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GRAND CASINOS WITHDRAWS REQUEST FOR APPROVAL BY BIA ITS MANAGEMENT CONTRACT WITH LAC COURTE OREILLES BAND OF LAKE SUPERIOR CHIPPEWA

 GRAND CASINOS WITHDRAWS REQUEST FOR APPROVAL BY BIA ITS MANAGEMENT
 CONTRACT WITH LAC COURTE OREILLES BAND OF LAKE SUPERIOR CHIPPEWA
 MINNEAPOLIS, Oct. 14 /PRNewswire/ -- Grand Casinos Inc. (NASDAQ: GRND), which manages two Las Vegas-style casinos on behalf of the Mille Lacs Band of Ojibwe Indians and is in development of a non- Indian owned dockside facility in Gulfport, Miss., today announced it has withdrawn from consideration for approval by the Bureau of Indian Affairs (BIA) its management contract with the Lac Courte Oreilles Band of Lake Superior Chippewa.
 The Band expressed a desire to begin construction this fall on their new casino, but regulatory timetables for the necessary approvals to proceed, have prevented Grand Casinos Inc. from beginning construction of the casino. Grand Casinos Inc.'s Chief Operating Officer Tom Brosig, said there is not a reasonable presumption that the necessary approvals will be forthcoming in time to meet the Tribe's timetable.
 Brosig stated further that, although the company understands the Band's desire to begin construction of the casino, the company could not risk its shareholders' money without receiving all the required approvals. However, Brosig said that Grand Casinos Inc. supports the Band's effort to develop the casino themselves.
 Grand Casinos Inc. develops and manages casino gaming facilities for Indian Tribes on Indian land and is currently developing its own gaming facilities which are not located on Indian land. The company's common stock is traded on the NASDAQ National Market System under the symbol GRND.
 For more information on Grand Casinos Inc. via facsimile at no cost, dial 1-800-PRO-INFO and enter company code number 079.
 -0- 10/14/92
 /CONTACT: Tom Brosig, chief operating officer or James White, chief financial officer, 612-449-9092, both of Grand Casinos Inc.; or Michael Rosenbaum or Audrey Lowe, FRB Chicago, 312-266-7800, for Grand Casinos/
 (NASDAQ: GRND) CO: Grand Casinos Inc. ST: Minnesota IN: CNO SU:


TM -- NY103 -- 0157 10/14/92 20:47 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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