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Argosy to float bigger boat



Printer Friendly VersionPost a CommentTell a Friend about this Article17 April 2004
As reported by: Sioux City Journal
By bringing a much larger riverboat casino and a lot more slot machines to Sioux City, Argosy Gaming Co. is increasing its odds of carving out more gaming business in Siouxland.

"We think we'll probably capture a greater market share than we're capturing now," Jesus Aviles, general manager of Argosy Casino Sioux City, said Friday.

State regulators a day earlier approved Argosy's $21 million plan to replace its current Missouri River casino with a fancier boat that's three times larger, and add 368 slot machines, raising the total number of slots to 848.

With just 480, Sioux City's current boat has far fewer slots than nearby land-based casinos owned by the Winnebago and Omaha tribes. Combined, WinnaVegas, near Sloan, and Casino Omaha, near Onawa, have more than 2,200 slots, Aviles said. Another competitor, a cluster of casinos in North Sioux City, has a total of 575 video poker machines.

"We're at a competitive disadvantage," Aviles said. "We're limited to the small number of gaming units we have. With more gaming units, hopefully we can compete on a level playing field with the other facilities."

With 36,000 square feet of casino space, the new boat will have room for its existing 18 to 20 table games, which include blackjack, craps and roulette. There also will be an opportunity to add live poker, which the boat once offered but eventually had to discontinue due to a lack of space, Aviles said.

"Poker is real popular now, with all of those tournaments on TV," he said.

By increasing the number of gaming stations, Argosy hopes to capture 26 percent of the region's market share, up from the current 22 percent. That's expected to boost gross annual gambling revenues by at least 10 percent, or $4.5 million, he said. Last year, the boat had gross revenues of $42.5 million, as more than 800,000 people boarded.

Among all Iowa riverboats, Sioux City's had the fewest slot machines and the third-highest percentage of per-slot profits, both signs there is plenty of room for additional machines, Aviles said.

Betty Strong, president of Missouri Historic Development Association, the non-profit group that jointly holds the state gambling license for Sioux City, described the expansion as a "long time in coming."

"We have been wanting a new boat, a larger boat for the last five or six years," Strong said. who credited Aviles for convincing Argosy to move forward with the project. "We really appreciate Jesus putting forth this effort."

The new boat, called Argosy IV, formerly served as Argosy's casino in Riverside, Mo., a Kansas City suburb, for the last seven years. It recently was replaced by the new Argosy Casino Kansas City, a $105 million floating palace featuring 1,750 slots and 42 table games.

The Argosy IV is scheduled to head up the Missouri in early May. After arriving in Sioux City, it will be refurbished, with an opening set for early July.

"It's a very elegant boat, with high ceilings and chandeliers," Aviles said.

Anyone looking forward to taking a ride on the new boat likely will be disappointed. A gambling bill moving its way through the Iowa Legislature contains a provision that waives the state's current daily cruising requirements. If the bill becomes law, the Argosy IV will remain docked all the time, Aviles. One of the main reasons: low flows on the Missouri.

"The water levels go up and down dramatically," he said. "Last year, there were days we could not cruise because the water levels were so low."

The Argosy IV has a value of $11 million, nearly half the $21 million project. Another $7.5 will be spent for refurbishing the boat and additional parking spaces, with the remaining $2.5 million going for added slot machines.

Pending City Council approval, up to 100 new parking spaces will be built just upstream from the boat. The city supports the expansion, said City Manager Paul Eckert, who noted the added paving would have a "minimum impact" on the riverfront.

Eckert and City Councilman Craig Berenstein attended Thursday's meeting in Council Bluffs of the state Racing and Gaming Commission, which voted, 5-0, for Argosy's expansion.

"This will be good for the riverfront and good for the community," Eckert said.

Increased gaming and boardings from the larger boat will mean added revenue for the city, MRHD and Woodbury County. Eckert said the city collects $1.2 million to $2 million in annual gambling revenues, which have been used to pay its share of the Perry Creek flood control project, and construction of the Tyson Events Center. MRHD has contributed more than $7 million in various charities in Woodbury County.

The current riverboat, originally known as The Belle of Sioux City Casino, has been in place since 1994. A replica of a 1920's paddleboat, the three-level vessel has a maximum capacity of 1,200.

The larger, more ornate Argosy IV will compliment the 22,000-square-foot barge that Argosy built last year. That addition features a boardwalk/river town look with a 55-foot-tall lighthouse, a water tower and interior maritime decor.

In addition to the casino's administrative offices, the barge houses a welcome center, restaurant and comedy club.

As part of the expansion, Aviles said the main entrance will be changed to a mid-ship boarding, allowing passengers to go immediately into the gaming areas.

Aviles said Argosy is satisfied with its current location in Chris Larsen Park, which he described as a "beautiful site," but acknowledged that further growth could necessitate a change.

"In the future, there's always plans to look at other sites," he said. "We're in a prime location right now. If we outgrew this location due to parking, we will have to considering moving up or downstream."

Related Articles:

Newest casinos are playing the float - 31 December 2004
Penn National to acquire Argosy in $1.4 billion deal - 04 November 2004
Merger fuels second-tier casino stocks - 04 November 2004
Argosy agrees to reduced fine totaling $200,000 over 'due diligence' - 28 October 2004
Riverboat casino to get millions in tax breaks - 29 June 2004

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