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RIO ANNOUNCES DETAILED RESULTS FOR SECOND QUARTER

 LAS VEGAS, July 16 /PRNewswire/ -- Rio Hotel & Casino Inc. (NASDAQ-NMS: RIOH) ("Rio") today announced detailed results for the second quarter ended June 30, 1993. There were no changes from the preliminary results announced on July 7, 1993. Net income was $2.9 million, or $0.15 per share. This compares to net income from continuing operations of $1.3 million, or $0.09 per share, for the second quarter ended June 30, 1992. For the six months ended June 30, 1993, net income from continuing operations was $5.5 million, or $0.29 per share, compared to net income from continuing operations of $2.4 million, or $0.16 per share, for the first six months of 1992, an increase of 130 percent. Per share amounts are based upon 19.2 million and 14.7 million shares outstanding (fully diluted) for the six months ended June 30, 1993, and June 30, 1992, respectively.
 Revenues for the first six months of 1993 increased by 26 percent to $50.8 million from $40.3 million during the first six months of 1992. Revenues for the second quarter of 1993 increased by 25 percent to $26.1 million from $20.8 million during the second quarter of 1992.
 Earnings before depreciation, interest and taxes (EBITDA) were $6.4 million, or $0.34 per share, for the second quarter of 1993, compared to $4.6 million, or $0.32 per share, for the second quarter of 1992, a 38 percent increase. EBITDA for the first six months of 1993 was $12.6 million, or $0.66 per share, compared to $8.7 million, or $0.59 per share, for the first six months of 1992, a 44 percent increase.
 Net income for the first six months of 1993 was approximately $4.7 million, or $0.25 per share, reflecting a one-time $0.8 million non-cash charge related to the required implementation of FASB Statement No. 109, "Accounting For Income Taxes." Net income for the first six months of 1992 was increased by $0.8 million to $3.2 million, or $0.22 per share, because of an extraordinary credit from net operating loss carryforwards. Net income for the second quarter of 1993 was $2.9 million, or $0.15 per share. Net income for the second quarter of 1992 was increased by $0.2 million to $1.5 million, or $0.11 per share, because of an extraordinary credit from net operating loss carryforwards.
 Anthony A. Marnell II, chairman of the board, stated: "The successful results of the second quarter reflect our ability to expand on a profitable basis. Our `Team Rio' employees continue to provide quality service. We are pleased to continue our profitable growth and look forward to the opening of 250 new suites Labor Day weekend and the remaining 187 suites by November."
 Ground-breaking for the Rio's $25.0 million casino and public area expansion will be held July 23, 1993. This new project will include a 25,000-square-foot expansion of the casino which will accommodate approximately 12 table games and up to 500 slot machines; a new 130-seat themed restaurant; a new 450-seat one-of-a-kind entertainment complex and restaurant area; a 36,000-square-foot expansion of the Rio's beach pool area with a second swimming pool and additional recreation areas; and a 135,000-square-foot, two-level parking garage with parking spaces for approximately 434 vehicles. This expansion will take place on the Rio's east side and be completed in phases by April 1994. The resulting expanded casino will be approximately 79,000 square feet.
 The Rio, located on a 45-acre site in Las Vegas, is an all-suite hotel/casino presently consisting of 424 suites and a 54,000-square-foot casino. Upon completion of its suite tower expansion project by November 1993, the Rio will have 861 suites. The Rio was designed to permit multiple expansions in accordance with a conceptual master plan and received zoning approval for 2,400 rooms.
 RIO HOTEL & CASINO INC.
 Condensed Balance Sheets
 (In thousands)
 June 30, Dec. 31,
 1993 1992
 (Unaudited)
 Assets
 Current assets:
 Cash and equivalents $31,539 $42,623
 Accounts receivable, net 1,621 1,549
 Other current assets 3,998 2,414
 Total current assets 37,158 46,586
 Property and equipment, net 120,642 101,928
 Other assets 1,163 1,004
 Total $158,963 $149,518
 Liabilities and Stockholders' Equity
 Current maturities of long-term debt $4,724 $2,306
 Accounts payable and accrued expenses 11,270 8,884
 Total current liabilities 15,994 11,190
 Long-term debt, less current maturities 47,398 50,906
 Deferred income taxes 4,438 550
 Total liabilities 67,830 62,646
 Stockholders' equity 91,133 86,872
 Total liabilities and equity $158,963 $149,518
 RIO HOTEL & CASINO INC.
 Results of Operations
 (In thousands, except per share amounts)
 Six Months Six Months
 Qtr Ended Qtr Ended Ended Ended Year Ended
 June 30, June 30, June 30, June 30, Dec. 31,
 1993 1992 1993 1992 1992
 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
 Revenues $26,058 $20,774 $50,814 $40,294 $82,475
 Expenses (21,335) (17,584) (41,565) (34,394) (70,180)
 Operating profit 4,723 3,190 9,249 5,900 12,295
 Interest expense (357) (1,051) (817) (2,197) (3,801)
 Interest income 18 36 39 115 158
 Other income, net --- --- --- 100 100
 Income before
 minority interest,
 income tax,
 extraordinary item
 and cumulative
 effect of a change
 in accounting
 principle $4,384 $2,175 $8,471 $3,918 $8,752
 Income tax
 provision (1,523) (747) (2,945) (1,313) (2,995)
 Minority interest --- (108) --- (203) (242)
 Income before
 extraordinary item
 and cumulative
 effect of a change
 in accounting
 principle $2,861 $1,320 $5,526 $2,402 $5,515
 Extraordinary item:
 Reduction of income
 taxes arising from
 carryforward of
 prior-year's losses --- 227 --- 793 793
 Cumulative effect of
 a change in
 accounting principle:
 Adoption of Financial
 Accounting Standards
 Board FASB Statement
 No. 109, "Accounting
 for Income Taxes"
 ("SFAS 109") --- --- (777) --- ---
 Net income $2,861 $1,547 $4,749 $3,195 $6,308
 Income per common
 share(a):
 Continuing
 operations $0.15 $0.09 $0.29 $0.16 $0.36
 Extraordinary item --- 0.02 --- 0.06 0.05
 Cumulative effect of
 a change in accounting
 principle --- --- (0.04) --- ---
 Total $0.15 $0.11 $0.25 $0.22 $0.41
 Weighted average
 number of common
 and common equi-
 valent shares
 outstanding 19,188 14,730 19,181 14,727 15,319
 Earnings before
 depreciation,
 interest, amorti-
 zation and income
 taxes (EBDIT) $6,430 $4,643 $12,613 $8,744 $18,109
 EBDIT per share(a) $0.34 $0.32 $0.66 $0.59 $1.18
 (a) Based upon weighted shares outstanding for 1993 and 1992, respectfully, which assumes exchange of all outstanding common stock exchange rights.
 -0- 7/16/93
 /CONTACT: James A. Barrett Jr., president of Rio Hotel & Casino, 702-252-7733/
 (RIOH)


CO: Rio Hotel & Casino Inc. ST: Nevada IN: CNO LEI SU: ERN

LS-JL -- SD001 -- 2317 07/16/93 08:01 EDT
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