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LADY LUCK POSTS STRONG NUMBERS FOR OCTOBER/NOVEMBER

 LAS VEGAS, Dec. 31 /PRNewswire/ -- Lady Luck Gaming Corp. (NASDAQ-NMS: LUCK) today announced results for October/November and 11 months ended Nov. 30, 1993. The Company is releasing the information as a result of Alain Uboldi, president and chief operating officer, recently being misquoted in a newspaper article concerning November/December activity.
 The report for the 11 months ended Nov. 30, 1993, only includes nine months of operations due to the Lady Luck's first property, Lady Luck Natchez, opening Feb. 26, 1993. Prior to the Natchez opening, there is no operating history.
 Net revenues for October/November were $24.7 million with operating cash flow (EBITDA) of $9.0 million. Net income for October/November was $4.8 million. Earnings per share for this period were $.20.
 Net revenues for the 11 months were $66.2 million with operating cash flow (EBITDA) of $25.9 million before pre-opening expenses of $4.6 million relating to the properties opened in the first 11 months of 1993. Net income for the 11 months was $10.7 million after taking into consideration the pro forma tax effect for the period prior to April 1, 1993, during which the Company was a sub-chapter S corporation. Earnings per share for the 11 months were $.56 excluding pre-opening expense.
 "The October/November results will not be indicative of December because December is traditionally the lowest volume month due to the holiday season. Also included in December results, will be new casino openings in Tunica affecting visitor volume in our casino and a one-time pre-opening expense for Lady Luck Biloxi, which opened on Dec. 13, 1993," says Hlavsa.
 Lady Luck Chairman Andrew Tompkins confirmed development plans for 1994 which currently include four new casinos in Coahoma County, Miss., Jefferson County, Mo., Gulfport and Vicksburg, Miss. In fact, Lady Luck will begin construction in January 1994 of its Lady Luck Rhythm & Blues in Coahoma County.
 "We are presently looking at other development projects throughout the United States and feel very confident about our success thus far," says Tompkins.
 Lady Luck Gaming Corp. develops, owns and operates casinos in Natchez, Tunica and Biloxi, Miss., and Central City, Colo. Currently the corporation is developing several sites in emerging gaming jurisdictions including Mississippi and Missouri. Lady Luck employs approximately 3,000 people nationwide, including 2,000 Mississippi-based employees.
 LADY LUCK GAMING CORP.
 Condensed Consolidated Statements of Operations
 (Dollars in Thousands, Except Share Data)
 Unaudited
 11 Months Ended
 2 Months Ended (9 Months of Operation)
 Net revenues $24,709 $66,167
 Operating expenses 15,727 40,232
 Operating income 8,982 25,935
 Pre-opening expense --- 4,559
 EBITDA 8,982 21,376
 Interest (income)
 expense 424 2,203
 Depreciation and
 amortization expense 848 2,269
 Income before income
 taxes 7,710 16,904
 Income Tax (provision)
 benefit:
 Change in tax status
 from S Corp. to C Corp. --- 473
 Other (2,698) (5,737)
 Total income tax
 provision (2,698) (5,264)
 Net income 5,012 11,640
 Preferred stock
 dividends (208) (727)
 Income applicable to
 common stockholders 4,804 10,913
 Pro forma income
 tax provision --- (189)
 Pro forma net income
 after income taxes 4,804 10,724
 Earnings per share $0.20 $0.44
 Earnings per share,
 excluding pre-opening
 expense $0.20 $0.56
 -0- 12/31/93
 /CONTACT: Michael Hlavsa, CFO, or Rob Stillwell, Public Relations Director, 702-477-3000/
 (LUCK)


CO: Lady Luck Gaming Corp. ST: Nevada IN: CNO SU: ERN

JM-EH -- SD004 -- 8262 12/31/93 08:30 EST
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Date:Dec 31, 1993
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