Belle of Sioux City, owner of the Argosy Casino, files bankruptc - KTIV News 4 Sioux City IA: News, Weather and Sports

Belle of Sioux City, owner of the Argosy Casino, files bankruptcy to try to keep casino open


SIOUX CITY, Iowa (KTIV) - The owner of Sioux City's Argosy Casino has gone back to court, along with all of the other gaming players in Woodbury County.

But this time, they're in Reading, Pennsylvania, asking for bankruptcy protection.

Lawyers for Penn National Gaming, the parent company of Argosy owner "Belle of Sioux City," confirm that the Belle has filed for Chapter 11 bankruptcy protection in Pennsylvania.

Penn National's lawyers say they believe the bankruptcy matter should postpone the July 1st closing of the Argosy, as long as it's in court.

The decision to close the Argosy was made by the Iowa Racing and Gaming Commission.

But, because the matter in Pennsylvania is a federal case, the judge in that case can render the IRGC's decision to close the Argosy temporarily invalid, until the matter is settled in Pennsylvania.

Lawyers for the IRGC, the Hard Rock Casino, and the nonprofit group Missouri River Historical Development have expressed their disagreement with the bankruptcy filing.

IRGC representative Jeff Peterzalek from the Iowa Attorney General's office say they'll file a motion to dismiss the matter in Pennsylvania, because they think there's no grounds for a bankruptcy filing.

Should that motion fail, Peterzalek says they'll likely file a motion to get the matter back to Iowa courts.

Penn National says it took the bankruptcy filing out of state, because they were trying to get a better outcome than they do in Iowa courts.

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