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Black Hawk Gaming Reports Q2 2001 Results

10 August 2001

BLACK HAWK, Colorado –(Press Release) -- August 10, 2001 -- Black Hawk Gaming & Development Company, Inc. (Nasdaq: BHWK), today announced results for its second quarter and six month period ended June 30, 2001.

Net income for the second quarter, after privatization costs and other non-recurring costs totaling $1,115,000, decreased to $67,000 compared to net income of $1.5 million for the second quarter of last year. Earnings per diluted share for the second quarter, after privatization costs and other non-recurring costs decreased to $.01 per share compared to $0.37 per share for the comparable quarter last year. Second quarter net revenue increased to $23.5 million from $20.1 million for the same quarter last year.

Net income for the six-month period, after privatization costs and other non-recurring costs totaling $1,115,000, decreased to $1.5 million compared to $3.3 million for the six-month period last year. Earnings per diluted share for the six-month period, after privatization costs and other non-recurring costs, decreased to $.34 this year compared to $0.81 per share for the same period last year. Six-month net revenue increased to $47.6 million from $40.4 million for the corresponding period last year.

    Financial Highlights (unaudited)

                          Three Months Ended             Six Months Ended
                                June 30                      June 30
                           2001          2000           2001         2000

    Net Revenue         $20,504,000   $20,119,000   $47,591,000  $40,387,000
    Net Income              $66,755    $1,542,000    $1,463,000   $3,343,000
    Earnings per
     Diluted Share            $0.01         $0.37         $0.34        $0.81
    Weighted
     Average Shares
     Outstanding
     (Diluted)            4,344,164     4,165,244     4,307,937    4,150,303


    BALANCE SHEET DATA   June 30                    December 31
                           2001                        2000

    Total Assets       $123,301,000                 $97,476,000
    Total Liabilities
     and Minority
     Interest           $79,986,000                 $55,414,000
    Shareholders'
     Equity             $43,316,000                 $42,062,000

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