Sioux City’s Argosy riverboat casino has filed for bankruptcy. Sioux City Mayor Bob Scott and his staff are reviewing the court documents to see what the bankruptcy filing means for the city.

The Argosy casino pays monthly rent to the City of Sioux City and the mayor isn’t sure whether this bankruptcy filing means those checks will stop.

The Argosy Casino is owned by Penn National Gaming and state gambling regulators have ordered it closed July 1st. A new, land-based “Hard Rock” Casino is scheduled to open in Sioux City this fall. Karen Bailey, a spokesperson for Penn National Gaming, says her company believes the bankruptcy will help to preserve Argosy’s business while “the complex legal and financial implications” of the Iowa Racing and Gaming Commission’s decision are sorted out.