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American Bingo Announces 110,000 Share Repurchase

The Company has now repurchased a total of 1,993,800 shares subject to its current authority to repurchase a total of 2,500,000 shares. The Company is currently authorized to purchase an additional 506,200 shares. The Company has repurchased approximately twenty percent (20%) of its outstanding shares. Fiscal Year 2000 Shares outstanding B-O-Y 9,810,590; Shares repurchased 1,534,500; Shares outstanding 3-23-00: 8,276,090; Total Treasury shares 1,900,800.

In commenting upon the share repurchases, Jeffrey L Minch, the President of American Bingo said: "The Company continues to acquire its shares in the open market in block transactions and will now pursue smaller share repurchase transactions. We are confident that we will look back at these actions from some future vantage point and know that these actions were the basis for developing long term shareholder value."

American Bingo is engaged in the development and operation of charitable bingo halls. Qualified charities are able to fund their noble and worthy causes by offering consumers entertainment in the form of bingo games -- subject to strict regulatory oversight -- for which the charities pay rent to American Bingo for the use of the facility subject to long standing leases. American Bingo has relationships with over seventy-five (75) such charities.

American Bingo is the only public company attempting to strategically consolidate this $12,000,000,000 arcane niche industry and is currently thelargest public company operating charitable bingo halls in the United States. American Bingo operates twenty (20) bingo halls in Texas, Alabama and South Carolina and is currently developing two (2) new bingo halls in Alabama that will commence operations in 2000.

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