FUNDING FINALIZED FOR CASINO

METROPOLIS, Ill. -- Players International Inc. has completed financing requirements for its Players Riverboat Casino in Metropolis, which is on the Ohio River.

The requirements were met through a private placement funded by a Merv Griffin company and other accredited investors, including members of the Players International Board of Directors, management personnel and outside investors.

The private placement, which called for $5.5 million in exchangeable debentures and was over-subscribed by more than $315,000, closed with a total of $5,815,000.

The debentures are an obligation of Southern Illinois Riverboat Casino Cruises Inc., and are not guaranteed by Players. They are exchangeable for common stock of Players with warrants attached to purchase additional shares.

According to the investment agreement terms, Griffin, the largest single investor, could acquire approximately 20 percent of the company by exchanging his debentures and exercising his warrants.

"With the final piece of the financing in place, it's full steam ahead," said David Fishman, vice chairman of Players International and president of Players Riverboat Casino.

"We are now going forward with our riverfront development plan, which calls for a 100-by-600-foot harbor, parking for more than 1,000 cars, and a permanently moored floating operations and entertainment center, including a ticketing office, gift shop, two restaurants, and banquet and meeting facilities," Fishman said.

Players also owns four acres of land suitable for hotel development in an area adjacent to the riverfront project.

Construction of the riverboat, which is a 1,200-passenger sidewheeler replica, is under way. The vessel will have more than 20,000 square feet of casino space on three decks and will feature more than 650 video poker and slot machines, 38 table games, and live poker games.

Players Riverboat Casino will be licensed by Illinois. The riverboat is scheduled for delivery in late February. Casino operations are slated to begin in April.