Argosy Gaming Company
| Company type | Public |
|---|---|
| Industry | Gambling / Casino |
| Founded | September 1991 |
| Founder | William F. Cellini |
| Defunct | October 2005 |
| Fate | Acquired by Penn National Gaming |
| Headquarters | Alton, Illinois , United States |
Area served | United States |
Key people | William F. Cellini (Chairman), John Connors (Investor), Jimmy Connors (Investor), L. Thomas Lakin (Investor) |
| Products | Casinos |
Argosy Gaming Company operated as a casino enterprise within the United States.
History
With the aid of chairman William F. Cellini's political influence, Argosy obtained Illinois' initial modern gambling license and commenced its business in September 1991 by opening the Alton Belle Casino. Initial prominent backers featured John Connors, sibling of tennis legend Jimmy Connors, along with Illinois attorney and Democratic influencer L. Thomas Lakin, as well as other notable entrepreneurs from St. Louis. Subsequently, Jimmy Connors became a key investor, and together with his brother, they owned a combined 19% share following the company's public offering. Argosy's stock was listed on the New York Stock Exchange under the symbol "AGSY." The late 1990s brought financial challenges for the company, including John Connors filing for personal Chapter 7 bankruptcy protection.
In November 2004, Penn National Gaming purchased Argosy for $2.2 billion in cash, forming the third-largest casino operator across the United States. This acquisition triggered antitrust scrutiny due to Penn National's existing ownership of Casino Rouge, potentially resulting in monopoly control over the Baton Rouge market. To obtain regulatory consent, Penn National agreed to divest the Argosy Baton Rouge property; Columbia Sussex committed to acquiring it for $150 million.
The transaction between Penn National and Argosy reached completion in October 2005.
Casinos
- Argosy Casino Alton - located in Alton, Illinois
- Belle of Baton Rouge (previously known as Argosy Baton Rouge)
- Argosy Casino Riverside - situated in Riverside, Missouri
- Argosy Lawrenceburg - based in Lawrenceburg, Indiana, currently operating under the Hollywood brand
- Argosy Casino Sioux City - found in Sioux City, Iowa
- Argosy Empress Casino - positioned in Joliet, Illinois; destroyed by fire in 2009 and subsequently rebuilt as Hollywood Casino Joliet