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GRAND CASINOS ANNOUNCES MANAGEMENT CONTRACT WITH THE LAC COURTE OREILLES BAND AND INTENTION TO DEVELOP CASINO ON MISSISSIPPI GULF COAST

GRAND CASINOS ANNOUNCES MANAGEMENT CONTRACT WITH THE LAC COURTE OREILLES
 BAND AND INTENTION TO DEVELOP CASINO ON MISSISSIPPI GULF COAST
 MINNEAPOLIS, April 16 /PRNewswire/ -- Grand Casinos, Inc. (NASDAQ-NMS: GRND), which manages Las Vegas style casino on the Mille Lacs Indian reservation north of Minneapolis, today announced that it has signed an agreement to finance, build and manage a casino on behalf of the Lac Courte Oreilles Band of Lake Superior Ojibwe Indians. The agreement with the Lac Courte Oreilles Band calls for Grand Casinos to develop and construct a casino on Indian land located near Hayward, Wis. The Lac Courte Oreilles Agreement is subject to approval by the Bureau of Indian Affairs and approval by the Secretary of Interior of a Tribal- state compact with the State of Wisconsin. Lyvals as soon as possible, the process could take up to one year to complete. It could then take another six months to a year until the casino is open.
 Berman also announced that Grand Casinos acquired an option to sublease a parcel of property in Harrison County, Miss., which is situated on the Gulf Coast. Subject to obtaining all necessary licenses and approvals, Grand Casinos intends to operate a casino on a vessel to be moored adjacent to the property. Berman said that it could take at least 18 months to obtain the necessary approvals and licenses for this site. Berman also noted that Grand Casinos is looking for other casino development opportunities in the Mississippi Gulf Coast area.
 Grand Casinos, Inc. develops and manages casino gaming for Indian tribes on Indian land. The company currently manages Grand Casinos Mille Lacs' 60,000 square foot facility on behalf of the Mille Lacs Band of Ojibwe Indians and is constructing a second casino near Hinckley, Minn., on behalf of the Mille Lacs Band, which is scheduled to open in May 1992. The company's common stock is traded on the NASDAQ National Market System under the symbol GRND.
 -0- 4/16/92
 /CONTACT: Tom Brosig or James White, 612-449-9092, both of Grand Casinos or Audrey Lowe of the Financial Relations Board, 312-266-7800, for Grand Casinos/
 (GRND) CO: Grand Casinos, Inc. ST: Minnesota IN: CNO SU: CON


AL -- MN022 -- 9566 04/16/92 18:05 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
Words:373
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