Exhibit 99.1 GRAND CASINOS, INC. LOGO NEWS RELEASE GRAND CASINOS, INC. 13705 1ST AVENUE NORTH MINNEAPOLIS, MN 55441 612-449-9092 612-449-9353 (FAX) HTTP://WWW.GRANDCASINOS.COM TRADED: NYSE (GND) FOR FURTHER INFORMATION CONTACT: Donna Volkers 612-449-8534 or Pam Zahn 612-449-7071 FOR IMMEDIATE RELEASE: THURSDAY, JUNE 6, 1996 GRAND CASINOS PROVIDES LOAN TO STRATOSPHERE MINNEAPOLIS, JUNE 6, 1996 - GRAND CASINOS, INC. (NYSE:GND) announced today that it will loan Stratosphere Corporation $48.5 million pursuant to a previously agreed upon completion guaranty. The majority of the funds advanced under the guaranty have been used to pay for enhancements to the original scope of the project. Grand Casinos currently owns approximately 42 percent of Stratosphere Corporation and had agreed to provide the guaranty as part of Stratosphere's March 1995 $203-million First Mortgage Note offering. The Grand Casinos loan will bear interest at 14.25 percent and will be unsecured and subordinate to the First Mortgage Notes. Grand Casinos, Inc. has been a publicly traded company since 1991 and is listed on the New York Stock Exchange under the trading symbol GND. The company currently owns and operates the two largest casino/hotel resorts in the state of Mississippi, manages two large land-based casinos in Louisiana, and manages two large casino/hotel resorts in Minnesota. Grand Casinos also owns approximately 42 percent of Stratosphere Corporation, (NASDAQ National Market:TOWV) located in Las Vegas, Nevada.