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Argosy Gaming Company Enters Agreement with Nii-Jii Entertainment

21 December 2000

ALTON, Illinois --(Press Release) -- Dec. 21, 2000-- Argosy Gaming Company (NYSE: AGY) today announced that it has entered into an agreement with Nii-Jii Entertainment, LLC to serve as the developer and operator of a proposed casino in Kenosha, Wisconsin. Nii-Jii has separately entered into an agreement with the Menominee Indian Tribe of Wisconsin to serve as the manager of the casino project proposed at the Dairyland Greyhound Race Track site in Kenosha.

The proposed casino project is subject to numerous regulatory approvals, including receiving approval from the United States Bureau of Indian Affairs of placing in federal trust the proposed casino site for the benefit of the tribe. Under its agreement with Nii-Jii, Argosy has also committed to provide up to $35 million of subordinated debt for the project. Argosy's financing commitment is conditioned upon the tribe obtaining the requisite regulatory approvals and raising the remaining project costs through an institutional debt offering.

Roger Archibald, Vice President, Planning and Development, commenting on the transaction said, ``We are extremely pleased to be part of this exciting opportunity. The proposed Kenosha casino project features an outstanding location with good access from the interstate highway. Upon obtaining the necessary regulatory approvals, we look forward to working with Nii-Jii and the Menominee tribe in developing this project.''

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