Indiana Regulator Chooses Not to Renew Terre Haute Casino License
The future of a proposed Difficult Rock-branded casino in Terre Haute is handing in the balance following members of the Indiana Gaming Commission final week voted unanimously not to renew the license of the property’s operator.
Commissioners said that Terre Haute-based Lucy Luck Gaming failed to hire an executive group to run the gambling venue, as soon as operational, and did not have full financing secured for the house.
The company planned to invest $175 million into the improvement of the casino. In March, it informed the state gambling regulator that it had secured a financing package to comprehensive the project.
Following last week’s ruling, Lucy Luck lawyer Murray Clark told neighborhood news outlets that they have not closed on the financing because they do not have financing approval and that other than that they can not really comprehend the which means behind gaming commissioner’s “not totally funded” statement.
In 2019, a sweeping gambling overhaul passed by Indiana lawmakers paved the way for nearby casino operator Spectacle Entertainment to relocate its two Majestic Star riverboat casinos along the City of Gary on dry land.
The business partnered with Florida-based casino operator Difficult Rock International to use 1 of its two Majestic Star licenses to construct a land-based gaming complex in Gary, which opened doors final month. The Indiana Gaming Commission reissued the other license to Spectacle to develop a Tough Rock casino in Terre Haute.
New Bidding Method for Terre Haute License
The state gaming regulator issued the Terre Haute license to Spectacle subsidiary Spectacle Jack. The latter firm in December changed its name to Lucy Luck Gaming.
The firm expected to break ground on the casino in March, but the Gaming Commission repeatedly put off voting for the renewal of its license more than the previous many months, saying it wanted to see further financing details 1st. The regulator on Thursday decided not to renew the license.
The commission further mentioned that the application process for the Terre Haute license will be reopened and that Lucy Luck will be in a position to reapply but that it must 1st make certain to perform out its difficulties with its project’s financing. No timeframe was offered by the regulator on the new bidding procedure.
Groundbreaking was projected to kick off in late June or early July. The property was expected to open doors by the fall of 2022, but the Gaming Commission’s newest ruling has developed several unknowns for the future of the complete scheme.
In a statement on the matter, Lucy Luck Chairman Greg Gibson mentioned that they are not sure if they would reapply for the license and that “it really saddens me to know that the Terre Haute license will be open for a bidding approach amongst companies who will be interested in the project solely for monetary gain, and with organizations who don’t know our neighborhood like Lucy Luck does.”
Mr. Gibson, a Terre Haute native, further noted that for him “this project has always been about Terre Haute it’s been about my house neighborhood” and that “Terre Haute deserves this casino, and I wish it could be alongside Lucy Luck Gaming.”
Supply: Commission Opts Not to Renew Terre Haute Casino License, Inside Indiana Company, June 24, 2021