Concorde Gaming Reports a $1.6 Million Increase in Profits in Fiscal 2002 over Fiscal 2001

Business Wire, Jan 10, 2003

Business Editors

RAPID CITY, S.D.--(BUSINESS WIRE)--Jan. 10, 2003

Concorde Gaming Corporation, (OTCBB:CGAM) announced financial results for the fiscal year ended September 30, 2002 (F.Y. 2002).

For the 2002 fiscal year, Concorde Gaming reported net income of $620,133, or $0.02 per share, compared to a net loss of ($967,688), or ($0.04) per share, in the 2001 fiscal year. Net revenues for the 2002 fiscal year increased 12.5% to $20.99 million, compared to $18.66 million in fiscal 2001.

"The 2002 fiscal year was a year of improved results for the Concorde Gaming properties" said Jerry Baum, President and C.E.O. of Concorde Gaming. "This improvement was primarily attributable to strong results from the Golden Gates Casino, located in Black Hawk, Colorado, and strong cost controls and increased passenger counts for the Princesa, our offshore gaming vessel operated out of Miami, Florida. We are pleased with our progress in 2002 and believe that with the addition of the Golden Gulch Casino in Black Hawk, Colorado, (expected to open in January 2003) we are well positioned for a strong 2003 fiscal year."

The Golden Gates Casino contributed net revenues of $7.69 million in fiscal 2002 and segment profits of $2.38 million, compared to net revenues of $6.76 million and segment profits of $1.62 million in fiscal 2001. The Princesa contributed net revenues of $13.30 million and a segment loss of ($105,000) in fiscal 2002, compared to net revenues of $11.91 million and a segment loss of ($1.21 million) in fiscal 2001.

Concorde Gaming Corporation owns and operates three gaming properties. The Company operates two limited stakes gaming properties in Black Hawk, Colorado, the Golden Gates Casino and Golden Gulch Casino (expected to open in late January 2003), and a day-cruise gaming property, the Casino Princesa, which operates the Princesa out of Miami, Florida. The Company's corporate offices are in Rapid City, South Dakota.

Statements contained in this press release, which are not historical facts, are forward-looking statements, as the 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, declining popularity of gaming, competition in Colorado and Florida and other jurisdictions, the level and rate of growth in the company's operations, 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.

Note: New release and other information about Concorde Gaming Corporation, Inc. are available at http://Concordegaming.com.

For further information, please contact Jerry Baum, President and CEO.