Two bills, which are considered of major importance for the future of Northwest Indiana’s economic development, were passed by an Indiana House committee on February 19th.
There was an alteration to the bill made by the committee, which implemented a new requirement that has seriously hurt not only Majestic, but other boat casinos as well. Under the new terms of the bill, Majestic will be demanded to let go of one of its two casino licences if it chooses to build a facility on land.
A casino bill concerning boats such as Majestic Star Casino was passed by the so-called Ways and Means Committee. The bill in question would provide the casino with the opportunity to become land-based ones. In addition, the committee also passed certain measures in order to allow a yearly funding estimated to $9.4 million.
The funds are intended to be used for the already proposed extension of South Shore train line, which is planned to be made as a connection to Dyer and Munster. The entire project’s cost is said to be worth a total of $571 million.
The House Bill 1514 concerning Majestic Star Casino and other similar ones is to provide the latter with the opportunity to benefit from an alteration in the legislation, which allows casinos to operate entirely on adjacent land.
The Chief Executive Officer of Majestic Star – Pete Liguori – previously commented on the situation and shared that the casino’s ageing boats have put it in an unfavorable position when it comes to competitiveness in Northwest Indiana.
Currently, the Regional Development Authority is required by government’s law to assign the full allowance for extension projects of the Chicago, South Shore and south Bend Railway. In addition, progress reports must be made on an annual basis and submitted to the state Office of Management and Budget, which is responsible for controlling them.
One of the co-authors of the House Budget Bull (HB) 1618 – State Representative Hal Slager – explained that a portion of $9.4 million is intended to be allocated. The allocation process is scheduled to start in 2016 and its deadline expires in 30 years.
State Representative Slager also shared in the session of the Ways and Means Committee that such appropriations in question will be included in the House Budget Bill 1001.
Both bills will be put on vote and will need to gather enough ballots till the end of next week in order to be sent to the Senate for further consideration.
The casino industry in Indiana has been facing some setbacks recently, which led to a 28% revenues decline since 2010. It was also forced to deal with the competition of its neighbouring states, which have started to provide expanded gaming offerings.
