Group reaches settlement on Iowa casino’s profits

OSCEOLA, Iowa (AP) — A nonprofit group that jointly owns the license of an Osceola casino has reached a settlement over its share of gambling profits.

Clarke County Development Corp. announced Friday it’s reached a $3.1 million settlement with Lakeside Casino’s operator HGI-Lakeside LLC and its parent company, Affinity Gaming LLC.

A lawsuit claimed Clarke County Development Corp. should be getting at least 3 percent of the casino’s adjusted gross receipts under state law. The group had been receiving 1.5 percent under a 1997 agreement.

The Des Moines Register reports (http://dmreg.co/11K41G2 ) the group’s executive director says he’s pleased with the settlement. A lawyer for the casino owners says it represents an effort by all parties.

The Iowa Racing and Gaming Commission, which was named in the lawsuit, must consider the settlement before it’s finalized.

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Information from: The Des Moines Register, http://www.desmoinesregister.com

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