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Argosy Gaming Increases Estimates for Quarter and Year

17 January 2002

ALTON, Illinois –- (Press Release) -- Argosy Gaming Company (NYSE: AGY) today announced that it has increased its earnings estimates for the quarter and year ending December 31, 2001.

The Company had previously estimated earnings of $0.48 to $0.52 per share for the fourth quarter as part of its third quarter 2001 earnings announcement made on October 24, 2001.

Argosy said that the previous guidance was provided when there existed a great deal of uncertainty surrounding the general economic outlook for local gaming markets as well as the effects of the tragic events that occurred on September 11, 2001.

The Company said that it is now comfortable in estimating earnings on a diluted basis of $0.67 to $0.70 per share for the fourth quarter ending December 31, 2001, and $2.22 to $2.25 per share for the year ending December 31, 2001, after giving effect to a $1.9 million pre-tax charge incurred in the third quarter 2001.

Argosy plans to release its fourth quarter and year ended December 31, 2001 earnings on January 29, 2002. The Company will host a conference call for all interested parties on January 29, 2002 at 11:30 EST to review its fourth quarter and year-end 2001 financial results in greater detail.

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; the Empress Casino and Hotel in Joliet, Illinois, serving the greater Chicagoland market; and the Argosy Casino & Hotel in Lawrenceburg, Indiana, serving the Cincinnati and Dayton metropolitan markets.

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