GRAND CASINO ANNOUNCES BILOXI DOCKSIDE CASINO SITE LEASE
GRAND CASINO ANNOUNCES BILOXI DOCKSIDE CASINO SITE LEASE MINNEAPOLIS, June 25 /PRNewswire/ -- Grand Casinos, Inc.
(NASDAQ-NMS: GRND), which manages two Law Vegas-style casinos on behalf of the Mille Lacs Band of Ojibwe Indians, today announced that it has entered into a long-term lease of Mississippi Gulf Coast property where the company intends to develop and operate a major dockside casino adjacent to the property, subject to obtaining all necessary licenses and approvals.
Lyle Berman, president and chief executive officer of Grand Casinos, said, "This property is an ideal location for Grand Casinos' third major dockside casino in Mississippi. The site is approximately an hour drive from both the New Orleans and Mobile, Ala., markets and is situated in the middle of prime beach resort area." Berman added that this casino will compliment its previously announced Gulfport and Long Beach, Miss., casino developments also located in the Gulf Coast region. All three of the company's Mississippi projects are located on the Gulf Coast which is rapidly evolving into the next major gaming area in the United States. Berman said the 17-acre, Biloxi, Miss., site located at the former site of Mavar Seafood Company includes 1,200 feet of Gulf frontage where the company plans to construct a casino of approximately 120,000 square feet. He said the casino will contain 1,500 gaming machines and up to 100 table games. Berman commented further that the Biloxi site is particularly attractive because it is one of the very few Gulf Coast sites with enough land contiguous to the water front to support a major destination gaming resort. Berman estimates that it could take at least 12 months to obtain the necessary licenses, design and construct the casino. The signing of the Biloxi lease brings to three the number of dockside casino sites being developed by Grand Casinos on the Mississippi coast. In addition to the two Indian gaming casinos now operating, the three Mississippi sites in development favorably position the company to attain its goal of operating six-to-eight casinos during the coming two-to-three years. Grand Casinos, Inc. develops and manages casino gaming facilities for Indian tribes on Indian land. The company's common stock is traded on the NASDAQ National Market System under the symbol GRND. For more information on Grand Casinos, Inc. via facsimile at no cost, simply dial 1-800-PRO-INFO and enter company code number 079. -0- 6/25/92 /CONTACT: Tom Brosig or James White of Grand Casinos, 612-449-9092, or Michael Rosenbaum or Audrey Lowe of the Financial Relations Board, 312-266-7800, for Grand Casinos/ (GRND) CO: Grand Casinos, Inc. ST: Minnesota; Mississippi IN: CNO SU:
AL -- MN011 -- 3959 06/25/92 16:52 EDT
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|Date:||Jun 25, 1992|
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