Gold River Hotel & Casino Corporation files Joint Plan of Reorganization and Proposed Disclosure Statement with United States Bankruptcy Court

Business Wire, June 14, 1996

LAS VEGAS--(BUSINESS WIRE)--June 14, 1996--Gold River Hotel & Casino Corporation (GRHC) and its wholly owned subsidiary, Gold River Operating Corporation (collectively, the "Company"), owners and operators of the Gold River Resort & Casino located in Laughlin, Nev., filed a Joint Plan of Reorganization and Proposed Disclosure Statement with the United States Bankruptcy Court for the District of Nevada at Las Vegas on Friday, June 7.

The Official Bondholders Committee, whose members own over two-thirds in dollar amount of the increasing rate mortgage notes, are co-proponents of the plan. Under the plan, the increasing rate mortgage notes will be converted into not less them 93.75 percent of the equity in the reorganized debtors and general, unsecured creditors will be paid in full (without interest) in four semi-annual installments.

According to John H. Midby, chairman of the board, "The new capital structure provided under the plan will make the Company more competitive in the Laughlin market."

Implementation of the plan is subject to, among other things, creditor acceptance of the plan and approval of the adequacy of the disclosure statement and confirmation of the plan by the bankruptcy court.

CONTACT: Gold River Hotel & Casino Corporation

John Midby, 702/362-0040

Gerald Schaffer, 702/362-0040