Sunday, March 04, 2001

Part-owner of Argosy Casino fined




The Associated Press

        Indiana gaming officials have imposed a $500,000 fine on a part-owner of Lawrenceburg's Argosy Casino riverboat for violating state gaming statutes.

        The fine was imposed Friday against Centaur Inc., because it had pledged its interest in the Ohio River casino as collateral for credit, officials said.

        The Evansville Courier reported Saturday that Lafayette-based Centaur has agreed to pay the fine. A message left Saturday with Kurt Wilson, Centaur's president, was not immediately re turned.

        According to a settlement agreement recommended by Jack Thar, the commission's executive director, Centaur violated two Indiana gaming statutes.

        A complaint filed with the commission charges that on Jan. 5, 2000, Centaur used its partial ownership as collateral to secure a $12.5 million line of revolving credit with Wells Fargo.

        Indiana law prohibits a licensed owner or any other person from borrowing or obtaining a loan against an owner's license.

       



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