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Argosy Gaming to Acquire Minority Interest in Belle of Sioux City Casino

16 June 2000

ALTON, Ill., June 15 (Press Release) -- Argosy Gaming Company (NYSE: AGY - news) today announced that it has signed a definitive agreement with Gamedev of Sioux City, Inc. to acquire their 30% minority interest in the Belle of Sioux City Casino.

Under the terms of the agreement, Argosy will acquire all of the casino assets and partnership equity interests that it does not currently own for approximately $8.0 million. Argosy anticipates closing on the purchase in the third quarter pending required Iowa Racing and Gaming Commission and other regulatory approvals.

John Pavone, General Manager of the Belle of Sioux City Casino said, ``We are pleased to have reached this agreement and are committed to building an even stronger relationship with the City, Missouri River Historical Development, residents of Sioux City and our employees.

As sole owner of the Belle of Sioux City, we will be positioned to expedite any future expansion or investment opportunities that may become available in this market. We look forward to continuing to provide our customers with the best gaming experience in the marketplace.''

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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