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WINNERS ENTERTAINMENT PROPOSED MERGER UPDATE

 IRVINE, Calif., Oct. 25 /PRNewswire/ -- Winners Entertainment Inc. (NASDAQ: WINS) (formerly Excalibur Holding Corp., now Winners) announced today that it will not proceed with its previously announced proposed merger plans with Las Vegas Entertainment Network Inc.
 Winners' subsidiary, Mountaineer Park Inc., operates "Mountaineer Racetrack and Resort," a 606-acre entertainment complex an hour's drive from Pittsburgh, in Chester, W.Va. Currently producing annual revenues in excess of $50 million, the facility expects to be profitable during the next 12 months. Mountaineer Racetrack and Resort offers year-round track and turf thoroughbred racing, live simulcasting of racing from out-of-state tracks, and has enclosed seating for more than 5,000 spectators. Through Mountaineer Park's wholly owned subsidiary, Mountaineer Magic Inc., Mountaineer Racetrack and Resort offers an electronic lottery computer system played on video lottery terminals pursuant to a contract with the West Virginia Lottery Commission. The 165 video lottery machines in operation throughout the facility have been producing an average gross handle of $1.4 million a month. Rules and regulations governing video lottery operations were submitted to the West Virginia Legislature by the West Virginia Lottery Commission on Aug. 16, 1993, and, if approved, would allow Mountaineer Racetrack and Resort to expand the number of its video lottery machines to 400. The facility's 4,500-foot frontage on the Ohio River makes it ideally situated to expand into riverboat gaming should riverboat gaming come to West Virginia, as it has in a number of other states.
 Winners' stock trades on NASDAQ under the symbol WINS.
 -0- 10/25/93
 /CONTACT: Michael R. Dunn, President, WINS, 714-222-2220/
 (WINS)


CO: Winners Entertainment Inc.; Las Vegas Entertainment Network Inc.;
 Mountaineer Park Inc. ST: California, Nevada IN: CNO SU: TNM


LS-MF -- LA026 -- 6297 10/25/93 11:59 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 25, 1993
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