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PRIMADONNA RESORTS INC. ANNOUNCES $140 MILLION CREDIT FACILITY

 LAS VEGAS, Jan. 13 /PRNewswire/ -- Primadonna Resorts Inc. (NASDAQ: PRMA) announced today that it has successfully obtained a $140 million reducing revolving line of credit. The company will use the proceeds for general corporate purposes including future development, financing, capital expenditures and working capital needs.
 First Interstate Bank of Nevada acted as agent bank and Bank of America Nevada acted as lead manager in connection with the credit facility. The participant bank group also includes Bank of America N.T. & S.A., Midlantic National Bank, First Security Bank of Utah N.A. and Michigan National Bank.
 Gary E. Primm, president and chief executive officer, stated that, "Although the company has no immediate plans for this credit facility, the credit facility provides further financial resources and flexibility so we can respond to growth opportunities here at Stateline and in new gaming jurisdictions outside of Nevada."
 Primadonna Resorts Inc. repaid its existing $29 million bank term loan in November 1993. The company has substantially completed a $30 million expansion at Whiskey Pete's which has been funded out of available cash and cash flow from operations. The company is currently constructing a third resort casino property at Stateline, Buffalo Bill's Resort and Casino, which is anticipated to cost approximately $90 million of which $21 million has been spent in 1993. Construction on Buffalo Bill's commenced in July 1993 and is expected to be completed in the summer of 1994. The company believes that a portion of the proceeds from its 1993 initial public offering, together with cash flow from operations and limited borrowings from this credit facility, will be sufficient to successfully complete this expansion.
 Primm further stated, "We are pleased to be working with First Interstate Bank of Nevada and the entire bank group who participated in our previous bank term loan, and we are delighted with the competitive terms obtained by the company based on its strong financial condition."
 The $140 million credit facility is secured by a leasehold and fee deed of trust on the real property, improvements, furniture and fixtures comprising Whiskey Pete's Hotel and Casino, Primadonna Resort and Casino and Buffalo Bill's Resort and Casino, which is currently under construction.
 Primadonna Resorts Inc. owns and operates two highly successful hotel/casinos in Clark County, Nev., which are located on Interstate 15 at the California/Nevada state line known as Whiskey Pete's Hotel and Casino and Primadonna Resort and Casino, and is building Buffalo Bill's Resort and Casino, a new 600-room hotel/casino with multiple theme amusement rides featuring the world's tallest roller coaster. Buffalo Bill's Resort and Casino is scheduled to be opened in the summer of 1994.
 -0- 1/13/94
 /CONTACT: James R. Vanwoerkom, 702-382-4388/
 (PRMA)


CO: Primadonna Resorts Inc. ST: Nevada IN: CNO SU:

JM-JL -- SD007 -- 1992 01/13/94 20:58 EST
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Publication:PR Newswire
Date:Jan 13, 1994
Words:468
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