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MAJESTIC SIGNS LETTER OF INTENT WITH SILVERTON TRADING POST

 MAJESTIC SIGNS LETTER OF INTENT WITH SILVERTON TRADING POST
 MINNEAPOLIS, Oct. 28 /PRNewswire/ -- Majestic Development & Management Corporation, a Minneapolis-based company, announced today that it has signed a letter of intent to purchase the Silverton Trading Post in Silverton, Colo. Majestic plans to open and operate a gaming casino at the trading post.
 The final agreement is contingent on the City of Silverton receiving approval from Colorado as part of the state's "gaming zone." The gaming zone identifies towns where gaming can be practiced legally. The state passed the Colorado Limited Stakes Gambling Act in 1991 which legalized limited gaming in three towns in Colorado. Although Silverton is not yet among them, a proposal to include Silverton in the gaming zone is an amendment that will be voted on in this November's election. The 1991 act limits gaming activities to slot machines, blackjack and poker and allows a maximum bet of $5.
 "We are excited about the opportunity to open a new casino in Silverton," said Jack Deming, founder and president of Majestic Development & Management Corporation. "Given the positive impact gaming has had on the economy of Colorado towns that are in the gaming zone, we are optimistic about the success of this new venture. We are also delighted to bring our operations to a place where the public and government advocate responsible gaming that is good, clean fun."
 The letter of intent calls for the current owners to receive cash, Majestic stock and a minority ownership in the Silverton casino.
 -0- 10/28/92
 /CONTACT: Ed Neuger, 612-333-6621 or (home) 612-929-0945, or Errin Kratochwill, 612-333-6621 or (home) 612-224-2462, both of Edwin Neuger & Associates for Majestic Development & Management/ CO: Majestic Development & Management Corporation ST: Minnesota IN: CNO SU: TNM


AL -- MN011 -- 5885 10/28/92 10:26 EST
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Date:Oct 28, 1992
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