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Iowa Casino Profits Drop, Purchase Price Drops

IOWA – As reported by the Des Moines Register: "Profits have dropped so much at Osceola's Lakeside Casino and Resort that a Nevada-based company planning to purchase the business announced today that it has reduced its purchase price to $160.8 million.

"Herbst Gaming of Las Vegas said in a statement today that it is amending the purchase price at Osceola as a result of 'lower than expected recent operating results at Lakeside.' How much the purchase price was reduced wasn't disclosed.

"Officials with Clarke County Development Corp., the casino's local non-profit partner, said there is no doubt that Lakeside has been hurt significantly by the launching of casino table games, such as blackjack and poker, last month at Prairie Meadows Racetrack and Casino in Altoona.

"Lakeside had gross casino revenues in December of $4.7 million, compared to $5.3 million for the same month in 2003, state records show…"

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