IRGC HEARS CASINO FINANCING PROPOSALS

The three groups seeking the license for a land-based casino in Woodbury County  made presentations to the Iowa Racing and Gaming Commission on their financing plans Thursday morning.

Lance Morgan, C-E-O of Ho Chunk, which is proposing to renovate the Warrior Hotel into a casino complex, told the commission their financing will include 10-million dollars from the Nebraska Winnebago tribe and 20 million from one in Minnesota:

Morgan says they will also get some help from the city:

Ho Chunk will also put in 10 million dollars to their project that has a total cost of 122-million dollars.

Bill Warner, the president of Sioux City Entertainment, made the presentation for the proposed $135 million dollar Hard Rock Casino. Warner says part of their financing will allow Iowans to invest in the casino.

Warner was asked to explain more about the local investment portion of the plan:

Penn National Gaming, which operates the Argosy riverboat casino that will be replaced made the final presentation. Penn vice president Carl Sottosanti told the commission that their financing plan is much different because everything will come from the company.

Sottosanti's presentation was the shortest of the three as he took a swipe as some of the information in the other proposals as he concluded.

The commissioners asked very few questions of the three groups, which made their presentations after a draw was held to determine who would present first.

Thanks to Dar Danielson of Radio Iowa for covering the meeting.