Concorde Purchases Jazz Alley Casino in Black Hawk, Colorado

Business Wire, Dec 9, 2002

Business Editors

RAPID CITY, S.D.--(BUSINESS WIRE)--Dec. 9, 2002

Concorde Gaming Corporation (OTCBB:CGAM) announced the closing of the purchase of the Jazz Alley Casino property located in Black Hawk, Colorado by its wholly owned subsidiary, Concorde Blackhawk Corporation, for a purchase price of approximately $1.6 million.

"We believe that the purchase of the Jazz Alley Casino at a very favorable price will enable us to leverage our existing operations at the Golden Gates Casino in Black Hawk and take advantage of operational efficiencies to improve our financial results," commented Jerry Baum, President and CEO of Concorde Gaming Corporation.

The Company must obtain a gaming license from the Colorado Gaming Commission in order to operate the casino as a limited stakes gaming property. Assuming that such license is obtained, the Company plans to operate the casino under the name Golden Gulch Casino.

Jerry Baum also stated, "We hope to obtain the necessary gaming license and complete the renovations and improvements so that we can begin gaming operations at the Golden Gulch Casino in January 2003."

The Company operates a limited stakes gaming property, the Golden Gates Casino, in Black Hawk, Colorado, and a day-cruise gaming property, the Casino Princesa based out of Miami, Florida. The Company's corporate offices are located in Rapid City, South Dakota.

Statements contained in this press release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, changes in gaming regulations and tax rates in Colorado, Florida, and other jurisdictions, the level and rate of growth in the Company's operations, the Company's ability to obtain the necessary license to operate the Golden Gulch Casino as a limited stakes gaming property in a timely manner, and the effect of the Company's accounting policies and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.