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Concorde Gaming Reports Mixed Results

For the quarter ended June 30, 2002, the Company reported net income of $111,419, or $0.00 per share, compared to net income of $253,802, or $0.01 per share, for the same quarter a year ago. The prior year results included a one-time gain of $293,309 associated with the settlement of litigation. Net revenue for the quarter was $5,190,938, an increase of 8.5%, compared to net revenue of $4,785,388 for the same quarter a year ago. For the nine months ended June 30, 2002, net income was $756,375, or $0.03 per share, compared to a net loss of $(1,085,445), or $(0.05), per share for the same period a year ago. Net revenue for the nine months ended June 30, 2002 was $15,661,132, an increase of 20.3%, compared to net revenue of $13,014,824, for the same period a year ago.

"This represents our fifth consecutive profitable quarter," commented Jerry Baum, President and CEO of Concorde Gaming. "Continued strong revenue growth pushed our net income for the nine months ended June 30, 2002 over $750,000, or $0.03 per share. We also believe that our acquisition of the Golden Gates Casino real estate on July 31, 2002 strengthens our ability to continue these positive revenue trends in the future."

The Company's operating cash flow (income (loss) from operations plus depreciation and amortization) for the nine months ended June 30, 2002 and 2001 was $2,689,947 and $801,205 respectively. Operating cash flow for the three months ended June 30, 2002 and 2001 was $769,831 and $646,456 respectively.

The Golden Gates Casino contributed net revenues of $1,847,221 and segment profits of $503,503 for the three months ended June 30, 2002, an increase of 5.6% and 21.2%, respectively, over the same quarter last year. The offshore gaming vessel, the Princesa, contributed net revenues of $3,343,717 and segment profits of $11,967 for the quarter ended June 30, 2002, an increase of 10.2% and 114.5%, respectively, over the same quarter a year ago. The offshore gaming passenger count increased 16.1% in the current year quarter over the prior year quarter.

Concorde Gaming owns and operates two gaming properties with over 500 gaming devices in operation. The Company owns and operates a limited stakes gaming property, the Golden Gates Casino in Black Hawk, Colorado, and a day-cruise gaming property, the Casino Princesa based out of Miami, Florida. The Company's corporate offices are located in Rapid City, South Dakota.

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