SIOUX CITY, IA -
This morning, representatives from Sioux City and the Missouri River Historical Development met with Penn National, the owner of the Argosy Casino, to talk about a new contract.
Without an agreement, the casino could close after July 6th.
Penn National offered what it called its best and final offer, continuing to give 3 percent of profits to MRHD, and another roughly 3 percent to the city.
But MRHD and the city refused to accept, pointing out that many newer facilities in Iowa pay more than 6 percent to non–profits.
"This is a once...shot for us, there's no do overs, the agreement will last anywhere from 40 to 50, maybe longer years, so I'm not going to be around to negotiate the next one, so we...strongly feel, it's critical that we get the best deal we can for the 103,000 citizens in Woodbury County," said MRHD President Mark Monson.
The last meeting before the end of the contract is scheduled for June 7 in Johnston, Iowa.
If an agreement isn't reached by then, the casino may close, threatening about 325 jobs.
