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CBS 2 - Search Results

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Casino Owner Seeks Bankruptcy Protection

DES MOINES, Iowa (AP) -- The owner of the Argosy riverboat casino in Sioux City has filed for Chapter 11 bankruptcy protection in an effort to stop its scheduled closing.

Belle of Sioux City LP filed for Chapter 11 protection Wednesday in U.S. Bankruptcy Court in Des Moines. The Sioux City Journal reports Belle, the Iowa-based subsidiary of Penn National Gaming Co., has asked a judge for an automatic stay or temporary injunction of an order to shut down the casino by July 1.

An expedited hearing on the request is scheduled Friday in U.S. District Court in Reading, Pennsylvania.

The company wants the stay until Penn's lawsuit against the Iowa Racing and Gaming Commission is resolved. Penn has criticized the bidding process for a license that later went to another developer.

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