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Argosy Casino Riverside Announces $75 Million Expansion

22 June 2004

ALTON, Illinois – (PRESS RELEASE) -- Argosy Gaming Company (NYSE: AGY) has announced a $75 million expansion at Argosy Casino Riverside, an investment which will create a high-quality 250-room resort hotel and new 1,400-space parking garage.

The announcement comes as the property celebrates its 10th anniversary as the first casino in the Kansas City market.

Argosy's latest investment in its Kansas City property follows the December 2003 completion of a $105 million dollar expansion. That project created a Mediterranean-themed facility and spacious new 60,000 square foot, one-level casino, which replaced Argosy's original riverboat. Customer response to the new facility has been overwhelmingly positive.

While the number of gaming positions increased by just over 50%, gaming revenues in the first five months of 2004 rose by 56.9% compared to the same period in 2003 and Argosy's market share increased from 15.7% in the first five months of 2003 to 22.2% for the same period this year.

"The quality of our new casino increased our revenues and helped grow the entire Kansas City market," said Richard J. Glasier, Argosy's President and CEO. "Our return on invested capital this year in Kansas City and the stable tax base for gaming companies in the state of Missouri reinforces our optimism for this market. Having raised the bar with our recent expansion, we plan to have a very exciting hotel product aimed at retaining our high-value customers as well as attracting a new customer segment. The new parking garage increases our supply to satisfy demand, provides easier access for our casino patrons and will be the best in the Kansas City market," said Glasier.

The project will generate approximately 300-400 construction jobs and fifty new permanent positions at Argosy Riverside, and will be timed to provide minimal impact to existing operations. Pending requisite approvals on the project, construction on the parking garage is set to begin in August, with completion expected in the third quarter of 2005. The hotel is expected to open in the second quarter of 2007.

Argosy has selected the same Kansas City architects and general contractors from its recent expansion to handle similar roles in the hotel and parking expansion. Peckham, Guyton, Albers & Viets Inc. (PGAV) are the architects and J.E. Dunn Construction will be the General Contractor/Construction Manager.

Argosy Gaming Company is a leading owner and operator of casinos and related entertainment and hotel facilities in the midwestern and southern United States. Argosy owns and operates the Alton Belle Casino in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy Casino- Riverside in Missouri, serving the greater Kansas City metropolitan market; the Argosy Casino-Baton Rouge in Louisiana; the Argosy Casino-Sioux City in Iowa; the Argosy Casino-Lawrenceburg in Indiana, serving the Cincinnati and Dayton metropolitan markets; and the Empress Casino Joliet in Illinois serving the greater Chicagoland market.

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