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Black Hawk Gaming Announces Second Acquisition Offer

13 April 2001

BLACK HAWK, Colorado – (Press Release) --April 13, 2001 – Black Hawk Gaming & Development Company, Inc. (Nasdaq: BHWK), owner and operator of the Gilpin Hotel Casino in Black Hawk, Colorado, the Gold Dust West Casino in Reno, Nevada, and 75% owner and operator of The Lodge Casino in Black Hawk, today announced that the Special Committee appointed by the Board of Directors has received a second offer to buy the Company.

Robert D. Greenlee, former Chairman of the Board and Chief Executive Officer of the Company and currently a holder of approximately 11% of the Company's shares, has informed the Special Committee that, based on his preliminary analysis, he is prepared to offer $12.00 per share for shares other than those held by him and members of any participating group that he may form.

Any transaction with Mr. Greenlee will be subject to various conditions including the negotiation and execution of a definitive agreement, approval of Black Hawk's Board of Directors and shareholders, the obtaining of various regulatory approvals, completion of due diligence, and Mr. Greenlee's ability to obtain financing necessary for the transaction.

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