Press Release: Argosy Gaming Company
March 9, 2001
ALTON, IL -- Argosy Gaming Company (NYSE: AGY) yesterday announced that it has closed its purchase of the 13.5%
limited partnership interest in the Argosy Casino and Hotel in Lawrenceburg, Indiana from Centaur, Inc. (``Centaur'').
The purchase price for the minority interest was $105 million. The purchase price was funded with borrowings under
the Company's recently amended and restated $400 million senior credit facility.
James B. Perry, President and Chief Executive Officer, commenting on the transaction, said, ``We are extremely
pleased to now own 100% of all of our properties including our flagship casino in Lawrenceburg. Equally important,
this milestone in the Company's history will enable us to move quickly on any future expansion or investment opportunities
that may develop in this or any of our other markets.'' Further, Perry stated, ``We continue to aggressively explore
new growth opportunities and will use all available resources in our efforts to build shareholder value.''
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, owns and operates
the Alton Belle in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy Casino in Riverside,
Missouri, serving the greater Kansas City metropolitan market; the Argosy Casino-Baton Rouge in Louisiana; the
Belle of Sioux City, Iowa; and the Argosy Casino & Hotel in Lawrenceburg, Indiana, serving the Cincinnati and
Dayton metropolitan markets.
Argosy will host a conference call on March 15, 2001, at 10:30 a.m. CST for interested parties to review the financial
impact of this transaction, as well as the transaction that closed on February 22, 2001. The call will be broadcast
live via the Internet through our web site at http://www.argosycasinos.com or http://www.prnewswire.com . For those
interested in participating in the call, please dial 785-832-1077 ten to fifteen minutes prior to the call start
time. A replay of the conference call will be made available through March 25, 2001 and can be accessed through
our web site: http://www.argosycasinos.com or through http://www.prnewswire.com
or by dialing 402-220-0685.
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, as well as other risks and uncertainties detailed from time to time in the
Company's Securities and Exchange Commission filings.
SOURCE: Argosy Gaming Company