Global Casinos, Inc. Reports Third QuarterProfit.

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--May 3, 1999--

Global Casinos, Inc. (Nasdaq: GBCS) reported today its third quarter results for the three months ended March 31, 1999.

The Company reported revenues of $2,539,518, income from continuing operations of $448,148, and net

income of $383,149. Net income available to common stockholders was $.20 per share based on 1,545,344 weighted average shares of common stock outstanding. Comparatively, for the three months ended March 31, 1998, revenues were $3,175,596, income from continuing operations was $477,254 and net income was $325,374. Earnings per share was $.21 based on 1,499,891 shares of common stock outstanding.

"While third quarter revenues in total were down 20% from the prior year, revenues from ongoing operations actually increased," commented Steve Calandrella, president. "Revenues from our Bull Durham, Alaska Bingo, and St. Maarten operations were up 15% from the quarter last year. In addition, revenues were earned more efficiently than in the prior year."

Condensed financial data for the three and six months ended are as follows (amounts in thousands, except for earnings per share): -0-

                                  1999                    1998
                            3me         9me         3me         9me
                           -----       -----       -----       -----
Revenues                  $2,540      $7,113      $3,176      $9,180
Expenses                   2,092       6,651       2,698       8,696
Income from
 continuing
 operations                  448         462         477         484
Net income                   383         293         325         185
Net income
 available
  to common
 stockholders                314          97         325         185
Earnings per
 share                    $ 0.20      $ 0.06      $ 0.21      $ 0.12

Certain statements in this release and the Company's quarterly report on Form 10-QSB which are not historical facts are forward-looking statements, such as statements relating to future operating results, existing and expected competition, financing and refinancing sources and availability, and plans for future development or expansion activities and capital expenditures. Such forward-looking statements involve a number of risks and accordingly, actual results may differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt services, financing and refinancing efforts, general economic conditions, changes in gaming laws or regulations, and risks related to development and construction activities.