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Business Improving at Argosy Casino

27 January 2005

MISSOURI – As reported by the St. Louis Today: "Alton officials are feeling luckier after several months of improved business at the Argosy Casino.

"Tax revenues from the casino have been a welcome supplement to the city's finances since the Alton Belle Casino opened in 1991 as Illinois' first floating casino. The city gets $1 per casino admission and 5 percent of the casino's gross revenue.

"That has totaled nearly $90 million over the years.

"…But the casino's business began to decline after March 2002 and remained sluggish through 2003 and early 2004. The city's casino revenue in 2003 was nearly $1 million less than in 2001.

"…Officials of Argosy Gaming Co., the Alton-based owner of the Alton casino and five other casinos in the Midwest, placed most of the blame for the Alton casino's earlier swoon on heavy Illinois gambling taxes enacted in 2003 and a high-priced marketing battle between the St. Louis area's two biggest casinos, Ameristar in St. Charles and Harrah's in Maryland Heights.

"With the state $5 billion in the red, the Illinois Legislature increased casino taxes to 70 percent of gambling revenues in excess of $250 million a year and 50 percent of revenues between $100 million and $250 million. The rates are the nation's highest.

"…Although the higher taxes remain in effect, the Alton casino's fortunes began to look brighter during the second half of 2004.

"…Argosy spokesman Jim Wise said there are several reasons for the improved results.

"Wise said Illinois casinos were allowed to initiate 'ticket in-ticket out' gambling in December 2003, a popular improvement that Missouri casinos were allowed to adopt earlier…"

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