Penn National Unit Files Ch. 11 To Save Iowa Floating Casino

Law360, New York (May 15, 2014, 7:22 PM EDT) -- Belle of Sioux City LP filed for Chapter 11 bankruptcy protection in Pennsylvania federal court on Wednesday in an attempt to halt the ordered closing of its Iowa-based Argosy riverboat casino.

In its filing, the Iowa-based subsidiary of Penn National Gaming Co. asked for an automatic stay or temporary injunction that would stop the Iowa Racing and Gaming Commission from enforcing its order to shut down the Argosy operation on or before July 1. Both measures would allow the casino to continue collecting revenue as it...
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