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RESORT INCOME INVESTORS INC. ANNOUNCES COLORADO INVESTMENT

 RESORT INCOME INVESTORS INC. ANNOUNCES COLORADO INVESTMENT
 LOS ANGELES, Feb. 18 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today announced that it has made two short-term demand loans totaling $1,700,000 to Outlaws Casino Ltd., an affiliate of Hemmeter Partners. The investment will yield 9.5 percent annually, an interest rate higher than Resort Income Investors is presently earning on its other temporary investments. The loan is secured by an assignment of a partnership interest in Outlaws Casino Ltd. and a second mortgage position in the acquired land. In addition, the investment is personally guaranteed by Christopher B. Hemmeter.
 Outlaws Casino Ltd. is using the proceeds to acquire and combine two parcels of land in Black Hawk, Colo. It then plans to construct a 50,000-square-foot casino containing approximately 800 slot machines, in addition to blackjack and poker. The Hemmeter Partners' affiliate anticipates that the casino will be divided into two distinct venues: Outlaws, the gaming casino, and Inlaws, an attached Victorian mansion -- which will serve as a day care/arcade for the minor children of patrons of the casino.
 Resort Income Investors previously announced the funding of mini- permanent loans to affiliates of Hemmeter Partners for the construction of casinos in Black Hawk, as well as Central City, Colo. These casinos will be called Bullwhackers Black Hawk and Bullwhackers Central City, respectively.
 The company, based in Los Angeles, operates as a real estate investment trust (REIT) under the provisions of the Internal Revenue Code. As such it is required to distribute to shareholders at least 95 percent of its taxable income each year to continue to qualify as a REIT.
 Hemmeter Partners is an entity founded and headed by Christopher B. Hemmeter, a recognized leader in the development of fantasy vacation destinations. Previous developments of the Hemmeter Organization include the Hyatt Regency at Waikiki, Hemmeter Center in Honolulu, the Hyatt Regency Maui, the Westin Kauai Lagoons, the Westin Maui and the Hyatt Regency Waikoloa on the Big Island of Hawaii.
 -0- 2/18/92
 /CONTACT: Greg Hooper of Resort Income Investors, 310-557-1359; or Gary Maier of Erickson Consulting, 310-829-4601, for Resort Income Investors/
 (RII) CO: Resort Income Investors Inc.; Outlaws Casino Ltd. ST: California, Colorado IN: CNO SU:


CH-JL -- LA003 -- 9735 02/18/92 08:35 EST
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Publication:PR Newswire
Date:Feb 18, 1992
Words:379
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