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ARGOSY GAMING COMPANY ENTERS INTO AGREEMENT IN ST. LOUIS

 ALTON, Ill., July 26 /PRNewswire/ -- J. Thomas Long, chief executive officer of Argosy, announced today that "Argosy Gaming Company is delighted to have concluded an agreement with Floyd C. Warmann under which he becomes a shareholder of Argosy, with Argosy to develop the downtown St. Louis Concessions, Inc., gaming site."
 Argosy Gaming Company (NASDAQ: ARGY), operators of the Alton Belle Casino II, the first riverboat gambling casino in Illinois, entered into an agreement with St. Louis Concessions, Inc., and its sole shareholder Floyd C. Warmann, pursuant to which the company will acquire assets of St. Louis Concessions, Inc., including mooring privileges with respect to certain river frontage located on the Mississippi River in the city of St. Louis. The riverfront site has been designated by the legislation authorizing gaming in Missouri as one of the sites on the Mississippi River in downtown St. Louis where dockside gaming may be conducted, subject to obtaining a license from the Missouri Gaming Commission. St. Louis Concessions, Inc., presently leases the site from the City of St. Louis and such lease expires September 1994, with option periods extending through September 2009.
 Under the terms of the agreement, Argosy has agreed to acquire the assets of St. Louis Concessions, Inc., for (i) delivery of that number of shares of Argosy common stock equal to $33.5 million, under a contractual formula, with a ceiling of 1,300,000 shares, and a floor of 800,000 shares, plus (ii) payments aggregating $8.3 million.
 This agreement supersedes the prior letter of intent between Argosy and St. Louis Concessions, Inc. dated Nov. 22, 1992, as amended, which contemplated the company and St. Louis Concessions, Inc., creating a partnership to operate the dockside casino. Argosy Gaming Company will now own and operate the dockside casino to be constructed at the site.
 The company plans to conduct dockside gaming at the St. Louis Riverfront, subject to obtaining a gaming license, and is currently reviewing facility designs.
 Argosy plans to submit its gaming application for the St. Louis Riverfront as soon as the Missouri Gaming Commission begins accepting applications, which is expected to occur this summer.
 Consummation of the transactions completed under the purchase agreement is subject to the satisfaction of numerous conditions precedent including, approval by the City of St. Louis of an amendment to the lease permitting gaming at the site and assignment of the lease to the company and the company obtaining a gaming license from the Missouri Gaming Commission for the St. Louis Riverfront site.
 -0- 7/26/93
 /CONTACT: G. Dan Marshall of Argosy, 618-474-7666/
 (ARGY)


CO: Argosy Gaming Company ST: Illinois, Missouri IN: CNO SU:

TS-MP -- NY046 -- 5681 07/26/93 12:20 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:450
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