SIOUX CITY, Iowa (KTIV) -
The non-profit that holds the Argosy casino's gambling license, hopes the rewording of a contract will keep the gaming ship afloat, and its more than 300 employees working.
Monday night, Missouri River Historical Development approved that new contract at their downtown Sioux City meeting.
To understand it, you have to go back to last month. That's when the Iowa Racing and Gaming Commission told MRHD and the Argosy's operator, Penn National Gaming they had till this Thursday to accept a seven month extension to their operating agreement, or risk the Argosy's closure.
Penn's called the agreement too short, favoring one lasting until March 2015. They've even taken the matter to a Polk County judge to review the IRGC's decision.
MRHD feels their new contact is a compromise for all parties. They say it extends their operating agreement with Penn until 2015, and makes it clear the IRGC can choose to renew it annually.
MRHD officials sent a copy to Penn and the IRGC. Penn has yet to respond, but MRHD President Mark Monson says IRGC staff approves.
"I am optimistic we'll move forward on Thursday," said Monson.
MRHD is also in search of an operator to partner with. Together they'd apply for the IRGC's new Woodbury County gaming license.
Monson couldn't give an exact number, but says they've been contacted by numerous interested groups. He says they could choose local, like Ho-Chunk, Inc., or even Penn again. Monson says they're keeping an open mind.
"If an operator comes in with a multi-million dollar proposal, and they want to put it on the moon, you have to consider it. It's their money."
The IRGC is taking applications for the gaming license until November 1st. They'll make a decision in April.
