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Argosy Plans Indiana Riverboat Expansion

24 March 2005

INDIANAPOLIS, Indiana – As reported by the Cincinnati Post -- Citing the possibility of expanded gambling in Kentucky and Ohio, Argosy Gaming Co. Wednesday detailed its previously announced $150 million-plus expansion that would make the Lawrenceburg riverboat Indiana's largest casino.

"Argosy officials told Indiana gaming regulators of a plan to swap its three-level riverboat with a larger, single-level boat that would add 1,200 slot machines and table games. That means the company's most lucrative Indiana casino, based on annual revenue of close to $440 million, would expand its total casino floor space from 2,800 casino games to 4,000.

"Driving Argosy's decision is the potential that Ohio or Kentucky lawmakers will seek approval of casino gambling or slots at racetracks. Also, Argosy thinks that the Cincinnati-area is ripe for casino expansion.

"…The expansion plan would alleviate the parking crunch with a new, 1,500-space garage and a 500-space lot, said Paul Keller, Argosy's vice president of design and construction. The other reason that Argosy believes a Lawrenceburg casino expansion is warranted is that comparable Midwestern casino markets have done a more effective job at reaching a greater share of their population.

"…Argosy's expansion would be aided by a 10-year, $50 million tax break approved by Lawrenceburg…"

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