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LAS VEGAS ENTERTAINMENT NETWORK CLOSES $33 MILLION ACQUISITION OF EL RANCHO HOTEL & CASINO; WILL REOPEN AS 'EL RANCHO'S COUNTRYLAND U.S.A.'

 LAS VEGAS, Nov. 29 /PRNewswire/ -- Las Vegas Entertainment Network, Inc. (NASDAQ: LVEN), announced today that it has closed a $33 million acquisition of the El Rancho Hotel and Casino, one of the original Las Vegas gaming places, a property on the famed Las Vegas Strip. It is planned to be reopened in 1994 as "El Rancho's Countryland U.S.A." by LVEN, an entertainment, media and gaming company.
 LVEN's initial plans are to build two new 20-story towers resembling a gigantic pair of dressed-up Western-style boots adding up to 1,000 new rooms, and a live rodeo production facility on the 22-acre site, which is immediately across the Strip from the Circus Circus Hotel and Casino. The existing 51-lane bowling alley facility and the 90,000-square-foot casino will also be reopened as part of the entertainment complex.
 "It will create a uniquely identifiable silhouette on the Las Vegas skyline and, when the remodeling is completed, will increase `El Rancho's Countryland U.S.A.' accommodations to 2,001 rooms," said LVEN spokesperson Harry Wald, who has been named Vice President of Planning by LVEN. Wald has significant experience in developing hotels and casinos in Las Vegas and elsewhere around the country. As President, Vice Chairman and Chief Operating Office of Caesars Palace, he was involved in the development and construction of the El Rancho, as well as Caesars Tahoe and Caesars Palace in Atlantic City.
 The new "El Rancho's Countryland U.S.A." will become a family resort destination, with a family-oriented theme park featuring country-style entertainment and family attractions.
 -0- 11/29/93
 /NOTE TO EDITORS: A press conference will be scheduled shortly to


outline further details of the intended development and operation of "El Rancho's Countryland U.S.A."/
 /CONTACT: Lee Solters or Ian Dove of The Lee Solters Company, 213-651-9300; or Jay Goldberg, Investor Relations of Vegas Information Systems, 800-544-6640/
 (LVEN)


CO: Las Vegas Entertainment Network, Inc. ST: Nevada IN: LEI CNO SU: TNM

TW -- NY010 -- 8185 11/29/93 10:11 EST
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Publication:PR Newswire
Date:Nov 29, 1993
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