Concorde Gaming Announces Financial Results.

RAPID CITY, S.D.--(BUSINESS WIRE)--May 18, 1998--Concorde Gaming Corporation (OTC:CGAM) today reported results for the second quarter and six months ended ending March 31, 1998.

The Company today announced a net loss of $185,844, or $0.01 per share, for the second quarter ended March 31, 1998, compared with net income of $1,580,482, or $0.07 per share, in the same period a year ago when the Company reported a $2.8 million gain from the February 13, 1997 settlement agreement with the Three Affiliated Tribes. Second quarter revenue was $1,029,370, compared to $1,884,321 over the same period of 1997, a decrease of 45.4%.

For the six-month period ending March 31, 1998, the Company experienced a net loss of $466,844, or $0.02 per share, compared to net income of $1,440,268 for the same period in fiscal 1997. Total revenues decreased 52.9% to $1,916,374 for the six months ended March 31, 1998, compared to $4,071,209 for the six months ended March 31, 1997. The decrease in revenues is primarily a result of the sale of the Company's video lottery assets, which were exchanged for substantially all of the assets used in the operation of the Golden Gates Casino, located in Black Hawk, Colorado. Golden Gates Casino generated revenue of $1,049,779 for the three months ended March 31, 1998. For the six-month period, Golden Gates Casino generated revenue of $1,854,845.

Jerry Baum, President and Chief Executive Officer, said, "Second quarter results reflect the transitional impact of our change in operations. Since our move into the Colorado limited stakes gaming market, we have been working to build our customer base and strengthen our operations. As neighboring gaming projects are completed, we anticipate that the Golden Gates Casino's revenue will increase as a result of the additional traffic that is drawn into Black Hawk."

Concorde Gaming Corporation is a development and management company with gaming interests in Colorado, Florida and Louisiana.

This news release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operation" in item 7 of the Company's Annual Report on Form 10-KSB for the year ended September 30, 1997. -0-

                    CONCORDE GAMING CORPORATION
          Condensed Consolidated Statements Of Operations
                            (unaudited)

                            Three Months Ended       Six Months Ended
                                 March 31,               March 31,
                             1998        1997         1998       1997
Revenues:
 Casino                 $ 976,209           -  $ 1,756,332          -
 Food and beverage         70,487      11,646      136,868     24,009
 Video lottery                  -   1,872,243       53,499  3,836,937
 Management agreement           -           -            -    208,371
 Other                      3,083         432       11,069      1,892
 Gross revenues         1,049,779   1,884,321    1,957,768  4,071,209
 Less: promotional
  allowances              (20,409)          -      (41,394)         -
   Net revenues         1,029,370   1,884,321    1,916,374  4,071,209

Costs and expenses:
 Casino                   572,686           -    1,144,078          -
 Food and beverage         46,710       6,409       86,060     13,198
 Video lottery                  -   1,783,977       69,498  3,639,735
 Other operating expense        -      34,788            -     74,603
 Selling, general and
  administrative          338,414     206,468      721,237    389,270
 Business development     212,041      43,385      373,125     66,402
 Depreciation and
  amortization             88,249     165,649      172,276    331,330
   Total costs and
    expenses            1,258,100   2,240,676    2,566,274  4,514,538

Loss from operations     (228,730)   (356,355)    (649,900)  (443,329)

Other income (expense):
 Interest income            4,605      31,967       12,238     32,549
 Gain on termination of
  management agreement          -   2,819,750            -  2,819,750
 Other income               2,512      21,348        5,014     44,114
 Interest expense and
  financing costs         (58,631)    (85,928)     (87,396)  (243,716)
                          (51,514)  2,787,137      (70,144) 2,652,697

Income (loss) before
 income taxes            (280,244)  2,430,782     (720,044) 2,209,368
Federal and state income
 taxes (benefit)          (94,400)    850,300     (253,200)   769,100
Net income (loss)      $ (185,844)  1,580,482   $ (466,844) 1,440,268


Basic and diluted earnings
 (loss) per share          $(0.01)       0.07       $(0.02)      0.07

Weighted-average common
 shares outstanding    23,673,126  21,929,793   23,673,126 21,929,793

Weighted-average common and
 common equivalent shares
  outstanding          23,673,126  22,587,776   23,673,126 22,180,524

CONTACT: Jerry Baum, President and CEO

or

David L. Crabb, CFO

[phone]