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Casino Journal Results Down for Q1 2002

Advertising revenues fell $365,101 while subscription revenues declined $172,232. The decline in subscription revenues was primarily due to discounting and longer term subscriptions as the number of subscribers in the past six month period actually increased by over 2,000 despite the decline in actual subscription revenue.

The results for the first quarter were in line with the expectations given in the Company's March 28th press release. In January, monthly advertising revenues were down 50% with the recovery beginning in February. In March, monthly advertising revenues were only down 9% as compared with monthly advertising revenues in March of 2001. The second quarter has continued to see a modest recovery with results being well ahead of the advertising revenues in the first quarter. Despite the $568,949 decline in revenue in the first quarter of 2002, the loss from operations only increased $188,130 to $650,428 as compared with $462,298 in the first quarter of 2001.

The Company has begun to accelerate its cost cutting measures which were also disclosed on March 28th. Management has agreed to a temporary reduction in salaries, with the CEO and Chairman, Glenn Fine, taking the biggest reduction of 35%. These reductions are expected to remain in place throughout the next few months until cash flow becomes positive again. Management is also conducting a company-wide review to reduce expenses even further.

Commenting on the first quarter results and outlook, CJPG Chairman and CEO Glenn Fine said, "The decline in advertising revenues, from the month after the September 11th terrorist attacks until the month of March 2002, was much more than we ever expected. It has been widely reported that there has been a worldwide advertising slump but the effects of the September 11th attacks on Las Vegas had a profound effect on our business.

``While we are very proud of the fact that we increased our advertising revenues by more than 30% in non-Las Vegas markets, it was not enough to offset the decline we saw in our biggest customer base, the Nevada casino market. We have seen the gradual return of these advertisers as business improves and they recognize the need to increase their advertising to let gamblers know they are open for business and what they can offer them. We feel that it will take us a few more months to completely stabilize the company's cash flow, between cost cutting and increased revenue."

Fine added, "With regards to our stock price, we do not see the recent action being caused by any fundamental surprise or any type of rumors. We made it quite clear how our business was affected and the steps we were taking to offset them. In our last release we also stated we have been exploring steps to either privatize the company, an outright sale or other ways to provide liquidity to our shareholders. We believe that the decline in our stock price has been caused by the lack of liquidity. We have held informal discussions with interested parties and have also received informal and unsolicited correspondence with expressions of interest on various business combinations. Management and the board of directors will entertain all offers but we have also begun exploring ways to raise capital to privatize the company. I have personally begun purchasing shares in the open market to reduce the amount of capital needed if we choose to go in this direction."

Casino Journal Publishing Group, the nation's largest publisher of consumer gaming information, produces Casino Player, the premier national magazine for the gaming consumer with a total readership of more than 800,000 frequent casino gamblers monthly; Strictly Slots, the newest award-winning consumer magazine for slot and video poker players; Poker Digest, a leading consumer magazine for card players around the world; the Atlantic City Insider, the leading consumer newsletter serving the Atlantic City, NJ market; the Gaming Industry Daily Report, the Gaming Industry Weekly Report, the Daily Lodging Report North America and the Daily Lodging Report Asia-Pacific, four industry specific, financially oriented newsletters serving investors and executives in the respective industries. CJPG also offers Poker Cruises via their majority-owned Poker Digest, LLC division.

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