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Argosy agrees to reduced fine totaling $200,000 over 'due diligence'



Printer Friendly VersionPost a CommentTell a Friend about this Article28 October 2004
As reported by: The Associated Press
Argosy Gaming Co. has agreed to pay a $200,000 fine stemming from its relationship with a company whose investors included convicted criminals with alleged mob ties.

The Missouri Gaming Commission had originally ordered a fine of $250,000, but Alton, Ill.-based Argosy appealed and subsequently agreed to the reduced amount.

Argosy, which owns the Argosy Riverside Casino in the Kansas City area, was cited for failing to perform an adequate due diligence investigation in 2000 before entering into a $40 million financial arrangement with another company that would have become the manager of a proposed tribal casino in Wisconsin. The tribe ultimately dropped its plans for a casino near Kenosha, Wis.

The Missouri regulators had said Argosy's Wisconsin partners, NII-JII Entertainment LLC, "jeopardized the credibility and integrity of the commission, and Missouri riverboat gambling in general."

NII-JII Entertainment was founded by Morgan Murphy Jr., a former Illinois congressman who was reported to have had ties with a Chicago labor leader with alleged mob connections.

Argosy in 2001 paid fines totaling $125,000 levied by Illinois and Indiana casino regulators for gaming law violations in those states related to its link with NII-JII.

"This was a longstanding compliance issue that has been mutually settled," Argosy spokesman Jim Wise said in a statement Tuesday. "It's a matter that we've long since rectified, and we have accepted the decision of the Gaming Commission."

Argosy disassociated itself from NII-JII in 2001. It later said that while it failed to discover the matters at the time it made the contract, "when issues surfaced, we extricated ourselves from that agreement" and later changed procedures to guard against future mistakes.

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