Four Proposals Issued for Terre Haute Casino Developments
Four operators have submitted bids to develop a casino in Terre Haute Indiana.
The process of bringing a casino to Terre Haute has been ongoing with four bidders now submitting proposals to create a venue. The Indiana Gaming Commission has now revealed details of the proposals, showing that as many as 400 to 800 jobs will be created based on which plan is chosen. Gross gaming revenues are expected to fall between $500 million to over $800 million.
Details of the Licensing
Applications for the casino were issued last month with four providers wanting to get in on the action. The commission will review the applications and members are expected to decide who will be given the license by mid-November.
Lawmakers approved a license for Terre Haute, which is located in Vigo County. The option was added during a 2019 gaming bill where sports betting was legalized. The new casino was voted for heavily by residents in Indiana with the majority wanting to see the casino open in the region.
In May of last year, the Commission gave a casino licensee to Greg Gibson, a businessman in Terre Haute. However, the initial award was delayed for several months as the Commission started an investigation into Spectacle Entertainment, a group connected to Gibson and another individual named Rod Ratcliff.
Eventually, the investigation led to Ratcliff and another individual leaving Spectacle and the project in Terre Haute. Gaming licensing was also lost by both men. Gibson’s firm later on lost the license for Terre Haute and the application process began again, with regulators now searching for an operator that does not have any baggage that could cause an issue in the future.
Of the four applications, the largest investment would come from Full House Resorts. The company would like to invest $250 million in a casino project known as the American Place. A total of $187 million would be invested in the casino and the remaining amount would go towards areas of the project that are not connected to gaming.
The company feels that it will be able to generate the most income for the region with over $800 million within the first five years of operation. This would come from an estimated eight million visitors. The projected revenue is quite high and is over 25% more than the second largest projections from Churchill Downs.
Full House has plans to create a temporary facility that would open six months after receiving its license. This would get gaming stated quickly in Terre Haute. The company is the only one that has plans to create a temporary space. Once the permanent location was set up, it would offer a 100-guest room hotel that would open a year and a half to two months later.
Churchill Downs has presented a plan for a casino called Queen of Terre Haute. It would cost $190 million to create and generate well over $600 million in its first five years. The property expects to have over six million visitors. The company would also offer a hotel, but it would be a bit larger with 125 guest rooms. Of the amount invested, only $110 million would go to the casino portion.
The two properties, one by Churchill and Full House, would offer 1,000 slot games and 50 gaming tables. Premier Gaming is also in the mix, set to offer a smaller venue at a price tag of $112 million. The casino would have 20 table games and 800 slots. The property is set to earn the least at $510 million. It expects to have around five million visitors and a hotel with 80 guest rooms.
The last proposal was submitted by Hard Rock International. The company would like to spend $191 million on a Rocksino. It would generate $561 million in its first year. This project has the support of the local Chamber of Commerce, Vigo County Commissioners and the county council.