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SAHARA ANNOUNCES CONSUMMATION OF MERGER

 LAS VEGAS, Sept. 30 /PRNewswire/ -- Sahara Resorts (AMEX: SRE), a Nevada corporation, and Sahara Casino Partners L.P. (NYSE: SAH), a Delaware limited partnership (the "Partnership"), announced today that the combination of the two companies has been consummated. Sahara Casino partners merged with and into Sahara Gaming Corp., a newly formed affiliated company, and Sahara Resorts merged with a wholly owned subsidiary of Sahara Gaming Corp. The reorganization was approved by the holders of general and limited partner interests of the Partnership on Sept. 28, 1993, and by Paul W. Lowden, as controlling stockholder of Sahara Resorts, today. The common and preferred stock of Sahara Gaming Corp. will be traded on the American Stock Exchange under the symbol "SGM."
 In the reorganization, each outstanding share of Sahara Resorts will be converted into one share of Sahara Gaming Corp., and each of the 18,300,000 outstanding limited partner interests and units of the Partnership will be converted into 0.2174 of a share of common stock of the new company (a 4.6-to-1 exchange ratio), and holders of outstanding publicly traded units will also receive one share of exchangeable redeemable cumulative preferred stock, $2.14 liquidation preference, of Sahara Gaming Corp. in respect of each unit held.
 Lowden, chairman of the board of Sahara Resorts, the general partners of the Partnership, and Sahara Gaming Corp., stated, "We believe that this combination and the attendant conversion of the Partnership to corporate form will offer a greater potential to both the former stockholders of Sahara Resorts and the former investors of the Partnership for maximizing investor values. The stock of Sahara Gaming Corp. should improve our access to capital markets due to the greater understanding by potential investors of our


simplified corporate form."
 Sahara Casino Partners L.P. was a gaming master limited partnership which owned and operated the Sahara, Hacienda, and Santa Fe Hotel/Casinos in Las Vegas and the Pioneer Hotel & Gambling Hall in Laughlin, Nev. Sahara Resorts owned the general partners of Sahara Casino Partners L.P. Sahara Gaming Corp. will carry on the business previously conducted by the Partnership and Sahara Resorts.
 -0- 9/30/93
 /CONTACT: Stephen J. Szapor Jr., 702-737-2724/
 (SRE SAH SGM)


CO: Sahara Resorts; Sahara Casino Partners L.P.; Sahara Gaming Corp. ST: Nevada IN: CNO LEI SU: TNM

JB-LS -- LA039 -- 7581 09/30/93 19:37 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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