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SAHARA GAMING ANNOUNCES AGREEMENT FOR MISSISSIPPI RIVERBOAT PROJECTS

 LAS VEGAS, Oct. 7 /PRNewswire/ -- Sahara Gaming Corp. (AMEX: SGM) announced today that it has signed an agreement with Treasure Bay Gaming & Resorts Inc. for the purchase of 20 percent of the common stock of Treasure Bay for $10 million. Additionally, the agreement calls for Sahara Gaming to provide management services for Treasure Bay's projects for an initial term of seven years in return for a management fee.
 Treasure Bay is currently developing two casino resorts in the State of Mississippi, one in the City of Biloxi to be named Treasure Bay Biloxi and the other in Northern Mississippi to be named Treasure Bay Tunica. Sahara Gaming Corp. must be found suitable and licensed by the Mississippi Gaming authorities in order to manage the casinos and own 20 percent of the equity.
 "We are extremely enthusiastic about our new venture with Treasure Bay," said Paul W. Lowden, chairman and chief executive officer of Sahara Gaming Corp. "We believe these projects, which are currently under construction, represent a major commitment to the Mississippi gaming market and when complete will represent the first 'must see' projects in Mississippi," said Lowden.
 Sahara Gaming Corp. is a newly organized company resulting from the recently consummated merger of Sahara Casino Partners L.P. and Sahara Resorts. The company owns and operates the Sahara, Hacienda and Santa Fe Hotel/Casinos in Las Vegas, and the Pioneer Hotel & Gambling Hall in Laughlin, Nev., and recently has applied to the State of Missouri for a license to operate a riverboat casino in Parkville, Mo.
 -0- 10/7/93
 /CONTACT: Stephen J. Szapor Jr., executive VP, 702-737-2724/
 (SGM)


CO: Sahara Gaming Corp.; Treasure Bay Gaming & Resorts Inc. ST: Nevada; Mississippi IN: CNO SU: JVN

LM-EH -- LA040 -- 9919 10/07/93 17:08 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:294
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