LAKE OZARK — A proposal for a $100 million casino at the Lake of the Ozarks is just steps away from becoming reality.
The Lake Ozark Board of Aldermen met Wednesday for a special meeting to vote on whether to approve agreements with the Osage Nation for the construction for a hotel-casino in the city.
The board unanimously approved the agreements, authorizing the Lake Ozark mayor to send the Missouri Gaming Commission a letter of intent supporting the project.
The deal would align city leaders and the Osage Nation on building the casino on a piece of land the Nation bought in 2021 at Bagnell Dam Boulevard and Business U.S. 54/Osage Beach Parkway. The piece of land covers approximately 27.6 acres of land, and the Osage Nation has clearance to build under the U.S. Indian Gaming Regulatory Act.
The agreements outline the benefits that the city would receive from the casino’s construction. According to the document, the Osage Nation will pay the city of Lake Ozark a fee of 2.5% of all adjusted gross receipts from gaming winnings on a quarterly basis. The Osage Nation will also collect a 1% resort fee for paid hotel transactions, which will then be paid to the city, along with a $100,000 annual payment for around-the-clock services from the Lake Ozark Police Department. Lake Ozark city leaders said at a previous board meeting that the city could make an annual revenue of $1.9 million once operations commence.
In turn, Lake Ozark will provide water and sewer services to the casino, which the Osage Nation will pay the city rate for. The agreement also prohibits the Osage Nation from conducting fuel sales or constructing buildings such as a gas station or convenience store at the site.
The Osage Nation announced in a report its preferred plan to build at the site in August. That report revealed the casino would include a 40,000-square-foot gaming floor with a 150-room hotel tower and 435 parking spaces.
The report also revealed that the casino would operate 750 Class II gaming machines, similar to video slot machines or other video-game-style games of chance. This is allowed without making agreements with the state under the IGRA. However, the casino will not operate Class III gaming systems, such as true slots and table gaming, unless the Osage Nation makes a separate agreement with the state of Missouri.
