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Alliance Gaming Q2 Results Mixed

15 January 2003

LAS VEGAS – (Press Release) -- Alliance Gaming Corporation (NYSE: AGI) today announced earnings for its second fiscal quarter ending December 31, 2002. Net income (after tax) for the second quarter totaled $11.9 million, or $0.24 per diluted share, on revenues of $173.6 million. For the comparable quarter ended December 31, 2001, the Company reported net income of $12.8 million, or $0.27 per diluted share, on revenues of $150.6 million, which period included no Federal income tax expense due to the utilization of net operating loss carry forwards and other tax credits. Assuming Federal income taxes had been recognized for the quarter ended December 31, 2001, net income and EPS would have been $8.3 million or $0.18 per share, respectively.

The Company's financial performance was led by its Bally Gaming and Systems business unit which reported a 67% increase in revenues to $86.6 million driven by a 66% increase in new units sales, and a 106% increase in EBITDA to $25.5 million, which is a new record for this business unit.

Results for the December 2002 quarter include:

-- Record consolidated revenues of $173.6 million, an increase of 15% from the $150.6 million in the prior year quarter, led by a 67% increase in revenues at the Bally Gaming and Systems business unit.

-- Record consolidated EBITDA, of $34.4 million, an increase of 24% from the $27.7 million in the prior year quarter, led by a 106% increase at Bally Gaming and Systems.

-- Net income (after tax) of $0.24 per diluted share, an increase of 33% compared to the prior year quarter after-tax earnings of $0.18 per share.

Fiscal Year 2003 Guidance Update:

For fiscal 2003, the Company updated its EPS guidance to at least $0.87 on a fully-taxed basis from its previous estimate of $0.84. The fiscal 2003 earnings guidance compares to $0.70 on a fully taxed basis in fiscal 2002 (excluding non-recurring items).

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