UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report October 30, 1996
CASINO RESOURCE CORPORATION
Minnesota 0-22242 41-0950482
(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification No.)
1719 Beach Boulevard, Suite 306, Biloxi, Mississippi 39531-5396
(Address of Principal Executive Office)
Registrant's telephone number, including area code (601) 435-1976
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Item 5. OTHER EVENTS
On October 16, 1996, the Company announced the approval of the acquisition
of Palace Casino assets by the U.S. Bankruptcy Court for the Southern
District of Mississippi.
A copy of the press release is attached and incorporated as part of this
filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CASINO RESOURCE CORPORATION
October 30, 1996 _____________________________________________
Maurice P. Gaudet
Controller/Chief Financial Officer
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FOR IMMEDIATE RELEASE: Wednesday, October 16, 1996
CONTACT: Robert J. Allen, Vice President
Casino Resource Corporation
601-435-1976
U.S. BANKRUPTCY COURT APPROVES
PURCHASE OF PALACE CASINO
BILOXI, MISS. - Casino Resource Corporation, (NASDAQ: CSNR), a Minnesota
corporation headquartered in Biloxi, Mississippi, announced today that the
United States Bankruptcy Court for the Southern District of Mississippi
ruled Tuesday, October 15, 1996, in favor of the purchase of the Palace
Casino located in Biloxi, Mississippi by a newly formed Joint Venture
between Casino Resource Corporation and Robert and Lawana Low. The newly
formed Joint Venture, New Palace Casino, L.L.C. was created for the purpose
of acquiring and operating the Palace Casino assets. The ruling follows an
October 8, 1996 deadline allowing for competing bids to purchase the casino.
Casino Resource Corporation, along with its Joint Venture Partner, will
acquire the Palace Casino and its assets for a purchase price of
$14.25 million which consists of $11.5 million in cash and the balance in
notes. A closing is scheduled in 60 days.
Casino Resource Corporation is a diversified entertainment, hospitality and
gaming enterprise. The company owns and operates the 2,000-seat Country
Tonite Theatre in Branson, Missouri, and will operate the new 1,500-seat
Country Tonite Theatre in Pigeon Forge, Tennessee, scheduled to open in
March of 1997. In addition, the Company owns Country Tonite Enterprises,
an award-winning theatrical production company in Las Vegas, Nevada
(producers of the "Country Tonite Show," currently in its fifth year at
the Aladdin Hotel); and the Grand Hinckley Inn, located in Hinckley,
Minnesota, adjacent to the Grand Casino. Further, the company has entered
into strategic alliances with Harrah's Entertainment for the development of
Indian gaming properties in Michigan and Indiana; has agreed to lease and
operate a casino and 600-seat theatre in Sousse, Tunisia; and as a member of
a Joint Venture, is in the process of acquiring the Palace Casino in Biloxi,
Mississippi.
