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Alliance Gaming Announces Tender Offer

13 August 2003

LAS VEGAS – (Press Release) -- Alliance Gaming Corp. (NYSE: AGI) announced that today it commenced a cash tender offer for the $150 million aggregate principal amount of its currently outstanding 10% Senior Subordinated Notes due 2007 (CUSIP No. 01859P AG 9). In connection with the tender offer, the Company also is soliciting holders to consent to proposed amendments to the indenture governing the notes, which among other things would eliminate substantially all of the restrictive covenants under the indenture.

The consent solicitation period will expire at 5:00 p.m. New York City Time on Aug. 26, 2003, unless extended or terminated, and the tender offer will expire at Midnight New York City Time on Sept. 10, 2003, unless extended or terminated.

Holders who validly tender notes at or prior to the expiration of the consent solicitation period will be deemed to have delivered consents to the proposed amendments to the indenture governing the notes, and will be eligible to receive the total consideration of $1,035.83 per $1,000 in principal amount purchased (plus interest thereon to, but excluding, the purchase date), which includes a consent payment of $20 per $1,000 of the principal amount of the notes tendered and accepted for purchase.

Holders who validly tender their notes after the expiration of the consent solicitation period but prior to the expiration of the tender offer, are not entitled to the consent payment and will receive as payment for their notes total consideration of $1,015.83 per $1,000 in principal amount purchased (plus interest thereon to, but excluding, the purchase date). The Company expects to accept and pay for all notes validly tendered promptly following satisfaction or waiver of the conditions to the offer.

The terms and conditions of the tender offer and consent solicitation, including the conditions to the Company's obligation to accept the notes tendered and pay the purchase price thereafter, are set forth in the Company's Offer to Purchase and Consent Solicitation, dated Aug. 13, 2003. The tender offer conditions include, among other things, the Company's ability to put in place a new $375 million credit facility to refinance its existing indebtedness. The Company reserves the right to amend, extend or, subject to certain conditions, terminate the tender offer and consent solicitation.

The Company has retained CIBC World Markets Corp. to act as the Dealer Manager for the tender offer and consent solicitation (contact: Brian Perman, 212-885-4489) and has retained Innisfree M&A Incorporated as the Information Agent. The Offer to Purchase and Consent

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