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Argosy Gaming Won't Expand Illinois Property

ALTON, Illinois -- As reported by the Telegraph: "With Argosy Gaming Co. facing an unprecedented hit from a higher state tax on revenues on its two Illinois casinos, its chief executive officer said Tuesday the company does not plan to expand or make major capital improvements to the Alton Belle Casino anytime soon.

"At the same time, Argosy's corporate officials say they are eyeing the lucrative St. Louis market for a possible gaming boat venture into South St. Louis County.

"...'In Alton, we always are making capital expenses, but in terms of expending money (for expansion), with the tax rate situation, we are not planning on doing that,' Glasier said.

"...One ongoing capital project throughout Argosy's casinos, though, is the process of converting all its slot machines to a cashless 'ticket in, ticket out' system by the end of 2004. Alton has slot machines equipped with the technology, but they are not being used.

"...Argosy also reduced the number of table games, which have a lower margin of profit, and replaced them with the more profitable slot machines, and it has implemented a $5 admission charge in Joliet..."

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