<PAGE>   1
     AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL __, 1997

                                                          REGISTRATION NO. 333-
--------------------------------------------------------------------------------
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549
                           ---------------------------

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933
                           ---------------------------

                              GRAND CASINOS, INC.
             (Exact name of registrant as specified in its charter)


         Minnesota                                           41-1689535
   (State or other jurisdiction or                         (IRS Employer
   incorporation or organization)                          Identification No.)


                               130 Cheshire Lane
                         Minnetonka , Minnesota  55305
          (Address, including zip code of principal executive offices)

                      -----------------------------------

                        1995 DIRECTOR STOCK OPTION PLAN

                              (Full title of plan)
                      -----------------------------------

                                Thomas J. Brosig
                                   President
                               130 Cheshire Lane
                         Minnetonka , Minnesota  55305
                                 (612) 449-9092
         (Name, and address, including zip code, and telephone number,
                   including area code, of agent for service)

                                    Copy to:

                           Russell F. Lederman, P.A.
                         Maslon Edelman Borman & Brand,
                  a Professional Limited Liability Partnership
                              3300 Norwest Center
                          Minneapolis, Minnesota 55402
                                 (612) 672-8200



<TABLE>
<CAPTION>
                        CALCULATION OF REGISTRATION FEE
------------------------------------------------------------------------------------------------------------------
TITLE OF EACH CLASS                             PROPOSED MAXIMUM        PROPOSED MAXIMUM
OF SECURITIES TO BE       AMOUNT TO BE          OFFERING PRICE          AGGREGATE                 AMOUNT OF 
REGISTERED                REGISTERED            PER SHARE(1)            OFFERING PRICE(1)      REGISTRATION FEE
------------------------------------------------------------------------------------------------------------------
<S>                     <C>                      <C>                    <C>                      <C>    
Common Stock ($0.01      200,000 shares           $9 3/4                 $1,950,000.00            $590.91
par value per share)
------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)  Estimated solely for purposes of computing the registration fee in
     accordance with Rule 457(h) and based upon the average of the high and low
     sales prices of the Common Stock on the New York Stock Exchange on April
     3, 1997.


<PAGE>   2

                                   PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3. Incorporation of Documents by Reference.

     The following documents filed by the registrant with the Securities and
Exchange Commission are incorporated herein by reference and made a part
hereof:

     (a)  The contents of the Registrant's Form 10-K for the fiscal year ended
          December 29, 1996.

     (b)  The description of Common Stock included under the caption
          "Securities to be Registered" in its Registration Statement on Form
          8-A/A, dated April 14, 1994, including any amendments or reports filed
          for the purpose of updating such description.

     All documents subsequently filed by the registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and to be part
hereof from the date of filing of such documents.

Item 5. Interests of Named Experts and Counsel.

     Neil I. Sell, a director of the Company, is a partner at Maslon Edelman
Borman & Brand, a Professional Limited Liability Partnership. Partners of
Maslon Edelman Borman & Brand, a Professional Limited Liability Partnership,
beneficially own 16,798 shares of Grand Casinos, Inc. Common Stock.

Item 6. Indemnification of Directors and Officers.

     The registrant is governed by Minnesota Statutes Chapter 302A.  Minnesota
Statutes Section 302A.521 provides that a corporation shall indemnify any
person made or threatened to be made a party to any proceeding by reason of the
former or present official capacity of such person against judgments,
penalties, fines, including, without limitation, excise taxes assessed against
such person with respect to an employee benefit plan, settlements, and
reasonable expenses, including attorney's fees and disbursements, incurred by
such person in connection with the proceeding, if, with respect to the acts or
omissions of such person complained of in the proceeding, such person has not
been indemnified by another organization or employee benefit plan for the same
expenses with respect to the same acts or omissions; acted in good faith;
received no improper personal benefit and Section 302A.255, if applicable, has
been satisfied; in the case of a criminal proceeding, had no reasonable cause
to believe the conduct was unlawful; and in the case of acts or omissions by
persons in their official capacity for the corporation, reasonably believed
that the conduct was in the best interests of the corporation, or in the case
of acts 




                                     II-1

<PAGE>   3

or omissions by persons in their capacity for other organizations, reasonably 
believed that the conduct was not opposed to the best interests of the 
corporation.

Item 8. Exhibits.

  5     Opinion of Maslon Edelman Borman & Brand, a Professional Limited
        Liability Partnership.

  23A   Consent of Arthur Andersen LLP.

  23B   Consent of Arthur Andersen LLP.

  23C   Consent of KPMG Peat Marwick LLP.

  23D   Consent of KPMG Peat Marwick LLP.


  23E  Consent of Maslon Edelman Borman & Brand, a Professional Limited
       Liability Partnership (contained in Exhibit 5).




Item 9.Undertakings.

  The undersigned registrant hereby undertakes:

  (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement;

      (i)  To include any prospectus required by Section 10(a)(3) of the
  Securities Act of 1933;

      (ii) To reflect in the prospectus any facts or events arising
  after the effective date of the registration statement (or the most
  recent post-effective amendment thereof) which, individually or in
  the aggregate, represent a fundamental change in the information set 
  forth in the registration statement.  Notwithstanding the foregoing,
  any increase or decrease in volume of securities offered (if the
  total dollar value of securities offered would not exceed that which
  was registered) and any deviation from the low or high and of the
  estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in
  the aggregate, the changes in volume and price represent no more
  than 20 percent change in the maximum aggregate offering price set
  forth in the "Calculation of Registration Fee" table in the
  effective registration statement.


                                     II-2
<PAGE>   4

      (iii) To include any material information with respect to the plan 
  of distribution not previously disclosed in the registration statement or 
  any material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

  (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

  (3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

  The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

  Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.



                                     II-3
<PAGE>   5

                                  SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Minneapolis, State of Minnesota, on April 8, 1997.

                             GRAND CASINOS, INC.


                             By    /s/ Lyle Berman
                                -------------------------
                                 Lyle Berman
                                 Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below on the 8th day of April, 1997, by
the following persons in the capacities indicated:


     Signature                   Title
     ---------                   -----  

/s/ Lyle Berman
----------------------
Lyle Berman                 Chairman of the Board and Chief Executive Officer
                            (Principal Executive Officer)

/s/ Thomas J. Brosig
----------------------
Thomas J. Brosig            President and Director


/s/ Timothy J. Cope
----------------------
Timothy J. Cope             Chief Financial Officer and Secretary (Principal
                            Financial and Accounting Officer)


/s/ Stanley M. Taube
----------------------
Stanley M. Taube            Director and Executive Vice President


/s/ David L. Rogers
----------------------
David L. Rogers             Director




                                     II-4
<PAGE>   6

/s/ Neil I. Sell
----------------------
Neil I. Sell                Director


/s/ Morris Goldfarb
----------------------
Morris Goldfarb             Director


/s/ Joel N. Waller
----------------------
Joel N. Waller              Director


/s/ Ronald J. Kramer
----------------------
Ronald J. Kramer            Director























                                     II-5
<PAGE>   7


                                 EXHIBIT INDEX


  Exhibit                                                                Page

   5         Opinion of Maslon Edelman Borman & Brand, a Professional 
             Limited Liability  Partnership.

   23A       Consent of Arthur Andersen LLP.

   23B       Consent of Arthur Andersen LLP.

   23C       Consent of KPMG Peat Marwick LLP.

   23D       Consent of KPMG Peat Marwick LLP.
















                                     II-6
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 13610}]
{"company-data": {"conformed-name": "GRAND CASINOS INC", "cik": "0000878321", "assigned-sic": "7990", "irs-number": "411689535", "state-of-incorporation": "MN", "fiscal-year-end": "0101"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-24845", "film-number": "97577334"}, "business-address": {"street1": "13705 FIRST AVENUE NORTH", "city": "PLYMOUTH", "state": "MN", "zip": "55441", "phone": "6124499092"}}
1
     AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL __, 1997

                                                          REGISTRATION NO. 333-
--------------------------------------------------------------------------------
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549
                           ---------------------------

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933
                           ---------------------------

                              GRAND CASINOS, INC.
             (Exact name of registrant as specified in its charter)

         Minnesota                                           41-1689535
   (State or other jurisdiction or                         (IRS Employer
   incorporation or organization)                          Identification No.)

                               130 Cheshire Lane
                         Minnetonka , Minnesota  55305
          (Address, including zip code of principal executive offices)

                      -----------------------------------

                        1995 DIRECTOR STOCK OPTION PLAN

                              (Full title of plan)
                      -----------------------------------

                                Thomas J. Brosig
                                   President
                               130 Cheshire Lane
                         Minnetonka , Minnesota  55305
                                 (612) 449-9092
         (Name, and address, including zip code, and telephone number,
                   including area code, of agent for service)

                                    Copy to:

                           Russell F. Lederman, P.A.
                         Maslon Edelman Borman & Brand,
                  a Professional Limited Liability Partnership
                              3300 Norwest Center
                          Minneapolis, Minnesota 55402
                                 (612) 672-8200
CALCULATION OF REGISTRATION FEE
------------------------------------------------------------------------------------------------------------------
TITLE OF EACH CLASS                             PROPOSED MAXIMUM        PROPOSED MAXIMUM
OF SECURITIES TO BE       AMOUNT TO BE          OFFERING PRICE          AGGREGATE                 AMOUNT OF 
REGISTERED                REGISTERED            PER SHARE(1)            OFFERING PRICE(1)      REGISTRATION FEE
------------------------------------------------------------------------------------------------------------------
Common Stock ($0.01      200,000 shares           $9 3/4                 $1,950,000.00            $590.91
par value per share)
------------------------------------------------------------------------------------------------------------------
(1)  Estimated solely for purposes of computing the registration fee in
     accordance with Rule 457(h) and based upon the average of the high and low
     sales prices of the Common Stock on the New York Stock Exchange on April
     3, 1997.
2

                                   PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

     The following documents filed by the registrant with the Securities and
Exchange Commission are incorporated herein by reference and made a part
hereof:

     (a)  The contents of the Registrant's Form 10-K for the fiscal year ended
          December 29, 1996.

     (b)  The description of Common Stock included under the caption
          "Securities to be Registered" in its Registration Statement on Form
          8-A/A, dated April 14, 1994, including any amendments or reports filed
          for the purpose of updating such description.

     All documents subsequently filed by the registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and to be part
hereof from the date of filing of such documents.

Item 5. Interests of Named Experts and Counsel.

     Neil I. Sell, a director of the Company, is a partner at Maslon Edelman
Borman & Brand, a Professional Limited Liability Partnership. Partners of
Maslon Edelman Borman & Brand, a Professional Limited Liability Partnership,
beneficially own 16,798 shares of Grand Casinos, Inc. Common Stock.

Item 6. Indemnification of Directors and Officers.

     The registrant is governed by Minnesota Statutes Chapter 302A.  Minnesota
Statutes Section 302A.521 provides that a corporation shall indemnify any
person made or threatened to be made a party to any proceeding by reason of the
former or present official capacity of such person against judgments,
penalties, fines, including, without limitation, excise taxes assessed against
such person with respect to an employee benefit plan, settlements, and
reasonable expenses, including attorney's fees and disbursements, incurred by
such person in connection with the proceeding, if, with respect to the acts or
omissions of such person complained of in the proceeding, such person has not
been indemnified by another organization or employee benefit plan for the same
expenses with respect to the same acts or omissions; acted in good faith;
received no improper personal benefit and Section 302A.255, if applicable, has
been satisfied; in the case of a criminal proceeding, had no reasonable cause
to believe the conduct was unlawful; and in the case of acts or omissions by
persons in their official capacity for the corporation, reasonably believed
that the conduct was in the best interests of the corporation, or in the case
of acts 

                                     II-1
3

or omissions by persons in their capacity for other organizations, reasonably 
believed that the conduct was not opposed to the best interests of the 
corporation.

Item 8. Exhibits.

  5     Opinion of Maslon Edelman Borman & Brand, a Professional Limited
        Liability Partnership.

  23A   Consent of Arthur Andersen LLP.

  23B   Consent of Arthur Andersen LLP.

  23C   Consent of KPMG Peat Marwick LLP.

  23D   Consent of KPMG Peat Marwick LLP.

  23E  Consent of Maslon Edelman Borman & Brand, a Professional Limited
       Liability Partnership (contained in Exhibit 5).

Item 9.Undertakings.

  The undersigned registrant hereby undertakes:

  (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement;

      (i)  To include any prospectus required by Section 10(a)(3) of the
  Securities Act of 1933;

      (ii) To reflect in the prospectus any facts or events arising
  after the effective date of the registration statement (or the most
  recent post-effective amendment thereof) which, individually or in
  the aggregate, represent a fundamental change in the information set 
  forth in the registration statement.  Notwithstanding the foregoing,
  any increase or decrease in volume of securities offered (if the
  total dollar value of securities offered would not exceed that which
  was registered) and any deviation from the low or high and of the
  estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in
  the aggregate, the changes in volume and price represent no more
  than 20 percent change in the maximum aggregate offering price set
  forth in the "Calculation of Registration Fee" table in the
  effective registration statement.

                                     II-2
4

      (iii) To include any material information with respect to the plan 
  of distribution not previously disclosed in the registration statement or 
  any material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

  (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

  (3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

  The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

  Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.

                                     II-3
5

                                  SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Minneapolis, State of Minnesota, on April 8, 1997.

                             GRAND CASINOS, INC.

                             By    /s/ Lyle Berman
                                -------------------------
                                 Lyle Berman
                                 Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below on the 8th day of April, 1997, by
the following persons in the capacities indicated:

     Signature                   Title
     ---------                   -----  

/s/ Lyle Berman
----------------------
Lyle Berman                 Chairman of the Board and Chief Executive Officer
                            (Principal Executive Officer)

/s/ Thomas J. Brosig
----------------------
Thomas J. Brosig            President and Director

/s/ Timothy J. Cope
----------------------
Timothy J. Cope             Chief Financial Officer and Secretary (Principal
                            Financial and Accounting Officer)

/s/ Stanley M. Taube
----------------------
Stanley M. Taube            Director and Executive Vice President

/s/ David L. Rogers
----------------------
David L. Rogers             Director

                                     II-4
6

/s/ Neil I. Sell
----------------------
Neil I. Sell                Director

/s/ Morris Goldfarb
----------------------
Morris Goldfarb             Director

/s/ Joel N. Waller
----------------------
Joel N. Waller              Director

/s/ Ronald J. Kramer
----------------------
Ronald J. Kramer            Director

                                     II-5
7

                                 EXHIBIT INDEX

  Exhibit                                                                Page

   5         Opinion of Maslon Edelman Borman & Brand, a Professional 
             Limited Liability  Partnership.

   23A       Consent of Arthur Andersen LLP.

   23B       Consent of Arthur Andersen LLP.

   23C       Consent of KPMG Peat Marwick LLP.

   23D       Consent of KPMG Peat Marwick LLP.

                                     II-6