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RIO ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS

 LAS VEGAS, July 7 /PRNewswire/ -- Rio Hotel & Casino Inc. (NASDAQ-NMS: RIOH) ("Rio") today announced preliminary results for the second quarter ended June 30, 1993. Net income was approximately $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 approximately $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) was approximately $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 approximately $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 approximately $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.
 The company will release final, detailed results within the next week.
 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."
 The Rio currently has under construction a new 437-suite hotel tower. Originally anticipated for completion by December 1993, it is now expected that 250 suites will be available for occupancy Labor Day weekend, and the remaining 187 suites will be available for occupancy by November 1993. Upon completion of the new tower, the Rio's total room count will increase to 861 suites. The tower project, started in January 1993, also includes several public area additions. A new seafood restaurant, "Buzios," opened in May 1993; 3,000 additional square feet of meeting room space became available in June 1993; and an expansion of the "Beach Cafe" will be completed by November 1993. The expansion is expected to cost $37.0 million and remains on-budget.
 While the tower expansion continues, 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. The Rio was designed to permit multiple expansions in accordance with a conceptual master plan and received zoning approval for 2,400 rooms.
 -0- 7/7/93
 /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: ERP

LS-JL -- SD001 -- 8903 07/07/93 08:00 EDT
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Date:Jul 7, 1993
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