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Argosy Withdraws from Singapore Casino Proposal Process

26 April 2005

ALTON, Illinois – (PRESS RELEASE) -- Argosy Gaming Company (NYSE: AGY) today announced that it has been selected by the Singapore Tourism Board to participate in a Request for Proposal to develop an integrated resort complex in Singapore, but has withdrawn its name from further consideration for the project. Argosy began work on the project in 2004, in response to a Request for Concept, when the timeframe for legalization of casino gaming in Singapore and development of the integrated resort project was unknown.

While pleased that the initial submission qualified for the final bidding process, due to the expected summer deadline for the Request for Proposal, and in light of the pending merger of Argosy with Penn National Gaming, Argosy and Penn have agreed not to move forward with the process.

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