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Officials Deny Casino Nonprofit Plan
JOHNSTON, Iowa (AP) -- Iowa gaming regulators have denied a request from the owner of the Argosy Sioux City riverboat casino to redirect a portion of its revenues to a new nonprofit group.
The Iowa Racing and Gaming Commission's unanimous decision Thursday means 3 percent of the casino's gross revenue set aside for charitable purposes is in limbo.
The Sioux City Journal reports (http://bit.ly/1dl3O8u ) the commission ruled only nonprofits that jointly hold a casino license are eligible for the funds.
Argosy's money previously went to Missouri River Historical Development. Since May, Penn National Gaming Inc. has withheld the funds over litigation involving a contract dispute.
The contract expired in July, but MRHD is still entitled to the money because the commission still recognizes the group as holding the nonprofit portion of the Argosy license.
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