By: Jessica Cihacek
jcihacek@kcautv.com
Some say it's time for the Argosy to go.
Sioux City Mayor, Bob Scott, says, "We're the last floating casino. It's an inadequate facility, it's not a destination and it's not something that attracts people from large miles – you know, travelers and that. It's a 30 mile around Sioux City sort of draw. We need to have a larger draw."
And the Missouri River Historical Development, or MRHD, the non–profit organization that holds the gaming license, along with the casino's operator, Penn National Gaming, have taken the first steps in securing a brand new casino in Sioux City's downtown district.
There's just one problem: legal matters between the two.
Eric Schippers, of Penn, says, "Just the question of whether we have an exclusive agreement with them or whether they have the ability to go out and start talking to other potential operators who may be interested in coming in."
After that's put behind them, MRHD representatives say they and Penn still need to reach an agreement on terms, amenities offered and exact location in downtown Sioux City, before the $100 million project gets the official green light.
MRHD President, Mark Monson, says, "At some point, the city has to be at the table."
Mayor Scott says, "It will happen. Something will happen. There will be a developer that will want to do this."
And if that's the case, it'll be about two years before downtown Sioux City becomes, well, a little more lively.
Now to give you an idea of the economic incentive, currently the Argosy brings in a net gross of $57 million. A casino in downtown Sioux City could bring in $70 million. The city and MRHD would still get a percentage of that.
