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American Bingo Announces 200,000 Share Repurchase

The Company has now repurchased a total of 2,318,800 shares subject to its current authority to repurchase a total of 2,500,000 shares. The Company is currently authorized to purchase an additional 181,200 shares. The Company has repurchased approximately twenty three percent (23%) of its outstanding shares.

    Fiscal Year 2000
    Shares outstanding B-O-Y                                      9,810,590
      Shares repurchased                           1,859,500
      Shares outstanding 5-22-00                                  7,951,090
    Total Treasury shares                          2,225,800

In commenting upon the share repurchases, Jeffrey L Minch, the President of American Bingo said:

``The Company continues to acquire its shares subject to the existing 2,500,000 share repurchase authority. This block purchase may be last block of our stock available for current acquisition.

``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.

``I intend to approach the Board for additional authority to acquire approximately 500,000 additional shares in the immediate future. There can be no assurance that such authority will be forthcoming.

``In the past, we have acquired shares in reaction to our belief that current prices do not reflect a realistic assessment of future values. In the future, we may acquire shares to facilitate subsequent acquisitions that may be paid for in whole or part with stock as well as to fund other corporate uses. This is a subtle but significant difference in our strategy.''

The Company continues to only deploy liquidity in excess of $4,000,000 in its share repurchase program. The Company has liquid funds and negotiable securities in excess of $4,000,000 after all acquisitions noted in this press release are funded.

American Bingo is engaged in the development and operation of charitable bingo halls. Qualified charities are able to fund their 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 60 such charities.

Charities playing in American Bingo halls received approximately $3,200,000 in 1999 to fund their noble causes.

American Bingo is the only public company attempting to strategically consolidate this $12,000,000,000 arcane, niche industry and is currently the largest 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.

For Additional Information:

Jeffrey L Minch

President

American Bingo

512-476-5141 PH

512-476-5680 FX

jminch@ambingo.com

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