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Argosy Gaming Company's Next CEO to be Richard J. Glasier

7 January 2003

ALTON, Illinois – (Press Release) -- The Board of Directors of Argosy Gaming Company (NYSE: AGY) today announced that pending licensing it has designated Richard J. Glasier, currently the company's President, to succeed Chief Executive Officer James B. Perry effective May 2, 2003 upon his retirement. Mr. Perry will continue to serve on the company's Board of Directors.

Perry, 52, has served as Chief Executive Officer since 1997 and was elected to the board in 2000.

Glasier, 57, was hired as Argosy's President in July of last year to add depth to Argosy's management team. He formerly held the position of Executive Vice President and Chief Financial Officer of Royal Caribbean Cruises, Ltd., where he helped lead that company's dramatic growth.

William F. Cellini, Chairman of Argosy's Board of Directors stated, "The board, shareholders and employees are enormously grateful for the invaluable contribution Jim Perry has made to Argosy over the past six years. Under his leadership, we addressed serious challenges and created a solid business strategy and operations model -- with a commensurate reflection in shareholder value.

"With Jim at the helm, Argosy not only made significant progress in reaching its business goals, Argosy's achievements were recognized by its peers. Examples include being selected as the Gaming Industry Annual Awards winner as 'Company of the Year' in 2000, and being given the American Gaming Association's 'Top Performing Board of Directors' award in both 2001 and 2002."

Mr. Perry said, "I am very proud of the colleagues who have supported our efforts to make Argosy a best-in-class organization. We set goals to become the premier operator of riverboat casinos in the United States, and to build an efficient and profitable enterprise. We have accomplished these objectives, and laid the foundation for the next phase of growth for Argosy and our shareholders. I share our board's confidence in Dick Glasier's ability to take Argosy to its highest level of performance ever."

Richard Glasier will bring to his new position 30 years of experience in the cruise line, hotel, entertainment and gaming industries.

While at Royal Caribbean, he played a key role in growing that company from a fleet of 4 ships to 24 ships and $11 billion in assets. Glasier received a Bachelor of Arts Economics Degree from Cornell College in 1967 and a MBA Finance Degree from Southern Methodist University in 1968.

Mr. Glasier commented, "Argosy has a well-earned reputation for outstanding operations and prudent use of capital. These operating philosophies will always remain the cornerstone of the company. The company's operating strengths and strong capital structure position Argosy to take advantage of the new growth opportunities in our industry, including the likely expansion of gaming in new jurisdictions."

Argosy Gaming Company is a leading owner and operator of riverboat casinos and related entertainment and hotel facilities in the Midwestern and southern United States. Argosy owns and operates the Alton Belle Casino in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy Casino- Riverside in Missouri, serving the greater Kansas City metropolitan market; the Argosy Casino-Baton Rouge in Louisiana; the Belle of Sioux City in Iowa; the Argosy Casino-Lawrenceburg in Indiana, serving the Cincinnati and Dayton metropolitan markets; and the Empress Casino Joliet in Illinois serving the greater Chicagoland market.

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