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Black Hawk Gaming Inc. Closes Nevada Acquisition

4 January 2001

BLACK HAWK, Colorado –(Press Release) -- Jan. 4, 2001 -- Black Hawk Gaming & Development Company, Inc. (Nasdaq: BHWK), owner and operator of the Gilpin Hotel Casino and 75% owner and operator of The Lodge Casino at Black Hawk, today announced it has closed on its acquisition of the Gold Dust West Casino in Reno, Nevada for $26.5 million.

Jeffrey P. Jacobs, Chairman of the Board and CEO of Black Hawk Gaming, commented, ``We are excited to close on this acquisition and bring the Gold Dust West Casino into Black Hawk Gaming & Development Company. During the past year, we have obtained our Nevada gaming license and all of the other licenses necessary to conduct business in Reno.

This acquisition should be accretive to our earnings and will begin to diversify our company outside Colorado, where we are the largest gaming operator based in the state. We have a solid management team in place at the Gold Dust West and we expect to retain all of its employees. The Gold Dust West will continue to provide the high level of customer service that has been its hallmark for many years.''

The Gold Dust West is located a few blocks west of Reno's downtown gaming district on approximately 4.6 acres. The casino has been successful in catering to the ``locals'' market for the past 22 years and has about 17,500 square feet of gaming space, currently accommodating 500 slot machines.

Gold Dust West also offers the Wildwood Restaurant, a 6,600 square foot dining facility and 106 motel rooms. The property is included within the Central Downtown Gaming District corridor. The site is approved for high-rise gaming use should the company decide in the future to expand the facility.

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