"The hotel will be a major component in our downtown development plan," said Mayor McHugh. It will serve as a headquarters hotel for our convention center, and it's going to be a tremendous boost for the USS Kidd, the new Louisiana Arts and Science Center planetarium and space theater, the old state capitol, and all the other points of interest we have in downtown Baton Rouge." McHugh said, "I see it as another great way to celebrate our City's
300th anniversary," he said. "This investment by Argosy is not only going to bring visitors to our City, it's really going to help bring people in our community to downtown Baton Rouge at night and on weekends."

Officials from the City's Downtown Development District (DDD) indicate that it will be one of the largest full-service hotels in the Baton Rouge area when completed. It will also be the first hotel constructed in downtown Baton Rouge in 50 years. The 300-room Centroplex Centre Convention Hotel will incorporate the north end of the existing Argosy Atrium as the hotel lobby. The atrium will also provide meeting rooms as well as restaurants, entertainment and related venues.

James B. Perry, President and Chief Executive Officer, said, "Argosy is delighted to be able to move forward on this project. The cooperation, assistance and encouragement we've received from the mayor and the DDD have been exceptional. We are very positive and encouraged about the development planned for the area and are pleased to have a significant role to play in the Mayor's downtown development plans." Perry further stated, "Construction on the $20 million hotel will commence upon approval of the development agreement by the Baton
Rouge Metropolitan Council."

"With this project, Argosy becomes the largest private investor in the history of downtown Baton Rouge," said Davis Rhorer, Executive Director of the Downtown Development District. "This is not just a capital investment," said Davis. "Argosy is making a people investment as well because this project will create construction jobs and permanent jobs downtown."

Davis said that a downtown convention hotel has been an important goal for DDD, and the Mayor for many years. "This hotel literally elevates us to the next level as a destination City," said Davis. "It completes the circle of art, history, education and entertainment which are available around our convention center and makes us able to market downtown Baton Rouge around the world in the way we have always wanted to." Points of interest in that circle, said Davis, include the Centroplex Theater of Performing Arts; Louisiana's Old State Capitol and
Center for Political History; Louisiana Arts and Science Center and its planned planetarium and space theater; the USS Kidd and Nautical Center and Argosy Casino. The Argosy Casino recently completed a $3 million renovation and retheming of its gaming facility and changed its name from the Belle of Baton Rouge Casino to Argosy Casino-Baton Rouge.

Leon Maisel, President and CEO of the Baton Rouge Area Convention and Visitors Bureau, said, "When the Argosy project comes to fruition, we will see a pronounced increase in interest for our new Convention Center. A headquarter hotel will be the final piece of the puzzle for success in Baton Rouge's bid to be a player in the second tier convention market."

Maury Drummond, Executive Director of the USS Kidd and Nautical Center, predicted, "The hotel will undoubtedly increase our attendance. We've been looking forward to a first-class downtown hotel for a very long time," he said. The USS Kidd is the number one destination for naval reunions in the Country, reported Drummond. Annual attendance at the facility currently ranges from 60,000 to 70,000, he said.

The Company said plans for the hotel are expected to go before the Baton Rouge metropolitan council for final approval in late July. The Company said it will commence construction immediately upon City Council approval and estimates that it will take approximately 16 months to complete construction.

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, competitive and general economic conditions in the markets in which the Company operates, significant changes in interest rates or market conditions, final approval of the project by the City Council, construction delays related to the
construction of the hotel and the effect of future legislation or regulatory changes on the Company's operation as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. Argosy is a leading multi-jurisdictional owner and operator of riverboat casinos and related entertainment and
hotel facilities in the midwestern and southern United States. Argosy, 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 greater Kansas City metropolitan market; and the Argosy Casino-Baton Rouge in Baton Rouge, Louisiana. Argosy is also a majority partner and operator of the Belle of Sioux City in Sioux City, Iowa, and the Argosy Casino Hotel in Lawrenceburg, Indiana, serving the Cincinnati and Dayton metropolitan markets.