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Argosy Gaming Company Acquires Minority Partner's Interest in Indiana

8 March 2001

ALTON, Illinois –(Press Release) -- March 8, 2001 -- Argosy Gaming Company (NYSE: AGY) today announced that it has closed its purchase of the 13.5% limited partnership interest in the Argosy Casino and Hotel in Lawrenceburg, Indiana from Centaur, Inc. (``Centaur''). The purchase price for the minority interest was $105 million. The purchase price was funded with borrowings under the Company's recently amended and restated $400 million senior credit facility.

James B. Perry, President and Chief Executive Officer, commenting on the transaction, said, ``We are extremely pleased to now own 100% of all of our properties including our flagship casino in Lawrenceburg. Equally important, this milestone in the Company's history will enable us to move quickly on any future expansion or investment opportunities that may develop in this or any of our other markets.''

Further, Perry stated, ``We continue to aggressively explore new growth opportunities and will use all available resources in our efforts to build shareholder value.''

Argosy is a leading multi-jurisdictional owner and operator of riverboat casinos and related entertainment and hotel facilities in the midwestern and southern United States. Argosy, through its subsidiaries, owns and operates the Alton Belle in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy Casino in Riverside, Missouri, serving the greater Kansas City metropolitan market; the Argosy Casino-Baton Rouge in Louisiana; the Belle of Sioux City, Iowa; and the Argosy Casino & Hotel in Lawrenceburg, Indiana, serving the Cincinnati and Dayton metropolitan markets.

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