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Argosy Stockholders Approve Merger With Penn National Gaming

ALTON, Illinois – (PRESS RELEASE) -- Argosy Gaming Company (NYSE: AGY) today announced that at a special stockholders meeting this afternoon, its stockholders approved the merger agreement under which Penn National Gaming will acquire all of the outstanding shares of Argosy for $47 per share. Argosy reported that 89.5% of the shares voted were in favor of the approval and adoption of the merger agreement among Argosy Gaming Company, Penn National Gaming, Inc. and a wholly-owned subsidiary of Penn National Gaming, Inc., representing 62.3% of the total shares outstanding. A favorable vote by a majority of shares outstanding was required for the approval and adoption of the merger agreement.

Consummation of the transaction is subject to approval by each company's respective state regulatory bodies and to certain other necessary regulatory approvals and other customary closing conditions contained in the merger agreement. The transaction is not conditioned on financing and is expected to close in the second half of 2005.

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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