Press Release: Argosy Gaming Company
February 23, 2001
ALTON, IL -- Argosy Gaming Company (NYSE: AGY) yesterday announced that it has closed its purchase of the 29% limited
partnership interest in the Argosy Casino and Hotel in Lawrenceburg, Indiana from Conseco Entertainment, LLC (``Conseco'').
The purchase price for the minority interest was $260 million and includes the repayment of Conseco's preferred
equity interest and outstanding partner loans. The Company and Conseco have also settled all pending litigation
between the partners.
The purchase was funded through proceeds from the Company's recently issued private placement of senior subordinated
notes, together with borrowings under the Company's senior credit facility.
James B. Perry, President and Chief Executive Officer, commenting on the transaction, said, ``We are extremely
pleased to now own 86.5% of our flagship property in Lawrenceburg and look forward to purchasing the remaining
13.5% minority interest that we do not currently own by the end of the first quarter. This transaction positions
us closer to owning 100% of all of our properties and represents another step taken in our efforts to maximize
value for our shareholders.''
This press release contains statements relating to future results, which are forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally
can be identified by phrases such as the Company or its management ``believes,'' ``anticipates,'' ``expects,''
``forecasts,'' ``estimates,'' ``foresees,'' or other words or phrases of similar import. Similarly, such statements
herein that describe the Company's business outlook, objectives, strategy, intentions or goals are also forward-looking
statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected, including but not limited to, competitive and general
economic conditions in the markets in which the Company operates, the effect of future legislation or regulatory
changes on the Company's operations, the ability of the Company to finance the remaining anticipated Lawrenceburg
acquisition on attractive terms, approval of the transaction contemplated by the various gaming commissions and
gaming boards that regulate the Company, approval of other regulatory and governmental agencies to which the contemplated
transaction is subject, as well as other risks and uncertainties detailed from time to time in the Company's Securities
and Exchange Commission filings.
Argosy is a leading multi-jurisdictional owner and operator of riverboat casinos and related entertainment and
hotel facilities in the midwestern and southern United States. Argosy, through its subsidiaries and joint ventures,
owns and operates the Alton Belle Casino in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy
Casino in Riverside, Missouri, serving the greater Kansas City metropolitan market; the Belle of Baton Rouge, Louisiana;
and the Belle of Sioux City in Sioux City, Iowa. Argosy is also a majority partner and operator of the Argosy Casino
& Hotel in Lawrenceburg, Indiana, serving the Cincinnati and Dayton metropolitan markets.
SOURCE: Argosy Gaming Company