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Argosy Gaming Company Commences Notes Offer

12 July 2004

ALTON, Illinois – (PRESS RELEASE) -- Argosy Gaming Company (NYSE: AGY) announced today that it has commenced a registered exchange offer to exchange newly issued 7% Senior Subordinated Notes due 2014, which have been registered under the Securities Act of 1933 (the "New Notes"), for a like amount of outstanding 7% Senior Subordinated Notes due 2014, which have not been registered under the Securities Act (the "Old Notes").

The sole purpose of the exchange offer is to fulfill the obligations of Argosy under the registration rights agreement entered into in connection with the sale by Argosy of the Old Notes. The New Notes issued pursuant to the exchange offer will have substantially identical terms to the Old Notes.

Any Old Notes not tendered for exchange will remain outstanding and continue to accrue interest, but will not retain any rights under the registration rights agreement except in limited circumstances. The terms of the exchange offer are contained in an exchange offer prospectus and related letter of transmittal.

The exchange offer will expire at 5:00 p.m., New York City time, on August 6, 2004, unless extended. Old Notes tendered pursuant to the exchange offer may be withdrawn at any time prior to the expiration date by following the procedures set forth in the letter of transmittal.

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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