination resort development. However, the details of the development, including which facilities will be jointly developed and which will be operated separately, are yet to be worked out. GCA expects to complete the initial phase of development and to open gaming operations at the site in the first six months of 1994.
 GCA, with principal executive offices in Minneapolis, is pursuing several casino management and development opportunities in the rapidly expanding casino-style gaming industry. These include several opportunities to manage casinos on Indian land and to develop, own and operate dockside casinos. The company currently has license applications pending for casino projects in Biloxi and Wisconsin Dells, Wis., and is pursuing National Indian Gaming Commission approval of its contract with the Pacua Yaqui Tribe of Arizona.
 GCA, organized in 1991, completed its initial public offering of securities in February 1993, raising over $23 million. Also, in early March 1993, the holders of the company's Series A Notes converted into common stock all of the $6 million then-outstanding Series A Notes. GCA's common stock, warrants and units are traded on NASDAQ under the symbols GCAM, GCAMW and GCAMU.
 -0- 4/19/93
 /CONTACT: Sheldon T. Fleck, Gaming Corporation of America president, 612-339-8171/
 (GCAM GRND)


CO: Gaming Corporation of America; Grand Casinos, Inc. ST: Minnesota, Mississippi, Tennessee IN: CNO SU: JVN TNM

KH -- MN004 -- 7260 04/19/93 10:06 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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