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Circus Circus Announces Results 
for 1998
 
LAS VEGAS, Feb. 23, 1999 -  -  Circus Circus Enterprises, Inc. (NYSE: CIR) today announced its results for the fourth quarter and fiscal year ended January 31, 1999.

For the quarter, the company reported net income of $14,590,000, or $.16 per share, compared with $708,000, or $.01 per share, in the same quarter last year. In the prior year, Circus Circus recorded one-time charges of $.03 per share for preopening expenses related to the expansion and remodeling of Gold Strike Casino Resort in Tunica County, Mississippi and $.08 per share for costs associated with the resignation of its former chairman. Before these one-time items, earnings in this year's quarter were $.16 per share against $.12 on the equivalent operating basis last year.

In Las Vegas, Luxor produced $23.9 million in operating cash flow in the quarter compared to $20.5 million in the same quarter last year. At Circus Circus-Las Vegas, operating cash flow rose to $11.7 million against $9.7 million last year. These increases were the result of higher revenues in all the major operating departments at both properties. Excalibur, for its part, posted $15.0 million of operating cash flow compared to $16.2 million, while Monte Carlo, a 50%-owned joint venture, generated $20.7 million of operating cash flow versus $21.0 a year ago.

In Reno, the company recorded a total of $7.8 million of operating cash flow (including Circus' 50% ownership of Silver Legacy) against $4.5 million a year ago when severe weather in Northern Nevada dampened results. The results in Laughlin for the company's two properties (Colorado Belle and Edgewater) were up slightly, producing $4.8 million of operating cash flow versus $4.7 million in the prior year.

In Tunica County, Mississippi, the expanded and remodeled Gold Strike turned in $5.6 million of operating cash flow compared with $2.3 million in the prior year, while in Elgin, Illinois, Grand Victoria (50% owned by Circus) posted $18.2 million against $22.6 a year ago. A combination of inclement weather and an increase in the state's maximum tax rate on casino revenues from 20% to 35% contributed to the downturn in the vessel's profits.

For the year, Circus generated earnings on an operating basis (before one-time items) of $.94 per share compared to $1.01 on the same basis for fiscal 1998.

On March 2, Circus will open Mandalay Bay, a 43-story, 3,700-room resort on the Las Vegas Strip adjacent to Luxor. Mandalay Bay's attractions include an 11-acre tropical lagoon featuring a sand-and-surf beach, a three-quarter- mile lazy river ride, a 30,000-square-foot spa and other entertainment attractions. Also, Mandalay Bay will offer internationally renowned restaurants, as well as a House of Blues nightclub and restaurant, including its signature Foundation Room sited on Mandalay Bay's rooftop, and 100 "music themed" hotel rooms in Mandalay Bay's tower. The Blues Brothers will debut the club on March 2 and Bob Dylan will headline that midnight, while the award-winning musical "Chicago" will open at the 1,700-seat showroom. At Mandalay Bay, a Four Seasons Hotel will operate approximately 400 rooms, providing Las Vegas visitors with a luxury "five star" hospitality experience.

Circus Circus Enterprises, Inc. owns and operates 10 properties in Nevada, Circus Circus, Luxor, Excalibur and Slots-A-Fun in Las Vegas; Circus Circus- Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also operates Silver City in Las Vegas; owns a 50% interest in Silver Legacy in Reno and owns a 50% interest in and operates Monte Carlo in Las Vegas. The company also owns and operates Gold Strike in Tunica County, Mississippi, and owns a 50% interest in and operates the Grand Victoria riverboat casino in Elgin, Illinois.

###
 
Contact:
Glenn Schaeffer 
of Circus Circus Enterprises, Inc., 702-691-5912
 --
 
Also See: House of Blues Opening 600 Seat Restaurant at Mandalay Bay Resort Casino / Feb 1999
Circus Circus Names Newest Las Vegas Resort Mandalay Bay / Feb 1998 

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