Thursday July 29, 10:21 pm Eastern Time
Argosy breaks ground on Baton Rouge hotel
ALTON, Ill., July 29 (Reuters) - Riverboat casino operator Argosy Gaming Co. said Thursday that it broke ground at the site of a planned hotel in Baton Rouge. La., an action that lets it stop paying a $2.50-a-passenger head tax at its Baton Rouge casino.
The head tax cost Argosy about $3 million in 1998, the company said. But once the company broke ground on the casino, the head tax was no longer in effect, under terms of a development agreement.
The company received approval for its hotel development plan this week from the Baton Rouge metropolitan council.
The 10-story hotel, estimated to cost about $20 million, will be located across the street from the Baton Rouge Centroplex Convention Centre, the company said.
Construction, which began immediately after the ground-breaking ceremony, is expected to take 16 months, the company said.
Argosy shares closed up 2/16 at 12-1/16
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