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American Bingo & Gaming Acquires Six Bingo Centers in Texas

3 November 1998

American Bingo & Gaming Corp. (Nasdaq: BNGO) successfully completed the acquisition of six bingo centers in Texas, the nation's largest bingo revenue state, on October 30.

The bingo centers are located in Lubbock (3), Amarillo (2) and Odessa (1). These centers are well established and dominant in their respective markets and will retain all local management personnel. With this acquisition, American Bingo & Gaming Corp. now collectively operates 19 bingo centers in Texas, Alabama and South Carolina.

The company also announced that it has decided not to open a bingo center in Birmingham, Alabama as previously announced. Management was uncertain that this center would achieve its targeted performance requirements and decided not to proceed.

Andre Hilliou, company chairman, CEO and president, stated,

"We are pleased to consummate this acquisition of six proven bingo centers with strong management and earnings history," said Andre Hilliou, company chairman, CEO and president. "These six centers are expected to be immediately accretive to earnings, and we believe the acquisition will add $.07-$.08 to per share earnings in 1999. Company management analyzed this acquisition carefully and we are very confident of its projected success and look forward to announcing additional growth opportunities in the future."

Headquartered in West Columbia, South Carolina, American Bingo & Gaming Corp. is a market leader in the $14 billion non-casino gaming market and $6 billion North American charitable bingo market. The company generates a majority of its revenues from video gaming co-operations in South Carolina and also earns revenues from bingo centers in Texas, Alabama and South Carolina. For more information on the company, go to http://www.ambingo.com/ (BNGO)

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