Lawrenceburg City Council Approves Tax Credit Plan for Argosy Casino

Lawrenceburg City Council Approves Tax Credit Plan for Argosy
Casino 


ALTON, Ill., June 28  /PRNewswire-FirstCall/ -- The City Council of
Lawrenceburg, Indiana has unanimously approved an agreement between the city
and Argosy Casino & Hotel that provides the economic incentive for Argosy
Gaming Company (NYSE:AGY) to consider an expansion at the casino complex. The
action is the first step for Argosy, the Tri-State's top tourist attraction, in
moving towards additional capital investment at the Lawrenceburg resort.  The
full scope of the project is still under consideration, and the company expects
to finalize details over the next several months.

"The city's decision to partner with Argosy on their proposed expansion is an
investment in the future of Lawrenceburg and Dearborn County," said
Lawrenceburg Mayor Bill Cunningham. "Anyone that lives in Lawrenceburg or
Dearborn County knows that the impact of the jobs, local purchases and tax
revenue generated by Argosy has greatly improved the quality of life throughout
the county. We want to continue that progress."

"City officials also realize that competition can come from surrounding
states," Cunningham continued. "We believe supporting Argosy now helps Argosy
improve its amenities and will make Lawrenceburg more of a destination. That's
good for everyone," he said.

The agreement includes a tax credit for the expansion or redesign of the
property through a reduction in local taxes of up to $5 million per year for a
period of ten years.  The credit would be available after Argosy generates a
minimum of $30 million in revenue for the city each year, provided Argosy
re-invests at least the amount of the tax credit in improvements to its
property.

"This action by the City of Lawrenceburg recognizes that Argosy's presence has
been good for the city and acknowledges that Argosy's future success will mean
continued growth and prosperity for Lawrenceburg," said Richard J. Glasier,
President and Chief Executive Officer of Argosy Gaming Company. "We're excited
about the possibility of improving the gaming experience for our customers with
a project that we expect will also add jobs and revenues to the community."

Argosy Gaming Company is a leading owner and operator of casinos and related
entertainment and hotel facilities in the midwestern and southern United
States. Argosy owns and operates the Alton Belle Casino in Alton, Illinois,
serving the St. Louis metropolitan market; the Argosy Casino- Riverside in
Missouri, serving the greater Kansas City metropolitan market; the Argosy
Casino-Baton Rouge in Louisiana; the Argosy Casino-Sioux City in Iowa; the
Argosy Casino-Lawrenceburg in Indiana, serving the Cincinnati and Dayton
metropolitan markets; and the Empress Casino Joliet in Illinois serving the
greater Chicagoland market. 

DATASOURCE: Argosy Gaming Company



CONTACT:  Jim Wise, [phone], or Fred McCarter, [phone],

both of Argosy Gaming Company



Web site:  http://www.argosycasinos.com/ 

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