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SPORT OF KINGS ANNOUNCES LOAN AGREEMENT

 LAS VEGAS, May 12 /PRNewswire/ -- Sport of Kings, Inc. (NASDAQ: ODDS), which opened its race and sports book facility in Las Vegas in October 1992, announced that it has reached a verbal understanding with Eugene Maday, the owner of Little Caesars Gambling Casino in Las Vegas, whereby Mr. Maday has agreed to loan the company $2.5 million (the "Maday Loan").
 The company reported that the proceeds of such loan will be used to pay off and replace a 12-month loan of $2 million previously made to the company in December 1992.
 As previously reported, in March 1993, the Nevada Gaming Commission ruled that the lenders of the December 1992 loan must submit for licensing with the Nevada Gaming Commission by May 1993. Due to the uncertainty as to whether such lenders would submit for licensing, the company since March 1993 has been seeking alternative financing to replace such loan.
 The company indicated that it believed that the documentation for the Maday Loan can be concluded within the next week with funding immediately thereafter.
 -0- 5/12/93
 /CONTACT: William J. Vargas of Sport of Kings, Inc., 702-893-3500, or fax, 702-893-3576/
 (ODDS)


CO: Sport of Kings, Inc. ST: Nevada IN: CNO SU:

LR-OS -- NY085 -- 7702 05/12/93 15:38 EDT
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Publication:PR Newswire
Date:May 12, 1993
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