Las Vegas Discount Golf & Tennis 1998 Results

Business Wire, May 3, 1999

LAS VEGAS--(BUSINESS WIRE)--April 29, 1999--

Las Vegas Discount Golf & Tennis Inc. (NASDAQ:LVDG) recorded revenues in 1998 of $4,545,000 compared to $5,153,000 in 1997. 1998 results included $1,536,300 in revenues from the All-American SportPark and Callaway Golf Center(TM) in Las Vegas compared to $322,000 in 1997. The increase in revenues is mainly attributable to commencement of operation at the All-American SportPark in October 1998. 1997 results include merchandise sales from three Company stores which were sold in February 1997. Net losses from continuing operations before minority interest were $2,110,000 or $.34 per share in 1998 compared to $2,168,000 or $.40 per share in 1997. Losses in both periods are attributable to costs associated with the development and start up of the Company's first All-American SportPark in Las Vegas which commenced operations on October 9, 1998.

Las Vegas Discount Golf & Tennis Inc. owns 2,000,000 of 3,000,000 common shares outstanding of All-American SportPark, Inc. (NASDAQ: AASP) which is the 100% owner and operator of All-American SportPark, an action sport themed park located on 65 acres on the south end of the Las Vegas "Strip." Sport and entertainment major attractions are located in the SportPark and include the Callaway Golf Center(TM), All-American SportPark Pavilion, Major League Baseball Slugger Stadium, NASCAR SpeedPark, and All Sport Arena.

                 Consolidated Statements of Operations
              For the Years Ended December 31, 1998 and 1997

                                       1998             1997

Revenues                           $4,545,000        $5,153,000
Cost of Revenues                    3,215,000         4,135,000
                                   ----------        ----------
Gross Profit                        1,330,000         1,018,000
Operating Expenses                  4,539,300         3,292,000
Operating Loss                     (3,209,300)       (2,274,000)
Other Income (Expense)              1,099,300           106,000
Loss from Continuing Operations
 before Minority Interest          (2,110,000)       (2,168,000)
Minority Interest                     490,800           (74,000)
Income from Discontinued Operations   180,700         2,887,000
Net Income (Loss)                 $(1,438,500)         $645,000
                                   ----------        ----------
Net Income (Loss) Per Share:
     Basic and Diluted
Loss From Continuing Operations
 before Minority Interest               $(.34)            $(.40)
Income from Discontinued Operations
 and Minority Interest                    .11               .52
Net Income (Loss) Per Share             $(.23)            $(.12)