1
                                                                      EXHIBIT 11

                             GRAND CASINOS, INC.
                      RATIO OF EARNINGS TO FIXED CHARGES
                            (DOLLARS IN THOUSANDS)





                                            SIX MONTHS    SIX MONTHS                    FISCAL YEARS ENDED
                                              ENDED         ENDED     --------------------------------------------------------------
                                             6/29/97       6/30/96    12/29/96       12/31/95       1/1/95       1/2/94       1/3/93
                                            ----------------------------------------------------------------------------------------
                                                                                                           
Earnings:                                                                                                                          
Pretax Income                                53,583        59,657      (83,223)       110,485        44,526      28,250       4,539
                                                                                                                                   
Plus - fixed charges as follows:                                                                                                   
                                                                                                                                   
     Interest Expense                        22,617        10,566       32,767         26,187        14,140      10,636         165
                                                                                                                                   
     Capitalized Interest                     3,722        13,100       16,065         19,480         3,652       5,214           0
                                                                                                                                   
     Loss in unconsolidated Affiliates          200         3,839       22,252            408           985         214           0
                                                                                                                                   
                                            ---------------------------------------------------------------------------------------
                                             80,122        87,162      (12,139)       156,560        63,303      44,314       4,704
                                            =======================================================================================
Fixed Charges:                                                                                                                     
                                                                                                                                   
     Interest Expense                        22,617        10,566       32,767         26,187        14,140      10,636         165
                                                                                                                                   
     Capitalized Interest                     3,722        13,100       16,065         19,480         3,652       5,214           0
                                                                                                                                   
     Amortization of debt expense and                                                                                              
     discount or premium relating                                                                                                  
     to any indebtedness                      1,577         1,112        2,790          6,035         2,126       1,668           0
                                            ---------------------------------------------------------------------------------------
                                             27,916        24,778       51,622         51,702        19,918      17,518         165
                                            =======================================================================================
     Ratio of Earnings to Fixed Charges      2.8701        3.5177      (0.2352)        3.0281        3.1782      2.5296     28.5091
                                            =======================================================================================