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RUBIDELL TO BUILD HOTELS AND THEATERS ADJACENT TO GRAND CASINOS GAMING LOCATIONS; PRIVATE PLACEMENTS OF DEBT AND EQUITY FUNDING BEING ARRANGED

 ELKHORN, Wis., Feb. 1 /PRNewswire/ -- Jack Pilger, president of Rubidell Recreation, Inc. (OTC Bulletin Board: RBRC), announced today that in late December, Rubidell had signed a letter of intent with Grand Casinos, Inc. (NASDAQ-NMS: GRND), to develop and operate hotels and show theaters near gaming establishments in Minnesota, Louisiana and Mississippi, subject to the execution of comprehensive, definitive and binding agreements, as well as tribal approval where appropriate. Rubidell is planning to develop between one and three 150-room hotels, including one in Hinckley, Minn., one in Elton, La., and one in Marksville, La.
 The company also, is planning to build, operate and manage a 1,750- seat theater adjacent to the Grand Casino Biloxi on the Gulf Coast of Mississippi. Furthermore, Rubidell has the exclusive right to build, operate and manage a second Gulf Coast theater in conjunction with Grand Casino Gulfport.
 The company plans initial funding necessary for financing the first hotel and show theater locations, totaling $13.0 million, through a private placement of debt and equity. The company has retained the investment banking firms of Piper Jaffray, Inc. of Minneapolis and Resource Financial Corporation of Milwaukee, to assist in this effort.
 -0- 2/1/93
 /CONTACT: Kris Cummings of Rubidell Recreation, 414-723-6660/
 (RBRC GRND)


CO: Rubidell Recreation, Inc.; Grand Casinos, Inc. ST: Wisconsin, Minnesota, Mississippi, Louisiana IN: CNO LEI SU: JVN

AL -- MN001 -- 1180 02/01/93 09:02 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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