COLONIAL DOWNS PARENT COMPANY POST 2008 LOSS

Jacobs Entertainment, Inc. (“JEI”), an owner and operator of multiple gaming properties, today announced financial results for its fourth quarter and year ended December 31, 2008.

Net revenues for the fourth quarter of 2008 were $81.4 million compared to $82.9 million in the fourth quarter of the previous year. Net loss for the fourth quarter of 2008 was $2.9 million compared to net loss of $1.1 million in the same quarter of the previous year.

Net revenues for the year ended December 31, 2008 were $362.5 million compared to $349.9 million for the year ended December 31, 2007. Net loss for the year ended December 31, 2008 was $4.1 million compared to net income of $5.0 million for the previous year.

Jacobs Entertainment, a privately-held company headquartered in Golden, Colo., reported a 6% decrease in pari-mutuel revenues to $38.7 million for Colonial Downs, its eight satellite off-track wagering locations, and related advance deposit wagering. The company attributed the overall drop in pari-mutuel revenues to a $3.6 million decrease at its OTBs, and a $200,000 decline at Colonial Downs, which is located in New Kent, Va. Revenues from account wagering increased $1.1 million.

In addition to Colonial Downs, holdings of Jacobs Entertainment include two casinos in Colorado; three casinos in Nevada; and 18 truck plaza video gaming facilities in Louisiana, which are collectively referred to by the company as “Jalou.”