[CONSECO LOGO]

[CONSECO, INC. LETTERHEAD]

                                   April 28, 2000

VIA REGISTERED MAIL
RETURN RECEIPT REQUESTED

James Perry                                      Rod Ratcliff
Chief Executive Officer                          RJ Investments, Inc.
Argosy Gaming Company                            20 N. Salisbury Street
219 Piasa Street                                 West Lafayette, IN 47906
Alton, IL 62002-6232


R. Michael O'Malley
Centaur, Inc.
20 N. Salisbury Street
West Lafayette, IN 47906


     Re: Put Notice

Gentlemen:

     The purpose of this letter is to notify you that we hereby exercise our
right to sell to the Non-Selling Partners all of Conseco Entertainment,
L.L.C.'s Interest in Indiana Gaming Company, L.P. We are exercising this put
right pursuant to Section 15.2 of the Second Amended and Restated Agreement
of Limited Partnership of Indiana Gaming Company, L.P., dated as of February
21, 1996 (the "Partnership Agreement"). All capitalized terms not otherwise
defined herein shall have the meaning set forth in the Partnership Agreement.

     We look forward to hearing from each of you as soon as possible.

                              Very truly yours,

                              Conseco Entertainment, L.L.C.
                              By: Conseco Entertainment, Inc.



                              By: /s/ Ngaire E. Cuneo
                                  -----------------------------------------
                                  Ngaire E. Cuneo, Executive Vice President

cc: Joseph A. Walsh, Jr.
    Robert J. Salyers, Esq.
    Robert J. Hicks