SIOUX CITY, Iowa (KTIV) -
More than 300 jobs at the Argosy are safe, at least for another year. Sioux City, and Penn National Gaming, have agreed to extend an agreement keeping the casino afloat.
After months of back and forth negotiations that at times, the city called "difficult," a tentative agreement has been reached with Penn National Gaming for continued use of the docking site where the Argosy now sits.
"Ultimately agreements like this are never completely satisfying to all parties and I think that's how it can best be characterized here, but we have achieved a good outcome ultimately for our residents," Paul Eckert City Manager said.
Karen Bailey with Penn National Gaming says the proposed deal is a positive for the company's employees.
"This certainly does give them, a clearer picture of the future, and the stability that they've been looking for, and certainly, hopefully puts their minds at ease as we go into the holiday season, " Karen Bailey, Director of Affair for Penn National Gaming.
The initial extension would be for 12 months, at the same rent. This would start on January 29th. Penn then has the option to extend the lease for an additional 18 months. If Penn does that, it would have to pay an addition 75-hundred dollars a month in rent. The Sioux City Council still has approve the deal. The parties have also agreed to release each other from liability for past conduct.
"We always asserted that there was never anything that we were especially worried about, but whenever legal action, can be brought up, there are potential legal expenses associated with it," Paul Eckert said.
The city will now move forward with public notice of the agreement at the next council meeting on December 17th. The council then makes its final decision on January 28th, after allowing the public 30 days to review the terms.
"We always asserted that there was never anything that we were especially worried about, but whenever legal action, can be brought up, there are potential legal expenses associated with it," Paul Eckert said.
The city will now move forward with public notice of the agreement at the next council meeting on December 17th. The council then makes its final decision on January 28th, after allowing the public 30 days to review the terms.
A tentative agreement means the Argosy Casino will stay open in Sioux City.
