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INDIANA LEGISLATURE PASSES GAMING BILL

 ALTON, Ill., July 1 /PRNewswire/ -- Argosy Gaming Company (NASDAQ: ARGY) announced today that the State of Indiana has adopted legislation authorizing riverboat gaming in the State of Indiana.
 Argosy, operators of the Alton Belle Casino II, the first riverboat gambling casino in Illinois, and their joint partner, Centaur, Inc., an Indiana corporation, had previously signed an agreement with the City of Lawrenceburg, Ind., giving the joint venture exclusive rights to develop and operate a riverboat casino on the Ohio River at Lawrenceburg, Ind., approximately 15 miles west of Cincinnati, Ohio.
 Under the terms of the joint venture agreement, Argosy has a majority and controlling interest. Specifically the joint venture agreement provides that H. Steven Norton, president and chief operating officer of Argosy Gaming Company, who brought the opportunity to the company when he joined Argosy, would receive a 10 percent interest. Centaur world receive a 30 percent interest, and Argosy would receive the remaining 60 percent interest.
 Additionally, under the terms of a 20-year management agreement, Argosy will receive 12.5 percent of the earnings before depreciation, amortization, interest and taxes (EBDAIT) as management fees.
 The joint venture will lease property for the casino from the City of Lawrenceburg for an initial term of 10 years, with the option to renew the lease for two successive five-year terms.
 It is anticipated that Argosy will construct a casino and support facility that will be in excess of 100,000 square feet and will accommodate 2500 passengers. The three-level gaming riverboat will have approximately 35,000 square feet of gaming space and will include approximately 1600 slot machines and 400 table game positions.
 The city of Lawrenceburg agreement requires the joint venture to begin operations within one year of being granted a license.
 As soon as application procedures are established by the Indiana Gaming Commission, the joint venture will apply for a gaming license. Although gaming legislation has been adopted in the State of Indiana, there is no assurance that the company will receive a license. Prior to gaming being initiated, the Indiana law requires that a county referendum adopting gaming be approved by voters. Before gaming can be authorized in the city of Lawrenceburg, the voters in the county of Dearborn will also have to approve gaming.
 -0- 7/1/93
 /CONTACT: G. Dan Marshall of Argosy Gaming Company, 618-474-7666/
 (ARGY)


CO: Argosy Gaming Company ST: Indiana, Illinois IN: CNO SU: LEG

MP-OS -- NY042 -- 7666 07/01/93 11:13 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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