Exhibit 10.17


KEY EMPLOYEE
 2004 LONG TERM INCENTIVE CASH AWARD


The 2004 Long Term
Incentive (“LTI”) Cash Award provides key employees with a financial incentive
to maximize shareholder value. The value of your award, like the stock held by
our shareholders, increases through stock price appreciation.


ELIGIBLE PARTICIPANTS


All Officers, General
Managers and Director level employees of the Company who received a stock
option award on April 29, 2004.


AWARD


On April 29, 2004, each participant has been
granted a LTI Cash Award. The LTI Cash Award is in addition to the stock
options granted on this date. Similar to a stock option the award is not
immediately available to you. The award will vest and be payable at the end of
three years. No payment will be made before the final vesting date. The award
payment will be indexed to the movement of Argosy Gaming Company stock at the
end of this period. The LTI Cash Award will be multiplied by the index to
calculate the actual award payment.


The index calculation is:  The stock closing price on the date the award
vests divided by the stock closing price the date of the award, April 29,
2004. The LTI Cash Award amount will be multiplied by the index to calculate
the actual award payment.


Argosy Gaming Company stock closed on April 29,
2004 at $37.71.


Examples:


1.                On April 30,
2007 Argosy Gaming Company stock closes at $45.00. An executive granted a
$30,000 LTI Cash Award on April 29, 2004 would receive a LTI Cash payment
of  $35,800. ($30,000 X 119% =
$35,800  $45.00 divided by $37.71 =
119%).


2.                On
April 30, 2007 Argosy Gaming Company stock closes at $30.00. An executive
granted a $30,000 LTI Cash Award on April 29, 2004 would receive a LTI
Cash payment of  $24,000. ($30,000 X 80%
= $24,000  $30.00 divided by $37.71 =
80%).


VESTING


LTI Cash Award becomes
vested on April 30, 2007, the 3rd year anniversary of the
award.


PAYMENT


The LTI Award will be paid in cash and will be payable
as soon as reasonably possible following the vesting date. The payment is
considered bonus compensation and will be subject to income tax and other
deductions.


In the case of death,
permanent disability or change of control, a pro-rata share of the LTI Award
will be made based on the date of the event. The pro-rata share will be
determined by calculating the total number of days from April 29, 2004, to
the date of the event divided by 1095 multiplied by the LTI Cash Award amount. The
pro-rata LTI Cash Award will be multiplied by the index on the date of the
event to calculate the actual award payment. In the case of termination of
employment for reasons other than the above prior to the vesting date, the full
LTI Cash Award will be forfeited.











Schedule
of Awards to Executive Officers


During
2004, subject to the provisions of the LTI Plan, awards were made to executive
officers as follows:


	
  Executive Officer

  	
   

  	
   

  	
   

  	
  Amount

  	
   

  
	
  Richard J.
  Glasier

  	
   

  	
  $

  	
  600,000

  	
   

  
	
  Virginia M.
  McDowell

  	
   

  	
  480,960

  	
   

  
	
  Dale R. Black

  	
   

  	
  390,780

  	
   

  
	
  R. Ronald Burgess

  	
   

  	
  390,780

  	
   

  
	
  James A.
  Gulbrandsen

  	
   

  	
  120,240

  	
   

  
	
  Brenda K. Bauer

  	
   

  	
  240,480

  	
   

  
	
  Arnold L. Block

  	
   

  	
  240,480

  	
   

  
							



 


The above awards are subject to adjustment under the
terms of the LTI plan. In the case of death, permanent disability or change of
control, a pro-rata share of the LTI Award will be made based on the date of
the event. The pro-rata share will be determined by calculating the total
number of days from April 29, 2004 to the date of the event divided by
1,095 multiplied by the LTI Cash Award amount. The pro-rata LTI Cash Award will
be multiplied by the index on the date of the event to calculate the actual
award payment.