Business Services Industry
Bidder ups the ante forJoliet casino; With $460-mil. offer, Argosy is leading contender.(Argosy Gaming Co. bids on Jack Binion's Empress Casino in Joliet)(Brief Article)
Crain's Chicago Business, April, 2001 by Richardson, Patricia
Argosy Gaming Co. has bid roughly $460 million to acquire Jack Binion's Empress Casino in Joliet, making the Downstate casino company the leading contender in a high-stakes auction for the prized Chicago-area property, sources familiar with the negotiations say. Mr. Binion's Joliet-based Horseshoe Gaming Holding Corp.
is still in contact with other interested buyers, including Las Vegas-based casino operators Park Place Entertainment Corp. and Mandalay Resort Group, in the hopes of eliciting a higher bid, sources say. Industry analysts have said that Horseshoe, which is looking to exit the Illinois market before a June deadline, has sought as much as $500 million for the Joliet casino. Horseshoe bought that property, along with the Empress Casino in Hammond,...
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