Penn National and the city reach a deal on casino lease extensio - KTIV News 4 Sioux City IA: News, Weather and Sports

Penn National and the city reach a deal on casino lease extension

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Penn National will continue to pay rent under the existing formula for the next year. Penn National will continue to pay rent under the existing formula for the next year.
SIOUX CITY, Iowa (KTIV) -

After months of negotiations, the city of Sioux City and Penn National Gaming have reached a tentative lease agreement to keep the Argosy Riverboat Casino operating.

That news is sure to be a relief to the more than 300 people who work there.

The current contract is set to expire on January 29th.

The new agreement allows Penn National to continue to pay the same rent through January of 2014.

After that, Penn could extend the lease for an additional 18 months at a higher rental rate.

Local leaders say with the deal in place, the focus can be on a new land-based casino.

"The city historically has had a lease for where they operate, one of the factors in this mix has been the expiration of that lease, so once this is resolved by our Mayor and City Council, it will be back to the IRGC working with Casino developers and not for profits who represent them," Paul Eckert, the City Manager said.

The city council will begin voting on the new agreement at their meeting next Monday with a final determination to be made on January 28th.

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