Concorde Gaming Reports 1st Quarter Loss

Business Wire, Feb 24, 2003

Business Editors

RAPID CITY, S.D.--(BUSINESS WIRE)--Feb. 24, 2003

Concorde Gaming Corporation (OTCBB:CGAM) announced financial results for the three months ended December 31, 2002.

For the quarter ended December 31, 2002, the Company reported a net loss of $164,392, or $(0.01) per share, compared to net income of $169,824, or $0.01 per share, for the same quarter a year ago. Net revenue for the quarter was $4,648,825, a decrease of 5.4%, compared to net revenue of $4,915,687 for the same quarter a year ago.

Net revenues for the Golden Gates Casino increased 4.3% to $1,900,832, while segment profits decreased 10.9% to $472,120 for the three months ended December 31, 2002 over the same quarter last year. Our Miami operations contributed net revenues of $2,747,993 and segment loss of $193,308 for the quarter ended December 31, 2002, a decrease of 11.2% and 725.0%, respectively, over the same quarter year ago.

"With the first quarter typically being the weakest quarter of our fiscal year, we are anticipating good results throughout the remainder of the year," said Jerry Baum, President and CEO of Concorde Gaming. "We also believe the opening of our Golden Gulch Casino will enhance our profitability in the upcoming quarters."

Concorde Gaming owns and operates three gaming properties with over 600 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 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 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.