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GRAND CASINOS ANNOUNCES RESULTS FOR FOUR WEEKS ENDED AUG. 1, 1993

 MINNEAPOLIS, Aug. 30 /PRNewswire/ -- Grand Casinos, Inc. (NASDAQ: GRND) announced today that during the four weeks ended Aug. 1, 1993, the company generated net revenues of $15,247,000 compared to net revenues for the five weeks ended Aug. 2, 1992, of $1,557,000. Net earnings per share for the four weeks ended Aug. 1, 1993, were $0.15 based on weighted average common shares outstanding of 17,231,000 compared to net earnings per share of $0.04 based weighted average common shares outstanding of 14,669,000 for the five weeks ended Aug. 2, 1992. The company previously announced net earnings per common share of $0.18 for the six months ended July 4, 1993, based on weighted average common shares outstanding of 15,336,000.
 Thomas J. Brosig, president of Grand Casinos, said, "Substantially all of the increase in net revenues and net earnings is attributable to the operations of Grand Casino Gulfport, the first casino owned and operated by the company. Grand Casino Gulfport opened on May 14, 1993. Grand Casino Gulfport produced $13,950,000 of gross revenues during the four weeks ended Aug. 1, 1993. The company's second casino on the Mississippi Gulf Coast, Grand Casino Biloxi, is scheduled to open in December 1993. The results for the four weeks ended Aug. 1, 1993, may not be indicative of the results for the quarter ending Oct. 3, 1993, or the entire year."
 Grand Casinos develops and manages casino gaming facilities in emerging gaming markets on both Indian and company-owned sites. Grand Casinos, Inc., is traded on the NASDAQ National Market System under the symbol GRND.
 -0- 8/30/93
 /NOTE TO EDITOR: For more information on Grand Casinos via facsimile at no costs, dial 800-PRO-INFO and enter company code 079/
 /CONTACT: Tom Brosig, president, of Grand Casinos, Inc., 612-449-9092; or Michael Rosenbaum of FRB/Chicago, 312-266-7800; or Sue Caulton of FRB/San Francisco, 415-986-1591/
 (GRND)


CO: Grand Casinos, Inc. ST: Minnesota IN: CNO SU: ERN

MP -- NY061 -- 7115 08/30/93 13:27 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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