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GRAND CASINOS COMPLETES COMMON STOCK OFFERING

 MINNEAPOLIS, Sept. 23 /PRNewswire/ -- Grand Casinos, Inc. today announced a public offering of 4.9 million shares of its common stock, at a price of $28.25 per share.
 Of the 4.9 million shares of common stock sold in the offering, 4.3 million shares were offered by the company -- representing an increase of 600,000 shares from the 3.7 million shares previously registered. Another 600,000 shares were sold by certain shareholders. Neither Lyle Berman, chairman and chief executive officer, nor Thomas J. Brosig, president, sold shares in the offering. The company granted an option to its underwriters to purchase up to an additional 735,000 shares of common stock to cover overallotments, if any.
 Net proceeds to the company will be approximately $14 million. The company will not receive any proceeds from the sale of shares by the selling shareholders. The offering is being co-managed by Donaldson, Lufkin & Jenrette Securities Corporation; Merrill Lynch & Co.; and Ladenburg, Thalmann & Co. Inc. The company intends to use net proceeds for new casino development, existing casino expansion and general corporate purposes, including working capital.
 This announcement constitutes neither an offer to sell nor a solicitation of any offer to buy the common stock. The offering is made only by prospectus, copies of which may be obtained in any state from such of the Underwriters and others as may lawfully offer the common stock in such state.
 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- 9/23/93
 /NOTE TO EDITORS: For more information on Grand Casinos via facsimile at no cost, simply dial 1-800-PRO-INFO and enter company code 079./
 /CONTACT: Tom Brosig, president of Grand Casinos, 612-449-9092; or Michael Rosenbaum, 312-266-7800, or Sue Caulton, 415-986-1591, both of the Financial Relations Board/
 (GRND)


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

LG -- NY018 -- 5096 09/23/93 10:16 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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