Concorde Gaming Corporation Announces First Quarter Revenues Up 44%.

Business/Technology Editors

RAPID CITY, S.D.--(BUSINESS WIRE)--Feb. 9, 2000

Concorde Gaming Corporation (OTC BB:CGAM), a casino development and management company with operations in Black Hawk, CO and Miami, FL, announced A 44% increase in revenues for the first quarter ending December 31, 1999, reporting $4,124,002, compared to $2,994,504 for the same period of fiscal year 1999.

The increase in revenues is the direct result of an increase in passengers on its Casino Princesa. The Casino Princesa's net revenues grew 77% to $3,251,540, up from $1,835,630 for the same period last year. This was offset by a 25% decrease in net revenues for the Golden Gates Casino, which experienced a negative impact on operations related to construction of an adjacent parking garage. Golden Gates showed revenues of $872,462 for the first quarter, compared to revenues of $1,158,874 for the same period in 1998.

Concorde's President and Chief Executive Officer, Jerry L. Baum, commented, &uot;We are pleased to report a significant first quarter revenue increase for the second row in a year. The increase can be attributed mainly to our Casino Princesa operations.&uot;

Baum continued, &uot;Going forward, we believe that the Golden Gates Casino will increasingly contribute to future revenues as each level of the parking garage is completed. We expect the first level of the 750-space facility to open next month.&uot;

While net revenues increased significantly, the Company narrowed losses to $823,912 for the first quarter, compared with a net loss of $1,306,242 in the same period a year ago. It identified construction of the Golden Gates parking garage as a major contributing factor to the loss, along with an unusually active hurricane season that reduced projected passenger counts for the Casino Princesa.

Baum stated, &uot;Although our passenger counts increased, they did not meet our projected passenger counts because of an unusually active hurricane season. We had eight cruises cancelled due to high water, and even on days when cruises weren't cancelled, we realized smaller passenger counts because of intimidating rough seas and inclement weather. The June through November season produced twelve named storms, eight hurricanes, and five major hurricanes - two more than we normally see during that season. Four of the hurricanes made landfall on the U.S. coastline, elevating concerns among potential visitors, and convincing them to stay away. Under the circumstances, our net gains in revenue for the first quarter are remarkable.&uot;

Concorde Gaming Corporation is a gaming development and management company with interests in limited stakes gaming in Colorado, and the day-cruise gaming industry in Miami, FL.

Forward-looking statements in this release are made pursuant to the &uot;safe harbor&uot; provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, changes in gaming regulations and tax rates in Colorado, Florida and other jurisdictions that could impact the Company's operations, changes in economic conditions, declining popularity of gaming, increased levels of competition and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Note: News releases and other information on Concorde Gaming can be accessed at www.cgam.com on the Internet.

             CONCORDE GAMING CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS
             Three Months Ended December 31, 1999 and 1998

                                                  Three Months Ended
                                                      December 31,
                                                  1999           1998

Net revenues                                $4,124,002     $2,994,504
Costs and expenses:
     Cost and expenses                       4,485,034      3,401,403
     Pre-opening and start-up costs                 --        540,952

                                             4,485,034      3,942,355

              Loss from operations            (361,032)      (947,851)
Other income (expense):
     Other income (expense)                     18,890         25,492
     Interest expense and financing costs     (481,770)      (492,183)

                                              (462,880)      (466,691)

              Loss before income taxes        (823,912)    (1,414,542)

Federal and state income tax benefit                --       (108,300)

              Net loss                       $(823,912)   $(1,306,242)

Basic and diluted loss per share:               $(0.03)        $(0.06)