There's no way that's not a G. First of all, ARGYLE is actually a name. AROYLE is just ignorant gibberish. (Search Google for "argyle club california" and you'll find dozens of hits ... searching "aroyle club" gets you basically nothing except "did you mean argyle?")

Second, the letterform isn't round enough to be an O. Blackletter 'O' is often/usually a closed circle. Look at the strokes in the upper-right quadrant of the character -- that's the top and crossbar of a G, not the smooth curve of an O.