The company through the political connections of its chairman William F. Cellini received the first gambling license in Illinois in modern times.
Among the biggest initial investors was John Connors, brother of tennis champion Jimmy Connors, Illinois attorney and Democratic power-broker L. Thomas Lakin, as well as other influential St. Louis area businessmen.
Jimmy Connors would later become a substantial investor with both brothers maintaining a 19 percent share after it went public.
In November 2004, Penn National Gaming acquired it for $2.2 billion in cash creating the third largest casino operator in the United States.
[4] In order to expedite approval for the merger from federal and state regulators, Penn National put the Argosy Baton Rouge up for sale.