Black Hawk Gaming & Development Company, Inc. Announces Second Acquisition Offer

Apr 13, 2001, 01:00 ET from Black Hawk Gaming & Development Co., Inc.

    BLACK HAWK, Colo., April 13 /PRNewswire/ -- Black Hawk Gaming &
 Development Company, Inc. (Nasdaq: BHWK), owner and operator of the Gilpin
 Hotel Casino in Black Hawk, Colorado, the Gold Dust West Casino in Reno,
 Nevada, and 75% owner and operator of The Lodge Casino in Black Hawk, today
 announced that the Special Committee appointed by the Board of Directors has
 received a second offer to buy the Company.
     Robert D. Greenlee, former Chairman of the Board and Chief Executive
 Officer of the Company and currently a holder of approximately 11% of the
 Company's shares, has informed the Special Committee that, based on his
 preliminary analysis, he is prepared to offer $12.00 per share for shares
 other than those held by him and members of any participating group that he
 may form.  Any transaction with Mr. Greenlee will be subject to various
 conditions including the negotiation and execution of a definitive agreement,
 approval of Black Hawk's Board of Directors and shareholders, the obtaining of
 various regulatory approvals, completion of due diligence, and Mr. Greenlee's
 ability to obtain financing necessary for the transaction.
 
     This press release contains statements of a forward-looking nature
 regarding a possible sale of the Company.  Consummation of any sale would be
 subject to the conditions described above as well as other market conditions
 outside of Mr. Greenlee's and the Company's control.  These statements are
 only predictions and actual events may differ materially.
 
     Note:  News releases and other information about Black Hawk Gaming &
 Development are available at http://www.bhwk.com
 
 

SOURCE Black Hawk Gaming & Development Co., Inc.
    BLACK HAWK, Colo., April 13 /PRNewswire/ -- Black Hawk Gaming &
 Development Company, Inc. (Nasdaq: BHWK), owner and operator of the Gilpin
 Hotel Casino in Black Hawk, Colorado, the Gold Dust West Casino in Reno,
 Nevada, and 75% owner and operator of The Lodge Casino in Black Hawk, today
 announced that the Special Committee appointed by the Board of Directors has
 received a second offer to buy the Company.
     Robert D. Greenlee, former Chairman of the Board and Chief Executive
 Officer of the Company and currently a holder of approximately 11% of the
 Company's shares, has informed the Special Committee that, based on his
 preliminary analysis, he is prepared to offer $12.00 per share for shares
 other than those held by him and members of any participating group that he
 may form.  Any transaction with Mr. Greenlee will be subject to various
 conditions including the negotiation and execution of a definitive agreement,
 approval of Black Hawk's Board of Directors and shareholders, the obtaining of
 various regulatory approvals, completion of due diligence, and Mr. Greenlee's
 ability to obtain financing necessary for the transaction.
 
     This press release contains statements of a forward-looking nature
 regarding a possible sale of the Company.  Consummation of any sale would be
 subject to the conditions described above as well as other market conditions
 outside of Mr. Greenlee's and the Company's control.  These statements are
 only predictions and actual events may differ materially.
 
     Note:  News releases and other information about Black Hawk Gaming &
 Development are available at http://www.bhwk.com
 
 SOURCE  Black Hawk Gaming & Development Co., Inc.