Lake Ozark weighs Osage casino deal as private investors revive second project

The City of Lake Ozark is preparing for two potential casino projects as local officials, investors, and the Osage Indians advance plans that could reshape gambling operations in central Missouri.

The Lake Ozark Board of Aldermen is set to vote Wednesday on an agreement with Osage Casinos for a planned $60 million entertainment and gaming complex on Bagnell Dam Boulevard. The proposed site, announced last year by the Osage Nation, is part of a multi-phase development that would include a casino, hotel, meeting spaces, and an event center.

Under the proposed deal, the Osage Nation would pay the city 2.5% of its gambling revenue and a 1% resort fee from hotel transactions, both remitted quarterly. The payments would support local government services.

Phase 1 calls for the construction of a casino, sports bar, restaurant, hotel, and amenities such as a fitness center, pool, and pool bar. Additional phases would expand gaming areas, dining, and meeting facilities. Construction is expected to begin once the US Department of the Interior gives approval.

As part of the arrangement, the Osage Nation would transfer the land to federal trust status, while the city would continue to provide municipal services, including water, sewer, and policing. The tribe would pay $100,000 annually to the city for police coverage, though the Osage Nation Police Department would retain primary jurisdiction.

The city would handle traffic and road improvements around the site, while Osage Casinos would cover infrastructure work within the property.

At the same time, an investment group called Osage River Gaming and Conventions (ORGC) has renewed efforts to authorize a second casino near the Osage River along Highway 54. The group plans to resubmit a ballot initiative after a similar proposal, Amendment 5, failed in the 2024 general election.

“Yes, we are getting the band back together,” investor Andy Prewitt told LakeExpo, confirming the group’s plan to gather signatures following a presentation to the Lake Ozark City Council on November 12.

In 2024, Missourians rejected Amendment 5 by a margin of 52.5% to 47.5%. The measure sought to amend the state constitution to allow a casino downstream of Bagnell Dam and add one new gaming license earmarked for the Osage River. It also proposed dedicating state tax revenues from the casino to early childhood education.

“Just about every major initiative ever passed required more than one try at the ballot box — that’s just Missouri politics,” ORGC member Tim Hand said.

The new proposal would again seek to modify the state constitution, which currently permits casinos only on the Missouri and Mississippi rivers. However, the group faces a tighter window: the Missouri legislature is considering a measure to increase the vote threshold for future constitutional changes, potentially complicating the ORGC’s path after 2026.

If both projects proceed, Lake Ozark could become home to two separate casino developments — one tribal, one private — in a region that has historically voted against casino expansion. In the 2024 referendum, all three counties surrounding Lake of the Ozarks — Camden, Miller, and Morgan — voted against the proposed amendment, with opposition reaching 59.4% in Miller County.

Both projects are now awaiting local action before advancing to their respective next steps. The Osage Nation’s agreement goes before the Board of Aldermen on Wednesday, while ORGC seeks approval from city leaders next week before beginning its new signature campaign.