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MAJESTIC DEVELOPMENT & MANAGEMENT SIGNS LETTER OF INTENT TO PURCHASE MONTANA CASINO

 MINNEAPOLIS, Feb. 8 /PRNewswire/ -- Majestic Development & Management Corporation announced today that it has signed a letter of intent with Great Plains Bingo and Casino to purchase a 49 percent interest in the three-year-old Cut Bank, Montana bingo and casino operation. The agreement also calls for Majestic to purchase 100 percent of the land, 4.7 acres, a 5,000 square foot building and equipment from the gaming operation. The facility is located just west of Cut Bank on the Gateway to Glacier National Park.
 Majestic Vice President Bertie Olson, who will be in Cut Bank next week to complete the agreement, said that Majestic's main role will be to help with expansion of the business. The casino's present management team, who have been running the operation since its inception, will remain in place. They will play a major role in the operation of the bingo parlor and casino that includes raising the size of the prize packages and adding satellite mega-bingo. According to Olson, the additions should fully double the average session attendance.
 The purchase agreement is expected to be complete by April 1, 1993. The agreement is contingent upon Majestic Development and Management receiving the appropriate federal and state approvals. The specific terms of the agreement were not disclosed.
 Established in June 1992, Majestic Development & Management Corporation was formed to work with American Indian tribes in developing and managing gaming facilities and other economic development projects. The company also intends to develop and manage gaming facilities in states such as Colorado, Mississippi and South Dakota where gaming is legal. The company recently completed an initial public offering.
 -0- 2/8/93
 /CONTACT: Edwin Neuger, 612-333-6621 or at home, 612-929-0945; or David Neuger, 612-333-6621 or at home, 612-929-6730, both of Edwin Neuger & Associates, for Majestic/


CO: Majestic Development & Management Corporation; Great Plains Bingo
 and Casino ST: Minnesota, Montana IN: LEI SU:


DS -- MN005 -- 3993 02/08/93 10:24 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 8, 1993
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