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 July 1, 1996
Casino Resource Corporaton
(Exact name of registrant as specified in its charter)
Minnesota 0-22242 41-0950482
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1719 Beach Blvd, Suite 306, Biloxi, Mississippi 39531-5396
(Address of principal executive offices)
Registrant's telephone number, including area code (601) 435-1976
Item 5. OTHER EVENTS
On July 1, 1996, the Company announced an agreement by a wholly-owned
subsidiary of the Company to lease and operate a casino and theatre in
Sousse, Tunisia.
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
July 1, 1996 _____________________________________________
Maurice P. Gaudet
Controller and Acting Chief Financial Officer
FOR IMMEDIATE RELEASE: Monday, July 1, 1996
CONTACT: Jack Pilger, Chief Executive Officer
or Robert J. Allen, Vice President
Casino Resource Corporation
601-435-1976
CASINO RESOURCE CORPORATION TO LEASE AND OPERATE
CASINO AND THEATRE IN TUNISIA
BILOXI, MISS. - Casino Resource Corporation (NASDAQ: CSNR) today announced that
through its wholly-owned subsidiary, CRC of Tunisia, the company has signed a
definitive agreement with the Samara Casino Company to lease and operate a
casino and 600-seat theatre in Sousse, Tunisia. The agreement is for three
years with an option to renew through 2006. the facility is currently under
construction and is scheduled to open in June 1997. The 42,000 square foot
casino resort will have 12,000 square feet of gaming space with present
plans to include 400 slot machines and 25 table games.
Samara Casino Company will operate a gourmet restaurant, gift shop, coffee
shop, child care facility and video arcade on the property. Samara Hotel
Company, a sister corporation, presently owns and operates three hotels in
Sousse area. The company's flagship hotel (the Samara Hotel) is a 425-room
destination resort immediately adjacent to the casino, while the other two
hotels have 125 rooms and 275 rooms, respectively. Samara Hotel Company also
owns an active travel agency with regional offices throughout Europe and
the most popular night club in the area.
"Having aligned ourselves with an established and well-respected hotel and
travel company that knows the lay of the land in a highly active hospitality
and entertainment market, we are genuinely excited about the potential of
this business venture," stated Jack Pilger, president and chief executive
officer of Casino Resource Corporation.
The City of Sousse is the most popular tourist city in Tunisia and is well
known for its luxurious hotels with over 20,000 rooms, beautiful beaches and
golf courses. According to the United States Embassy, Tunisia is considered
one of the most sophisticated democratic societies located on the northern
coast of Africa. It is located within two hours by air from Spain, Austria,
Switzerland, Germany, France, and Italy and is host to approximately 4.5
million visitors annually. Two other casino properties, currently under
construction and in an unrelated market, are located in Tunis and in Hammamet.
"Our entry into gaming in the Tunisian marketplace presents a tremendous
opportunity for the company,"said Pilger. "As this will be the first casino
of its kind in Sousse, there is no historical data to derive projected gaming
revenue. For instance, the Las Vegas marketplace reports gaming revenues of
$1,000 per square foot of gaming space annually, while other gaming
jurisdictions with less competitive environments and limited gaming space
have achieved gaming revenues in excess of $8,000 per square foot annually.
Any estimates at this time would be premature," he added.
Casino Resource Corporation is a diversified hospitality and entertainment
enterprise. The company owns and operates the 2,000-seat Country Tonite
Theatre in Branson, Mo.: Country Tonite Enterprises, an award-winning
theatrical production company in Las Vegas (producers of the "Country Tonite
Show", currently in its fourth year at the Aladdin Hotel): and the 154-room
Grand Hinckley Inn, located in Hincley, Minn, adjacent to the Grand Casino.
In addition, the company has entered into strategic alliances for the
development of Indian gaming properties in Michigan and Indiana.
