Concorde Gaming Reports 3rd Quarter Profit

Business Wire, August 14, 2003

Business Editors

RAPID CITY, S.D.--(BUSINESS WIRE)--Aug. 14, 2003

Concorde Gaming Corporation (Pink Sheets:CGAM) announced financial results for the three months ended June 30, 2003 and nine months ended June 30, 2003.

For the quarter ended June 30, 2003, the Company reported a net income of $323,490 or $0.01 per share, compared to net income of $111,419, or $0.00 per share, for the quarter ended June 30, 2002. Net revenue for the quarter was $5,813,533, an increase of 12.0%, compared to net revenue of $5,190,938 for the same quarter a year ago. For the nine months ended June 30, 2003, the Company reported a net income of $196,095 or $0.01 per share, compared to net income of $756,375, or $0.03 per share, for the same period a year ago. Net revenue for the nine months ended June 30, 2003 was $15,652,187, a decrease of 0.1%, compared to net revenue of $15,661,132 for the same period a year ago.

Net revenues from our Black Hawk, Colorado operations were $2,458,541, a 33.1% increase, for the quarter ended June 30, 2003 compared to the quarter ended June 30, 2002, while segment profits were $584,196, an increase of 16.0%, for the quarter ended June 30, 2003 compared to the quarter ended June 30, 2002. Our Miami operations contributed revenues of $3,354,992, an increase of 0.3%, for the quarter ended June 30, 2003 compared to the quarter ended June 30, 2002, while segment income was $121,581, an increase of 916.0%, for the quarter ended June 30, 2003 compared to the quarter ended June 30, 2002.

"Our Black Hawk operations continued their strong performance in the third quarter" said Jerry Baum, CEO and President of Concorde Gaming. "At the Golden Gulch Casino we have reached our goal of 245 slot machines and are focusing on increasing our customer base. In addition, we are anticipating the renovation of the Golden Gates Casino to begin in September 2003. The renovation will enable us to increase the square footage of the casino and correspondingly the number of slot machines to our customers" Mr. Baum further stated, "Our Miami, Florida operations showed an 8.8% increase in slot revenues and a 2.6% increase in table games revenues over the same quarter in fiscal year 2002. This was the result of our strategy to direct our marketing and promotions from the table games to the slot machine player. We believe this strategy will continue to increase the profitability of the Casino Princesa as expenses associated with slot machines are historically lower than expenses associated with table games".

Concorde Gaming owns and operates three gaming properties with over 800 gaming devices in operation. The Company operates two limited stakes gaming properties, the Golden Gates Casino and Golden Gulch Casino, both 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 that 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 continue to increase customer traffic to its properties, the success of the Golden Gulch Casino, the Company's ability to continue to impose strong cost controls, 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.