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Argosy Gaming Company Increases Earnings Estimates for Q1 And 2001

15 March 2001

ALTON, Illinois –(Press Release) -- March 15, 2001 -- Argosy Gaming Company today announced that it has increased its earnings estimates for the quarter ending March 31, 2001 and year ending December 31, 2001, as a result of its recent purchases of the minority interests in the Argosy Casino & Hotel in Lawrenceburg, Indiana and stronger than anticipated operating results during the first two months of 2001.

Prior to closing the purchase transactions with Conseco Entertainment, L.L.C, on February 22, 2001, and Centaur, Inc. on March 8, 2001, the Company had announced comfort levels of $0.36 to $0.39 per share for the quarter ending March 31, 2001 and $1.70 to $1.80 per share for the year ending December 31, 2001.

Due to the difficulty in predicting the closing dates of these transactions, the Company had indicated in its 2000 year-end earnings release that it would update its 2001 earnings estimates to give effect to the Lawrenceburg minority interest acquisitions.

The Company is now comfortable in estimating earnings on a diluted basis of $0.44 to $0.47 per share for the quarter ending March 31, 2001 and $1.90 to $2.00 per share for the year ending December 31, 2001.

The Company also said that it would release its earnings estimates for the quarter ending June 30, 2001, pursuant to its customary schedule, when it announces its results for the first quarter of 2001.

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 Casino 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 in Iowa; and the Argosy Casino & Hotel in Lawrenceburg, Indiana, serving the Cincinnati and Dayton metropolitan markets.

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