Although at least one analyst expected Argosy Gaming Co. filed to sell up to $300 million in common stock and debt to fund a recent acquisition, a company spokesman said the shelf filing was not earmarked for a specific purpose just yet. Alton, Ill.-based, $730 million market cap Argosy, which currently operates five riverboat casinos, said in its June 11 release it may use the proceeds from the offering to repay debt or for acquisitions. But the spokesman made it clear that the proceeds, if the debt is raised, would not be used to finance the $465 million acquisition of the Empress Joliet riverboat casino.
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