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Argosy Gaming CEO: Company Will Stick With Riverboats

3 April 2001

CHICAGO, Illinois – April 3, 2001 --As reported by Dow Jones Newswires: "Argosy Gaming Co. won't be expanding into the Las Vegas or Atlantic City markets anytime soon. Instead, it will focus on regional growth using riverboat casinos, the company's chief executive said Monday.

"James B. Perry said the cooling of the U.S. economy hasn't deterred visitors from playing at Argosy's five riverboat properties in Illinois, Missouri, Louisiana, Iowa and Indiana.

"…Last month, Argosy (AGY), of Alton, Ill., bucked the trends and surprised Wall Street by increasing its first-quarter and full-year earnings guidance. The company said it would earn between 44 cents to 47 cents a share for the quarter that ended in March, and $1.90 to $2 a share for the year.

"…The biggest contributor to the company's earnings is its massive casino in Lawrenceburg, Ind., a 74,000-square-foot riverboat and hotel facility with more than 2,000 slot machines and 97 table games. Earlier this year, Argosy spent $365 million buying out the respective stakes of Conseco Inc. (CNC) and Centaur Inc. in the casino.

"Lawrenceburg generated operating earnings of $133 million in 2000, more than any other riverboat casino in the country, according a recent research report by analyst Robin Farley of UBS Warburg in New York…"

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