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Argosy Plans Lawrenceburg Expansion

17 May 2004

LAWRENCEBURG, Kentucky – As reported by the Cincinnati-Northern Kentucky Business Courier: "Argosy Gaming Co. will invest up to $150 million in its Lawrenceburg casino if it can come to terms with the city on a new revenue-sharing arrangement.

"During a recent series of negotiating sessions, Argosy outlined expansion scenarios that range in cost from $60 million to $150 million, said Lawrenceburg Mayor William Cunningham. The mix of renovations could include new parking facilities, additional hotel rooms and an undetermined number of new jobs. It also would involve reconfiguring space on the gaming boat itself, removing things like bars, snack shops and cashier cages to make room for more slot machines and gaming tables.

"Argosy's Lawrenceburg casino already is one of the largest in the Midwest, raking in about $35 million a month with a three-story boat equipped with more than 2,200 slot machines and 95 gaming tables. According to Argosy's annual report, its Lawrenceburg property grabs 60 percent of the $685 million a year in gaming revenue generated by Southeast Indiana's three riverboat casinos.

"…Argosy's Lawrenceburg casino is by far the most lucrative gaming center owned by Argosy, an Alton, Ill.-based, publicly traded company with five other casinos in suburbs near Chicago, St Louis, Kansas City, Mo., Baton Rouge, La. and Sioux City, Iowa. The Lawrenceburg facility generated 43 percent of Argosy's total net revenues last year and 56 percent of its earnings before interest, taxes, depreciation and amortization…"

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