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Argosy Gaming Company Opens New Riverboat Casino

ALTON, Ill. -- Argosy Gaming Company announced that Indiana Gaming Company, L.P., the partnership in which the Company's subsidiary holds a 57.5% interest and is general partner, opened its new riverboat casino located at the Company's temporary site in Lawrenceburg, IN (Cincinnati, OH area) on Saturday, October 4, 1997. The riverboat casino successfully completed its inaugural cruises on Wednesday, October 1, 1997, as well as the full audit by the Indiana Gaming Commission of the casino's operations and internal controls which was completed Friday, October 3, 1997.

The new riverboat casino, one of the largest in the country, is equipped with 1,746 slot machines and 88 table games providing for approximately 2,400 gaming positions. The temporary Lawrenceburg site will be served by off-site parking, which has been expanded by approximately 400 spaces, adjacent to the Argosy casino offices located on Route 50 four blocks from the I-275 Lawrenceburg exit. Shuttle bus service will transport customers between the parking areas and the new riverboat casino located at the foot of Walnut Street in downtown Lawrenceburg.

As approved by the Indiana Gaming Commission, the casino will initially be conducting two-hour gaming sessions, limited to the second and third levels of the riverboat, commencing at 11:00 A.M. and continuing through 11:00 P.M. daily. Due to the limited space and turnstiles available at the temporary landing facility and in conjunction with having only a one-half hour period of time in which to board and disembark patrons every two hours, the casino, as also approved by the Indiana Gaming Commission, will board a maximum of 1,800 patrons per cruise. The casino, in conjunction with the Indiana Gaming Commission, will continue to evaluate operations at the temporary site utilizing the new riverboat casino in an effort to increase both the number of cruises per day and passengers per cruise. This phased process is similar to that utilized when the Company first received its gaming license and commenced operations on December 13, 1996. The new riverboat casino will not be utilized at full capacity until Phase I of the Company's permanent site opens in December, 1997.

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