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Argosy Gaming operations improve

Wednesday, July 28, 1999 | 11:13 a.m.

ALTON, Ill. -- Midwest riverboat operator Argosy Gaming Co. said today it posted record second-quarter operating results, but had a net loss of $27.1 million for the period due to charges related to a financial restructuring.

In the 1998 second quarter, Argosy earned $259,000, or 1 cent a share, on revenue of $124.5 million.

For the latest quarter, Argosy said, it had net operating income of $7.7 million, or 27 cents a share, on revenue of $144.6 million. Cash flow was a record $38.3 million.

Argosy recently issued $200 million of 10.75 percent senior subordinated notes due in 10 years and obtained a five-year, $200 million bank credit facility.

It also bought or escrowed funds for its outstanding $235 million of 13.25 percent first-mortgage notes and redeemed its outstanding $115 million of 12 percent convertible subordinated notes. Argosy said it expects to save $12 million in interest charges annually from the restructuring.

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