Contact:
                                                  Kella Brown
                                                  VP, Corporate Communications
                                                  Leisure Industries Corporation
                                                  kbrown@leisureindustries.com
                                                  ----------------------------
                                                 (702) 992-4272

      LEISURE INDUSTRIES CORPORATION COMPLETES SALE OF LAND LOAN PORTFOLIO
                $25MM OF DEBT REMOVED FROM LESR'S BALANCE SHEET


LAS VEGAS, March 10, 2003 - Leisure  Industries  Corporation of America (NASDAQ:
LESR) today announced the completion of the first phase of the  restructuring of
its $100 million portfolio of consumer loans. This initial  transaction  enables
the Company to sell its portfolio of land receivables held by FINOVA and Textron
Financial  Corporation  (TFC) to Land Finance Company,  an affiliate of Textron,
for $25 million.  The transaction reduces the Company's  receivable portfolio by
$25 million and removes $25 million of notes payable from the Company's  balance
sheet.

"This  is a major  element  of  Leisure's  previously  announced  commitment  to
strengthen our overall financial position, situating the Company to move forward
with aggressive growth and marketing strategies," said Mike Greco, President and
Chief Operating Officer.

"Our  objectives,  set  forth  last  year,  were  to  reorganize  the  Company's
operations,  reduce its long term operating costs, reduce our debt, and clean up
any operating or financial  issues  previously faced by the Company," said Floyd
W. Kephart,  Chairman and CEO. "We believe our  reorganization is complete.  Our
operating costs have been significantly  reduced, which will be reflected in our
first quarter operating  results.  We will have successfully  reviewed and taken
all appropriate  action on financial  reports as of December 31, 2003. Thanks to
the work of Mike Greco and Dana Myers,  Sr. VP of  Financial  Services,  we have
taken the first  major  step  toward  reducing  our long term  debt."  continued
Kephart.



"Every one of these initiatives has taken a great deal of time and dedication by
this management team. It is rewarding to our shareholders, our customers and our
lenders to see this kind of progress being made." said Kephart.

Greco continued, "We have a lot of work left to do and we know that we will have
to make some tough  decisions  to meet our  objectives,  but we are on the right
track to return the Company to profitability in this fiscal year."

Leisure Industries is a full-service,  vertically-integrated  vacation solutions
provider  specializing  in travel and  tourism  packages,  the  development  and
operation of vacation ownership resorts, marketing land for use as vacation home
sites,  and providing  consumer  financing to  purchasers of vacation  ownership
interests  and land parcels.  Leisure  Industries  is  headquartered  Las Vegas,
Nevada and has properties in Arizona, California,  Nevada, New Jersey, Colorado,
Florida and Hawaii.  For more  information  on the Leisure  Industries  group of
companies,     or    to    book    your    dream    vacation    today,     visit
www.leisureindustries.com.

                                      ###

This press release contains  "forward-looking  statements" within the meaning of
the  Private  Securities  Litigation  Reform Act of 1995.  Such  forward-looking
statements involve known and unknown risks, uncertainties or other factors which
may cause actual  results,  performance or  achievements  of Leisure  Industries
(Mego Financial) to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Factors
that might  cause such a  difference  include,  but are not  limited  to,  those
discussed in the Management's Discussion and Analysis of Financial Condition and
Results of  Operations in Mego  Financial's  Annual Report on Form 10-KT for the
year  ended  December  31,  2001,  and in the Form  10-Q for the  quarter  ended
September 30, 2002, and subsequent  documents filed by Mego Financial Corp. with
the Securities and Exchange Commission.