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American Bingo Announces Additional Stock Repurchase Authority

25 May 2000

AUSTIN, Texas, May 25 (Press Release) -- American Bingo & Gaming Corporation (Nasdaq: BNGO - news) announces that its Board of Directors has unanimously authorized an immediate increase in Management's authority to repurchase shares of its common stock from 2,500,000 shares to 3,000,000 shares.

The Company has consummated stock repurchases totaling 2,318,800 shares or twenty three percent (23%) of its outstanding shares. The Company is now authorized to purchase an additional 681,200 shares.

The Company will continue to pursue block purchase transactions ($50,000 minimum) as well as individual transactions in the open market.

Jeffrey L Minch, the President of American Bingo said:

``The additional authority granted by the Board of Directors will allow the Company to continue to acquire its shares in the open market in block transactions with a minimum size of $50,000 as well as selectively purchasing smaller quantities in strict conformance with the rules governing such transactions.

In the past, the Company has justified its share repurchase program solely on the basis of a comparison of current v. anticipated future values. We have felt strongly that our current stock price is not a reflection of the Company's true long-term potential. We continue to believe that assessment to be true.

We are also convinced that we will have legitimate opportunities to use our stock as consideration in future acquisitions; and, that the ability to acquire our stock at today's prices will create substantial value when used in such 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.``

Jeffrey L Minch


American Bingo

512-476-5141 PH

512-476-5680 FX

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