CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

Argosy Casino Tax Credit Plan Approved

28 June 2004

ALTON, Illinois – (PRESS RELEASE) -- The City Council of Lawrenceburg, Indiana has unanimously approved an agreement between the city and Argosy Casino & Hotel that provides the economic incentive for Argosy Gaming Company (NYSE: AGY) to consider an expansion at the casino complex. The action is the first step for Argosy, the Tri-State's top tourist attraction, in moving towards additional capital investment at the Lawrenceburg resort. The full scope of the project is still under consideration, and the company expects to finalize details over the next several months.

"The city's decision to partner with Argosy on their proposed expansion is an investment in the future of Lawrenceburg and Dearborn County," said Lawrenceburg Mayor Bill Cunningham. "Anyone that lives in Lawrenceburg or Dearborn County knows that the impact of the jobs, local purchases and tax revenue generated by Argosy has greatly improved the quality of life throughout the county. We want to continue that progress."

"City officials also realize that competition can come from surrounding states," Cunningham continued. "We believe supporting Argosy now helps Argosy improve its amenities and will make Lawrenceburg more of a destination. That's good for everyone," he said.

The agreement includes a tax credit for the expansion or redesign of the property through a reduction in local taxes of up to $5 million per year for a period of ten years. The credit would be available after Argosy generates a minimum of $30 million in revenue for the city each year, provided Argosy re-invests at least the amount of the tax credit in improvements to its property.

"This action by the City of Lawrenceburg recognizes that Argosy's presence has been good for the city and acknowledges that Argosy's future success will mean continued growth and prosperity for Lawrenceburg," said Richard J. Glasier, President and Chief Executive Officer of Argosy Gaming Company. "We're excited about the possibility of improving the gaming experience for our customers with a project that we expect will also add jobs and revenues to the community."

Argosy Gaming Company is a leading owner and operator of casinos and related entertainment and hotel facilities in the midwestern and southern United States. Argosy owns and operates the Alton Belle Casino in Alton, Illinois, serving the St. Louis metropolitan market; the Argosy Casino- Riverside in Missouri, serving the greater Kansas City metropolitan market; the Argosy Casino-Baton Rouge in Louisiana; the Argosy Casino-Sioux City in Iowa; the Argosy Casino-Lawrenceburg in Indiana, serving the Cincinnati and Dayton metropolitan markets; and the Empress Casino Joliet in Illinois serving the greater Chicagoland market.

< Gaming News