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A Break-up in Mo

5 June 1997

LAS VEGAS -- Lady Luck Gaming Corporation and Davis Gaming have announced the dissolution of DGC-LLK Partners, the partnership which was formed November 30, 1995 for the purpose of developing and operating a casino project in Jefferson County, Missouri.

Lady Luck will continue to develop the Jefferson County project. A subsidiary of Lady Luck Gaming Corp. has the rights to the proposed Jefferson County site, and owns the assets which would have been utilized for the partnership's project. Davis Gaming has chosen to pursue the development and acquisition of gaming properties in other markets. Namely, Davis has been successful in getting preliminary approval from the Missouri Gaming Commission to develop riverboat gaming site in the mid-Missouri town of Boonville.

The 45-acre site of the Lady Luck project is located in Kimmswick, Missouri, approximately 25 miles south of St. Louis. The proposed project has received the appropriate zoning approval from the Jefferson County Planning Commission, and has the necessary U.S. Army Corps of Engineers 404 permit. The proposal includes a land-based hotel, and a casino onboard a cruising vessel.

The development of the project is subject to the approval of the Missouri Gaming Commission. Lady Luck Gaming Corp. (the "Company") has filed an application with the commission; however, the State of Missouri investigates applicants at its discretion, and there can be no assurance that the Company's application will be actively reviewed at any future time.

In fact, there are serious concerns, given recent experience, that both the Kansas City and St. Louis markets may have reached saturation with gaming facilities.

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