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GAMING CORPORATION OF AMERICA COMPLETES $15 MILLION FINANCING

 MINNEAPOLIS, Oct. 22 /PRNewswire/ -- Gaming Corporation of America (NASDAQ: GCAM)(GCA) today announced the completion of its private placement of $15 million Series C 10 percent Convertible Subordinated Unsecured Notes. The notes, which come due in October 1995 unless converted, can under certain circumstances be converted by the holders into registered shares of GCA common stock at the lower of $12 or 85 percent of the market price of GCA common stock.
 The net proceeds (approximately $14.25 million) from the private placement will be used principally in the company's funding of its previously announced gaming development opportunities.
 Gaming Corporation of America, 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. GCA recently announced the Oct. 22, 1993 opening of the Wisconsin Winnebago Tribe's new $20 million Ho-Chunk Golden Nickel Casino constructed with consulting and financing assistance from GCA's affiliate, Golden Nickel Casinos, Inc. (GNC). GCA has an agreement to acquire GNC as a wholly owned subsidiary upon receipt of all necessary regulatory approvals. Pursuant to GNC's five-year Casino Agreement with the Tribe, GNC provides management consulting services to the Tribe with respect to the new casino and receives approximately 30 percent of the casinos' net profits.
 In addition to the Ho-Chunk Golden Nickel Casino project, GCA is pursuing National Indian Gaming Commission approval of its contract with the Pascua Yaqui Tribe of Arizona, has a license application pending for a casino project under construction in Biloxi, Miss., and has acquired land for development and operation of a casino project in Bay St. Louis, Miss. Also, GCA is participating with Grand Casinos, Inc. in a joint venture which has acquired a potential gaming site and 2,000 acres of adjoining land approximately 18 miles south of Memphis, Tenn., located on Buck Lake in Tunica County, Miss., for the development and operation of dockside casinos on the site and a comprehensive destination resort development on the adjoining land.
 Gaming Corporation of America, organized in 1991, completed its initial public offering of securities in February 1993. GCA's common stock, warrants and units are traded on NASDAQ under the symbols GCAM, GCAMW and GCAMU.
 -0- 10/22/93
 /CONTACT: Sheldon T. Fleck, CEO and president, of Gaming Corporation of America, 612-339-8171/
 (GCAM)


CO: Gaming Corporation of America ST: Minnesota IN: CNO SU: FNC

CP-AL -- MN011 -- 5724 10/22/93 12:17 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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