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GRAND CASINOS ENTERS AGREEMENT TO ACQUIRE RIGHTS TO DEVELOP MISSISSIPPI CASINO

 GRAND CASINOS ENTERS AGREEMENT TO ACQUIRE RIGHTS
 TO DEVELOP MISSISSIPPI CASINO
 MINNEAPOLIS, April 29 /PRNewswire/ -- Grand Casinos, Inc. (NASDAQ: GRND) today announced that it has entered into an agreement to acquire certain rights to develop, own and operate a dockslide casino in the State Port located at Gulfport, Miss. The assets to be acquired include an application for a gaming license presently pending before the Mississippi Gaming Commission and rights to obtain a leasehold interest in certain land adjoining the site of the proposed casino. As part of the transaction, the company will also acquire an option to acquire a vessel on which the proposed casino would be located. The proposed transaction is the company's first substantial non-Indian gaming venture.
 Grand Casinos is not licensed to own or operate gaming facilities in Mississippi. If the required licenses are obtained, the company anticipates that the casino will open for business in early 1993. The agreement is subject to several contingencies, including approval by certain state and local regulatory authorities. The agreement provides that Grand Casinos will pay the seller an aggregate of up to $10 million for the assets 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. The company anticipates that the acquisition of the assets will be completed in approximately four to six weeks.
 Grand Casinos, Inc. develops and manages casinos for Indian tribes on Indian land. The company currently manages Grand Casinos Mille Lacs, a 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- 4/29/92
 /CONTACT: Tom Brosig or James White, both 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 IN: LEI SU:


KH -- MN026 -- 4629 04/29/92 17:40 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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