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Argosy Gaming Expects to Miss Q4 Guidance

19 December 2002

ALTON, Illinois – (Press Release) -- Argosy Gaming Company (NYSE: AGY) today announced that it does not expect to meet earnings per share guidance in the mid-sixty-cent range for the quarter ending December 31, 2002 based on most recent operating results. Earnings in October and November for the company's properties correlated with EPS that would be $0.08 lower than were forecast for the two months.

A significant portion of the shortfall is the result of lower than anticipated revenue growth at the company's property in Lawrenceburg, Indiana. Earlier this year, legislation was passed permitting riverboat casinos to operate dockside, rather than requiring the boats to cruise. This change has had a positive impact on the casino revenues for the Argosy Casino- Lawrenceburg property, but not to the level anticipated, and has been more than offset by the associated increase in gaming taxes. In addition, significant capital improvements at competitive properties in the Chicago and St. Louis markets have challenged the earnings performance of the company's Illinois casinos.

"This year's tax increases and competitive pressures have impacted our earnings in a tough economic environment," said James B. Perry, Chief Executive Officer. "However, our focus on the fundamentals of creating a fun, welcoming environment for our customers while at the same time managing our operations as efficiently as possible continues to enable us to provide positive results for both our guests and our shareholders."

Argosy 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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