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GRAND CASINOS ACQUIRES RIGHTS TO DEVELOP MISSISSIPPI CASINO

 GRAND CASINOS ACQUIRES RIGHTS TO DEVELOP MISSISSIPPI CASINO
 MINNEAPOLIS, May 22 /PRNewswire/ -- Grand Casinos, Inc. (NASDAQ-NMS: GRND) today announced that it has completed its previously announced acquisition of rights to develop, own and operate a dockside casino in Gulfport, Miss. The rights include an application for a gaming license pending before the Mississippi Gaming Commission, the right to lease land adjacent to the site of the proposed casino and an option to purchase a vessel on which the proposed casino may operate.
 Neither Grand Casinos nor any of its subsidiaries is licensed to own or operate gaming facilities in Mississippi. However, on April 29, 1992, the Mississippi Gaming Commission approved the transfer of the pending application for a gaming license to the wholly owned subsidiary of the company that would operate the proposed casino. If the required licenses are obtained in a timely manner, the company anticipated that the casino will open in the first calendar quarter of 1993.
 Grand Casinos will pay the seller an aggregate of up to $10 million for the rights over a period of five years. Up to $3 million of the $10 million purchase price is payable whether or not such approvals and licenses are obtained.
 Grand Casinos also entered into a lease with the Mississippi State Port Authority for approximately seven acres of land adjoining the site of the proposed casino.
 Grand Casinos, Inc. develops and manages casinos for Indian tribes on Indian land. The company currently manages Grand Casino Mille Lacs and Grand Casino Hinckley on behalf of the Mille Lacs Band of Ojibwe Indians. The company also is pursuing opportunities to develop, own and manage gaming facilities that are not located on Indian land. The company's common stock is traded on the NASDAQ National Market System under the symbol GRND.
 -0- 5/22/92
 /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.; Mississippi Gaming Commission ST: Minnesota, Mississippi IN: CNO SU:


KH -- MN003 -- 3204 05/22/92 10:00 EDT
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Publication:PR Newswire
Date:May 22, 1992
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