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Argosy Gaming Announces Letter of Intent to Acquire Its Partner's Minority Interest

25 January 2001

ALTON, Illinois –(Press Release) --Jan. 25, 2001 -- Argosy Gaming Company (NYSE: AGY) today announced that it has entered into a letter of intent with Centaur, Inc. (``Centaur'') to acquire their 13.5% limited partnership interest in the Argosy Casino and Hotel in Lawrenceburg, Indiana.

Under the terms of the agreement, the Company agreed to pay $105 million for Centaur's 13.5% limited partnership interest. The transaction is subject to numerous conditions precedent including negotiating a definitive agreement and the receipt of all applicable regulatory approvals.

Upon closing this transaction and the Conseco Entertainment, LLC (``Conseco'') transaction announced on December 19, 2000, Argosy would own 100% of the Lawrenceburg casino, its flagship property. Argosy anticipates closing both transactions in the first quarter of 2001.

James B. Perry, President and Chief Executive Officer, commenting on the transaction said, ``We are extremely pleased to be in a position to assume complete ownership of the Lawrenceburg casino. Upon the completion of these transactions, we will own 100% of all five of our properties and will continue to explore all means to further maximize value for our shareholders.''

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