SIOUX CITY, IA -
It's a new chance for the Argosy Casino to stay afloat, with more than 300 jobs hanging in the balance.
Missouri River Historical Development is proposing an agreement that would keep the Argosy operating in Sioux City.
MRHD holds the casino's gaming license, while Penn National Gaming is the operator.
Thursday night MRHD voted 12 to 2 to offer Penn National a two and a half year simple extension, which would keep the current agreement the groups have, including how the money gets divided between the two.
If accepted, Penn National is projected to earn $50 million in that time, MRHD would get around $4.5 million out of the deal.
MRHD says it's all about the Argosy's jobs, 325 people could be out of work if an agreement isn't reached.
"We do not want to see those folks become unemployed," said Mark Monson, with Missouri River Historical Development. "Whether it's short term or long term, or what, it will create hardships in this community that we don't need."
This agreement goes before the Iowa Racing and Gaming Commission June 7th, if it falls through with either that group or Penn National, the Argosy would shut down July 7th.
After that, January 28th is when Penn National's agreement to dock the boat in Sioux City is up.
If both of those issues are worked out, Thursday's proposed extension should last until March 31st of 2015, if it's renewed each year by the Iowa Racing and Gaming Commission.
MRHD says those two-and-a-half years would be more than enough time to finalize plans for and even build a land based casino.
