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LONE STAR CASINO CORPORATION ANNOUNCES PLANS FOR BILOXI CASINO

 HOUSTON, May 20 /PRNewswire/ -- Lone Star Casino Corporation (OTC: LONE) announced today that it plans to construct a 60,000 square foot casino gaming facility on the beach front in Biloxi, Miss. Lone Star said that it intends to immediately file for site approval and a Mississippi gaming license. The company said that it expects to begin construction of the facility during the third quarter of 1993 and commence operations during the first quarter of 1994, subject to receiving the necessary permits and licenses.
 The company has agreed to acquire a total of 5.5 acres located on the historic Biloxi beach front. The site includes 1.6 acres on the south side of U.S. 90, approximately 1/2 mile east of the President Riverboat Casino, and an additional 3.9 acres on the north side at the same location. Both parcels are connected by an existing pedestrian walkway over U.S. 90 which is one of only two existing pedestrian walkways on the entire 27 mile Mississippi beach. Approximately 65 percent of all existing Mississippi Gulf Coast hotel space is located within one mile in either direction of the site. The purchase price of the property is approximately $10 million in cash and Lone Star convertible preferred stock. The company expects that the total cost of the development, when completed, will exceed $30 million.
 Subject to receiving its Colorado gaming license, the company will acquire a 75.5 percent interest in Papone's Palace Casino in Central City, Colo., in a separate transaction announced earlier this year.
 Lone Star shares began trading in the over the counter market on May 4, 1993, and has applied for a listing on NASDAQ.
 -0- 5/20/93
 /CONTACT: Holly Vaughan, investor relations of Lone Star Casino Corporation, 713-228-4633/
 (LONE)


CO: Lone Star Casino Corporation ST: Texas, Mississippi IN: CNO SU:

TS-KD -- NY066 -- 0798 05/20/93 13:09 EDT
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Publication:PR Newswire
Date:May 20, 1993
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