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GRI ENTERS INTO TWO AGREEMENTS TO ACQUIRE CERTAIN RIGHTS TO 30 ACRES OF LAUGHLIN GAMING PROPERTY

 BEVERLY HILLS, Calif., Nov. 4 /PRNewswire/ -- Gallery Rodeo International (OTC: GROI) announced that it has simultaneously entered into two agreements to acquire certain rights to purchase and develop approximately 30 acres of riverfront property on which it intends to construct and operate a hotel/casino in Laughlin, Nev. The company executed agreements with The Walter Co. and Walter-Laughlin Partnership (the owner) and D&L Jordan Trust, the sole trust deed holder. The property is currently subject to chapter proceedings and the two agreements are contingent upon, and require the approval of the bankruptcy court.
 The property is located on the corner of the Needles Highway and Casino Drive along one of the most beautiful portions of the Colorado River. Gallery Rodeo International through these two agreements, intends to acquire not only the 30 acres of prime riverfront gaming property, but also the rights to the existing development project in which the Walter-Laughlin Partnership has invested approximately $12 million. These expenditures went primarily for: architectural, engineering, permits, site preparation, foundations, retaining walls, feasibility studies, sewer and water/tap fees which are included in the acquisition. The company will also be appointing the two primary principals of The Walter Co. (Louis Walter and Lance Walter) to its board of directors.
 The company anticipates the Walters' long-term assistance and participation in the development of the project. The Walters, through their group of companies, have been responsible for the development and operation of hotels throughout the United States including such projects as the Harrah's Marina Casino in Atlantic City. They currently own and operate the Hilton Hotel Palm Springs, along with other properties.
 Laughlin is situated in Clark County near the southern tip of Nevada, along the Colorado River. It is approximately 240 miles northeast of Los Angeles and approximately 210 miles northwest of Phoenix. Laughlin has been the fastest growing gaming market in terms of gaming revenue over the last eight years. A recent Gaming Revenue Report for Nevada indicated that 10 Laughlin Casinos reported gaming revenues of approximately $508 million for the 12-month period ended December 1992.
 In addition to the acquisition and development of the proposed Laughlin hotel & casino project, the company is currently in development of the Wandering Star Hotel Casino in Colorado and through its retail art locations, markets original fine art and limited edition serigraphs, lithographs and sculptures. In addition to representing well-known artists' estates, such as Renoir and Picasso, the company also promotes its own artists, such as Brett-Livingstone Strong, through its three company-owned galleries in Beverly Hills; Lake Arrowhead, Calif.; and Scottsdale, Ariz.
 Gallery Rodeo International, a publicly traded company, can be found quoted on the electronic bulletin board under the symbol "GROI."
 -0- 11/4/93
 /CONTACT: Gary Kucher, VP, of Gallery Rodeo International, 310-273-2105/
 (GROI)


CO: Gallery Rodeo International; The Walter Co.; Walter-Laughlin
 Partnership; D&L Jordan Trust ST: California, Nevada IN: CNO SU: TNM


JL-JB -- LA029 -- 0857 11/04/93 15:17 EST
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Publication:PR Newswire
Date:Nov 4, 1993
Words:490
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