OCEAN SPRINGS, Miss., May 21 /PRNewswire/ -- Casino Resource Corporation (Nasdaq: CSNR), a Minnesota Corporation, headquartered in Ocean Springs, Miss., announced today second quarter results. For the three month period ending March 31, 1999, loss from continuing operations, before the reversal of the $2 million income tax credit, decreased $1.0 million to $1.1 million from $2.1 million for the comparable 1998 period. For the three months ended March 31, 1999, the Company reported a net loss of $3.12 million or $.31 per share, before the reversal of a $2 million deferred tax asset (10,176,149 weighted average shares outstanding) on revenues of $1.07 million versus a net loss of $1.99 million or $.20 per share (9,798,324 weighted average shares outstanding) on revenues of $1.07 million for the comparable fiscal 1998 period. For the six months ended March 31, 1999, the Company reported a net loss of $3.27 million or $.33 per share (9,830,834 weighted average shares outstanding) on revenues of $5.06 million compared to a net loss of $2.99 million or $.30 per share (9,846,366 weighted average shares outstanding) on revenues of approximately $5.25 million for the comparable fiscal 1998 period. Upon receipt of notice from On Stage Entertainment, Inc. that it was unable to obtain the necessary financing to complete the transaction contemplated in the Asset Purchase Agreement dated September 21, 1998, the Company reversed a $2 million deferred tax asset and restated its entertainment division as a continuing operation during the second quarter ending March 31, 1999. According to Jack Pilger, CEO and Chairman, "Second quarter results are historically impacted by the seasonal closing of the Company's theaters in Branson, Mo. and Pigeon Forge, Tenn., and were within management's expectations." Second quarter revenues kept pace with the comparable 1998 quarter, while there were substantial decreases in consolidated operating costs of $1.4 million or a 40% decrease. The reduction in second quarter operating expenses was attributed to management's cost containment efforts in its casino in Tunisia, North Africa, corporate down sizing and the discontinuation of the Company's 60% interest in the Country Tonite Theatre, LLC in Pigeon Forge, Tenn. Casino Resource Corporation is a diversified entertainment and gaming enterprise. The Company owns and operates the 2,000 seat Country Tonite Theatre in Branson, Mo. Additionally, the Company owns Country Tonite Enterprises, an award-winning theatrical production company in Las Vegas, Nev. (producers of the "Country Tonite Show"). The Country Tonite Show is presently performing in Branson's Country Tonite Theatre and in the Country Tonite Theatre in Pigeon Forge, Tenn. The Company has opened and operates a casino and 500-seat theatre in Sousse, Tunisia, North Africa.  