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Argosy Gaming Announces That Conseco Has Filed an Action

22 June 2000

ALTON, Ill., June 22 (Press Release) -- Argosy Gaming Company (NYSE: AGY - news) today announced that on June 14, 2000, Conseco Entertainment, L.L.C. (``Conseco''), an indirect subsidiary of Conseco, Inc., filed a complaint in Superior Court, Tippecanoe County, Indiana seeking declaratory relief from the court.

The Company has yet to be served the complaint. In its complaint, Conseco maintains that the Lawrenceburg partnership agreement requires the non selling partners to complete the purchase of the selling partners interest no later than 6 months following the date of the put notification (i.e., October 28, 2000). The Company believes that Conseco's interpretation of the Lawrenceburg partnership agreement with respect to the time periods for completion of the purchase process is incorrect, and intends to vigorously contest Conseco's interpretation.

James B. Perry, President and Chief Executive Officer, said, ``This is a procedural matter that I am confident will be resolved in an expeditious manner, and the Company remains excited about the opportunity to increase our majority stake in the Lawrenceburg casino, on any time frame.''

Argosy is a leading multi-jurisdictional owner and operator of riverboat casinos and related entertainment and hotel facilities in the midwestern and southern United States. Argosy, through its subsidiaries and joint ventures, owns and operates the Alton Belle Casino in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy Casino in Riverside, Missouri, serving the greater Kansas City metropolitan market; and the Argosy Casino-Baton Rouge in Louisiana. Argosy is also a majority partner and operator of the Belle of Sioux City in Iowa, and the Argosy Casino & Hotel in Lawrenceburg, Indiana, serving the Cincinnati and Dayton metropolitan markets.

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