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MAJESTIC DEVELOPMENT & MANAGEMENT CORPORATION COMPLETES FIRST COMMERCIAL CASINO PURCHASE

 MINNEAPOLIS, June 1 /PRNewswire/ -- The Casino Management Division of Majestic Development & Management Corporation announced today that it has signed a contract to purchase the operation and properties of Miss Kitty's Casino, Inc.; A.L. Enterprises, Inc.; and 76 Motel and Restaurant, Inc. in Deadwood, S.D.
 The acquisition, which includes the Chinatown Restaurant and the Days Inn motel, restaurant and casino, is the first commercial casino acquisition by Majestic since its initial public offering in January of this year. The closing date and closing are contingent on license approval by the South Dakota Gaming Commission. The terms of the agreement were not disclosed.
 The company plans to expand the Days Inn 76 motel site with a $2 million expansion. The addition includes 62 more rooms as well as a new casino lounge and restaurant.
 Miss Kitty's is located in downtown Deadwood while the Days Inn 76 facilities are located at the intersection of Interstate Highway 85 and Highway 14A in Deadwood.
 Majestic Development & Management CEO Jack Deming said, "This purchase represents a significant business opportunity for the Deadwood community as well as for Majestic. The motel site is attractively situated on a hillside with tremendous sight lines to everyone traveling along the local roads and highways. We expect our expanded facilities to draw in travelers as well as people from surrounding towns."
 Deadwood is located in the heart of the Black Hills near Mount Rushmore and is the only commercial gaming town in South Dakota.
 Established in June 1992, Majestic Development & Management Corporation was formed to develop and manage gaming facilities in states that allow limited commercial gaming such as South Dakota, Colorado and Mississippi. The company also works with American Indian tribes in developing and managing gaming facilities and other economic development projects. The company's common stock is traded on the Minneapolis/St. Paul local over-the-counter market.
 -0- 6/1/93
 /CONTACT: David Neuger, 612-333-6621 or (Home) 612-699-6730, or Edwin Neuger, 612-333-6621 or (Home) 612-929-0945, both of Edwin Neuger & Associates, for Majestic Development and Management/


CO: Majestic Development and Management Corporation ST: Minnesota IN: CNO SU: TNM

AL -- MN013 -- 3985 06/01/93 12:57 EDT
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Date:Jun 1, 1993
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