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Argosy Gaming to Issue Notes

ALTON, Illinois – (Press Release) -- Argosy Gaming Company (NYSE: AGY) announced today that it has entered into an agreement to privately place $350 million of 7.00% Senior Subordinated Notes due 2014. The Senior Subordinated Notes were initially placed with Morgan Stanley, Bank of America Securities LLC, Bear Stearns & Co. Inc., Credit Lyonnais Securities (USA), Deutsche Bank Securities and Wells Fargo Securities, LLC for resale to qualified institutional buyers.

Proceeds from the Senior Subordinated Notes offering, together with borrowings under the Company's senior credit facility, will be used to finance the Company's purchases of its outstanding 10-3/4% Senior Subordinated Notes due 2009. The offering is expected to close on February 12, 2004.

The Senior Subordinated Notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933. It is anticipated that the Company subsequently will file a registration statement under the Securities Act of 1933 to effect an exchange offer of registered Senior Subordinated Notes.

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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