Exhibit 99.1

        The Cheesecake Factory Opens in West Nyack, New York;
                 Holds Annual Meeting of Stockholders


    CALABASAS HILLS, Calif.--(BUSINESS WIRE)--May 20, 2003--The
Cheesecake Factory Incorporated (Nasdaq:CAKE) announces the opening of
its 62nd Cheesecake Factory(R) restaurant at the Palisades Center in
West Nyack, New York, on May 19, 2003. The highly customized, uniquely
designed restaurant contains approximately 12,200 interior square feet
and 350 seats.
    "We were very pleased with our opening night sales at the
Palisades Center," commented David Overton, Chairman and CEO. "This
restaurant is our fourth location in the New York metro market, where
our three existing restaurants already rank among our very best in
terms of annual sales. We look forward to our planned fifth opening in
the New York metro market later this year in White Plains."
    The Company held its annual meeting of stockholders on May 13,
2003. Stockholders re-elected independent directors Wayne White and
Jerome Kransdorf to the Company's Board of Directors for three-year
terms and until their successors are elected and qualified.
Stockholders did not approve non-binding proposals from a stockholder
recommending that the Board adopt a policy to expense stock options
and separate the positions of Chairman and Chief Executive Officer.
Stockholders approved non-binding proposals by a stockholder
recommending that the Board submit for stockholder approval all equity
compensation plans and the stockholder rights plan; a non-binding
proposal recommending that the Board repeal the provisions of the
Company's Articles of Incorporation and Bylaws providing for a
classified board; and a non-binding proposal recommending that the
Board take action to remove certain supermajority voting requirements.
While these non-binding proposals were approved by a vote of a
majority of the shares of stock entitled to vote and present at the
meeting, none of these proposals received the affirmative vote of more
than one-half of the Company's outstanding shares. The Board will
carefully consider these non-binding recommendations.
    "Since our IPO in 1992, our Board of Directors and management team
have always been, and continue to be, committed to effective corporate
governance and shareholder value creation," said Overton. "We are
justifiably proud of our longstanding track record of consistently
delivering above-average shareholder returns in the right way. Our
Board is committed to preserving this legacy for the long-term benefit
of our stockholders." The Wall Street Journal's 2002 "Shareholder
Scoreboard," published on March 10, 2003, ranked the Company number
one among restaurant companies for its five-year average total return
to shareholders, and ranked the Company 24th on the same measure among
the 1,000 companies included in the scoreboard from all industry
groups.
    "Our current corporate governance practices rank us among the best
in our industry group," commented Overton. Four of the Company's five
Board members are independent directors, with the Board's three
committees -- audit, compensation, and nominating -- composed entirely
of independent directors. According to Institutional Shareholder
Services, Inc. (ISS), the world's leading provider of proxy voting and
corporate governance advisory services, the Company outperformed more
than 85% of the companies in the S&P Hotel, Restaurants and Leisure
industry group and more than 63% of the companies in the S&P 400 index
as measured by the ISS Corporate Governance Quotient. ISS developed
the Corporate Governance Quotient ranking system to help institutional
investors evaluate the quality of corporate boards and the impact
their governance practices may have on performance. Ratings are
calculated on 61 factors in eight categories of governance-related
issues.
    The Cheesecake Factory Incorporated operates 62 upscale, casual
dining restaurants under The Cheesecake Factory(R) name that offer an
extensive menu of more than 200 items with an average check of
approximately $15.78. The Company also operates a bakery production
facility that produces over 50 varieties of quality cheesecakes and
other baked products for the Company's restaurants and for other
leading foodservice operators, retailers, and distributors.
Additionally, the Company operates three upscale casual dining
restaurants under the Grand Lux Cafe(R) name in Los Angeles, Chicago,
and Las Vegas; one self-service, limited menu "express" foodservice
operation under The Cheesecake Factory Express(R) mark inside the
DisneyQuest(R) family entertainment center in Orlando, Florida; and
licenses three bakery cafe outlets to another foodservice operator
under The Cheesecake Factory Bakery Cafe(R) name.

    This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results,
performance, or achievements of the Company to be materially different
from any future results, performance, or achievements expressed or
implied by forward-looking statements. Investors are cautioned that
forward-looking statements are not guarantees of future performance
and that undue reliance should not be placed on such statements. In
particular, forward-looking statements regarding the Company's
restaurant sales trends are subject to risks and uncertainties due to
national and regional economic and public safety conditions that
impact consumer confidence and spending, as well as weather and other
factors outside of the Company's control. Additionally,
forward-looking statements regarding the number and timing of the
Company's planned new restaurant openings are subject to risks and
uncertainties due to factors outside of the Company's control,
including factors that are under the control of government agencies,
landlords, and others. Forward-looking statements speak only as of the
dates on which they were made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements or to make
any other forward-looking statements, whether as a result of new
information, future events, or otherwise unless required to do so by
the securities laws. Investors are referred to the full discussion of
risks and uncertainties associated with forward-looking statements
contained in the Company's filings with the Securities and Exchange
Commission.


    CONTACT: The Cheesecake Factory Incorporated
             Jane Vallaire, 818/871-3000