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Argosy bets big on expansion

2 June 2008

LAWRENCEBURG, Indiana –- As reported by the Cincinnati Enquirer: "Even as its industry faces unprecedented weakness, Argosy Casino & Resort is betting big that it can dramatically boost revenues with a $300-million-plus expansion that recently finished a critical phase.

"Industry metrics suggest Argosy's parent company, Penn National Gaming, can boost its nearly $600 million in revenues by as much as a third - a move that could vault the Greater Cincinnati-Northern Kentucky-Southeast Indiana region to a $1 billion gambling market.

"Company officials and industry experts say the expansion is a safe bet because Penn National and the region are more isolated from the economic fallout in the oversaturated markets of Las Vegas and Atlantic City. That's because Penn National doesn't operate casinos in the nation's two premier gambling spots.

"…Larry Kinser, Argosy general manager, said lack of parking has forced his employees to turn away customers at roughly 10 peak times this year.

"With the completion of a key new parking garage, Argosy officials hope to alleviate the parking issue. The 1,500-spot garage brings Argosy's total spaces to 3,300 and will support the expanded casino when it comes online in mid-2009…"

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