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GRAND CASINOS REPORTS EARNINGS PER SHARE OF $0.18 FOR THE SIX MONTHS ENDED JULY 4 AND FILING OF REGISTRATION STATEMENT FOR PUBLIC OFFERING

 MINNEAPOLIS, July 27 /PRNewswire/ -- Grand Casinos, Inc. (NASDAQ: GRND) announced today that net income for the three months ended July 4, 1993, was $4.2 million, or $0.26 per share, compared to $0.8 million, or $0.06 per share, for the comparable period in the prior year. Net income for the six months ended July 4, 1993, was $2.7 million, or $0.18 per share, compared to $1.4 million, or $0.11 per share, for the comparable period in the prior year.
 Thomas J. Brosig, president of Grand Casinos said, "Substantially all of this increase was attributable to Grand Casino Gulfport, the first casino owned and operated by the company, which opened on May 14, 1993. Grand Casino Gulfport generated $22.2 million in gross revenue during the period from May 14, 1993, to July 4, 1993. Grand Casino Gulfport was closed for 2 1/2 days during this period for a routine review of operating procedures by the Mississippi Gaming Commission."
 Net revenues for the three months ended July 4, 1993, were $24.4 million, an increase of $22.2 million compared to the three months ended June 28, 1992. Costs and expenses for the three months ended July 4, 1993, increased by $14.4 million to $15.5 million compared to the same period in the prior year. Operating income for the three months ended July 4, 1993, was $8.9 million, an increase of $7.8 million compared to the comparable period in the prior year.
 Net revenues for the six months ended July 4, 1993, were $25.2 million, an increase of $21.5 million compared to the six months ended June 28, 1992. Costs and expenses for the six months ended July 4, 1993, increased by $15.7 million to $17.8 million compared to the comparable period in the prior year. Operating income for the six months ended July 4, 1993, was $7.4 million, an increase of $5.8 million compared to the comparable period in the prior year.
 The company also announced that it has filed a Registration Statement with the Securities and Exchange Commission for a public offering of 4,300,000 shares of common stock, 3,500,000 shares of which will be offered by the company and 800,000 shares that will be offered by certain shareholders of the company. Donaldson, Lufkin & Jenrette Securities Corp., Merrill Lynch & Co. and Ladenburg, Thalmann & Co. Inc. will co-manage the offering.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. Copies of a prospectus, when available, may be obtained by contacting Thomas J. Brosig, President, Grand Casinos, Inc., 13705 First Avenue North, Minneapolis, Minn., 55441-5444.
 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.
 For more information on Grand Casinos via facsimile at no cost, simply dial 1-800-PRO-INFO and enter company code 079.
 GRAND CASINOS, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF EARNINGS
 (In thousands, except per share amounts)
 Three months ended
 July 4, 1993 June 28, 1992
 Net Revenues $24,466 $2,242
 Operating Income 8,934 1,126
 Net Earnings 4,192 823
 Net Earnings per share $0.26 $0.06
 Weighted Average
 Shares Outstanding 15,994 13,050
 Six months ended
 July 4, 1993 June 28, 1992
 Net Revenues $25,166 $3,713
 Operating Income 7,400 1,636
 Net Earnings 2,703 1,370
 Net Earnings per share $0.18 $0.11
 Weighted Average
 Shares Outstanding 15,336 12,278
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 July 4, 1993 Jan. 3, 1993
 CURRENT ASSETS:
 Cash & cash equivalents $ 86,959(a) $ 7,209
 Total current assets 41,269 18,235
 TOTAL ASSETS $236,215 $ 72,407
 LIABILITIES:
 Total current liabilities 16,891 8,601
 TOTAL LIABILITIES 137,925 17,251
 SHAREHOLDERS' EQUITY:
 Total shareholders
 equity 98,290 55,156
 TOTAL LIABILITIES
 & EQUITY $236,215 $ 72,407
 (a) -- Includes $54,952 of cash and cash equivalents restricted for construction payments for Grand Casinos Gulfport and Biloxi.
 -0- 7/27/93
 /CONTACT: Tom Brosig, president of Grand Casinos, 612-449-9092; Michael Rosenbaum, 312-266-7800, or Sue Caulton, 415-986-1591, both of the Financial Relations Board, for Grand Casinos/
 (GRND)


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

AL -- MN027 -- 6491 07/27/93 18:04 EDT
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Date:Jul 27, 1993
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