EXHIBIT 99
PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: G. Dan Marshall
(618) 474-7666
ARGOSY GAMING COMPANY ANNOUNCES
INAUGURAL CRUISE SCHEDULE FOR ITS NEW RIVERBOAT
CASINO IN LAWRENCEBURG, INDIANA
Alton, IL., September 15, 1997, -- Argosy Gaming Company (NYSE:AGY) announced
today that Indiana Gaming Company, L.P., the partnership in which a Company
subsidiary is the general partner and holds a 57.5% interest, has scheduled its
inaugural cruises for Wednesday, October 1, 1997 with the Indiana Gaming
Commission for its recently completed permanent riverboat casino. The Company
will conduct two-hour duration inaugural cruises from its temporary site
commencing at 11:00 A.M. and continuing through 11:00 P.M. on October 1, 1997.
Gaming will be conducted aboard the new riverboat casino which is 408 feet long
and 100 feet wide with three levels of gaming providing approximately 75,000
square feet of gaming space. The new riverboat casino, one of the largest in
the country, is equipped with 1,746 slot machines and 88 table games
providing for approximately 2,400 gaming positions. The "Spirit of America"
entertainment facility will continue to be used for coat check, ticketing,
cocktail and other support services. The temporary Lawrenceburg site will
continue to provide for off-site parking adjacent to the Argosy casino
offices located on Route 50 four blocks from the I-275 Lawrenceburg exit.
Shuttle bus service will continue to transport customers between the parking
areas and the new riverboat casino located at the foot of Walnut Street in
downtown Lawrenceburg.
The week of September 22, 1997, the Lawrenceburg casino will suspend gaming
operations in order to transfer all gaming and other equipment from the
temporary leased vessel to its new permanent riverboat casino. This
equipment conversion and installation of new equipment will require the
Lawrenceburg casino to remain closed until the scheduled inaugural cruises
take place October 1, 1997. Additionally, the Indiana Gaming Commission will
require the Lawrenceburg casino to be closed for several days after the
inaugural cruises are completed in order to conduct a full audit of the
casino's operations and internal controls. Subject to successfully
completing the inaugural cruises and the full audit by the Indiana Gaming
Commission, the Company anticipates opening the new riverboat casino at its
temporary site on or about October 4, 1997. Due to the limited space and
turnstiles available at its temporary landing facility and in conjunction
with having only a one-half hour period of time in which to board and
disembark patrons every two hours, the Company contemplates operating the new
casino at approximately two-thirds capacity. This estimate, however, will
vary, especially on weekends, depending upon the number of customers who wish
to book or stay aboard for subsequent cruises. The Company anticipates that
it will lose approximately 10 days of revenue while the casino is closed.
During such period, the Company will continue to incur payroll and related
costs as well as increased marketing, promotional and other awareness program
expenses associated with the opening of the new riverboat casino. The new
riverboat casino will not be utilized at full capacity until Phase I of the
Company's permanent site opens in December, 1997.
In a joint statement, James B. Perry, President and Chief Executive Officer
of Argosy, and Arnold Block, General Manager of Argosy Casino Lawrenceburg,
stated, "The addition of this world class riverboat casino is an example of
our employees' hard work and commitment. This facility provides for an
expansion of the jobs and tax base for the community, and we look forward to
the completion of our Phase I permanent entertainment complex in December of
this year." "Additionally," they said, "the permanent complex will further
our goal to be the cornerstone for tourism in the region." "Finally," they
stated, "we would like to once again express our sincere gratitude to the
Mayor, City Council, local businesses, and citizens in the local communities
for their continued support and dedication to this project, as well as to the
Indiana Gaming Commission and the State of Indiana without whom we would not
have had the opportunity to bring this exciting venture to the Southeastern
Indiana Region."
This press release contains statements relating to future results, which are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those projected as a result of any number of risks and uncertainties,
including but not limited to, general economic conditions in the markets in
which the Company operates, increased competitive pressures in the markets
where the Company operates, delays in receiving its new riverboat casino,
delays in transferring or installing new equipment on the new vessel, failure
to successfully complete the inaugural cruises and full audit, delays or cost
over-runs with respect to the permanent Lawrenceburg facilities which would
significantly impair the ability of the Company to meet its debt service
requirements and the effect of future legislation or regulatory changes on
the Company's operations, as well as other risks and uncertainties detailed
from time to time in the Company's Securities and Exchange Commission filings.
Argosy Gaming Company is a leading multi-jurisdictional developer, owner and
operator of riverboat casinos and related entertainment facilities in the
midwestern and southern United States. The Company, through its subsidiaries
and joint ventures, owns and operates the Alton Belle Casino in Alton,
Illinois, serving the St. Louis metropolitan market; the Argosy Casino in
Riverside, Missouri, serving the Kansas City metropolitan market; and the
Belle of Baton Rouge in Baton Rouge, Louisiana. The Company is also a
majority partner and operator of the Belle of Sioux City in Sioux City, Iowa.