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ARGOSY GAMING COMPANY REPORTS SECOND QUARTER EARNINGS

 ALTON, Ill., July 28 /PRNewswire/ -- Argosy Gaming Company (NASDAQ: ARGY), operators of the Alton Belle Casino II, the first riverboat gambling casino in Illinois, today announced results for its second quarter and six months ended June 30, 1993.
 The company reported net revenue for the three months ended June 30, 1993, of $19,406,614, an increase of 30 percent compared to net revenue of $14,883,608 for the three months ended June 30, 1992.
 Net revenue for the six months ended June 30, 1993, was $33,282,618, an increase of 15 percent compared to net revenue of $28,910,765 for the six months ended June 30, 1992.
 Prior to the initial public offering of its stock on Feb. 25, 1993, the company's operations were taxed as an S-Corporation. In order to present earnings per share data that is comparable between years, the company has reported pro-forma earnings per share information as if it had been a public company taxable as a C-Corporation for all periods prior to its initial public offering. Pro-forma net income per share was $0.20 for the second quarter ended June 30, 1993, an increase of 43 percent compared to pro-forma net income per share of $0.14 for the second quarter ended June 30, 1992.
 Pro-forma net income per share was $0.32 for the six months ended June 30, 1993, an increase of 19 percent compared to pro-forma net income per share of $0.27 for the six months ended June 30, 1992.
 The company reported income before taxes for the three months ended June 30, 1993, of $7,351,967, an increase of 7 percent compared to income before taxes of $6,842,020 for the three months ended June 30, 1992. Income before taxes for the six months ended June 30, 1993, decreased 11 percent to $11,695,010 compared to $13,203,528 for the six months ended June 30, 1992.
 Net income for the second quarter ended June 30, 1993 was $4,767,246 compared to $5,153,356 for the second quarter ended June 30, 1992. Net income for the six months ended June 30, 1993 was $8,600,851 compared to $10,043,632 for the six months ended June 30, 1992. The decrease in income from operations and net income is primarily due to increased operating costs and expenses and the fact that the company was taxed as an S-Corporation in the prior year. Among the second quarter items contributing to increased expenses were: $896,583 for development costs associated with identifying potential new gaming opportunities in other jurisdictions and $1,072,880 of additional casino costs, which included increased payroll costs associated with staffing the new Alton Belle Casino II which began operations, ahead of schedule, on May 29, 1993.
 J. Thomas Long, chief executive officer, said, "We are very pleased with our second quarter operating results, which reflect a substantial increase in earnings per share attributable to our success in beginning operations of the Alton Belle Casino II ahead of schedule. This is particularly gratifying in view of the spring flooding conditions which occurred in April."
 The company is actively pursuing gaming opportunities in Missouri, Indiana and Louisiana, where gaming legislation has been adopted, as well as in Ontario, Canada, where no legislation authorizing commercial gaming has yet been adopted. The company has not been granted a gaming license in any of these jurisdictions.
 ARGOSY GAMING COMPANY AND SUBSIDIARIES
 Selected Financial Information
 (In thousands, except per share amounts - Unaudited)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Net revenues $19,406,614 $14,883,608 $33,282,618 $28,910,765
 Development costs 896,583 -- 1,349,758 --
 Total cost & exps. 12,054,647 7,991,588 21,587,608 15,707,237
 Income from opers. 7,351,967 6,842,020 11,695,010 13,203,528
 Income before
 income taxes 7,745,156 5,253,356 11,857,607 10,235,632
 Income tax expense 2,977,910 100,000 3,256,756 192,000
 Net income $ 4,767,246 $ 5,153,356 $ 8,600,851 $10,043,632
 Pro-forma net
 income per share $.20 $.14 $.32 $.27
 -0- 7/28/93
 /CONTACT: G. Dan Marshall of Argosy, 618-474-7666/
 (ARGY)


CO: Argosy Gaming Company ST: Illinois IN: CNO SU: ERN

SM-GK -- NY081 -- 6779 07/28/93 13:50 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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