Las Vegas-based gambling operator Full House Resorts proposed to build a $650-million casino resort on a parking lot not far from the old terminal of the Indianapolis International Airport. In turn, the company asked to be allowed to relocate 700 gaming tables from its Rising Sun Casino Resort to the potential new property.
It could be said that the operator’s proposal has been the first serious one for a casino in Indianapolis for more than 10 years now.
The Indianapolis Airport Authority offered the site of the former airport terminal as well as the nearby parking lot for private development as it is too far from the newly established terminal to be put into any use. Interested parties had up until yesterday, August 10, to submit their proposals for the development of the site. And Full House was one of those developers.
However, a number of legislators pointed out that the casino operator’s proposal will face some major setbacks and will probably not be approved. Anderson and Shelbyville, located not far from Indianapolis, have horsetracks with in-house casinos and are not likely to welcome competition.
In addition, lawmakers have long been opposing any expansion of the state gambling industry, although it is yet to be determined whether the addition of a gambling venue in Indianapolis could be considered expansion.
Full House pointed out that it wants to relocate half of the gaming tables featured at Rising Sun Casino Resort in an attempt to save the struggling casino. Dan Lee, Chief Executive Officer of the Las Vegas-based operator, commented that revenues at the Indiana property have fallen more than 75% to the amount of $40 million due to competition from neighboring Ohio.
Mr. Lee also pointed out that if approved, their proposal could not only help the property but also bring casino gambling to the state’s capital.
Generally speaking, American Place, as Full House referred to its potential new facility, would include a $150-million casino with 700 gaming tables, a 25-suite boutique hotel spreading over 1,500 square feet of land, a lifestyle center with 700,000-square-foot retail space, 200 separate condominium units, a 3D imaging fountain at a central square, a multi-purpose movie theater, etc. The total amount of $650 million is expected to be spent on the complex.
According to initial estimates, the property is to annually contribute $85 million in tax revenue to the state and the host community. In addition, more than 4,000 permanent jobs would be created.
Mr. Lee said on Monday that American Place would not be that profitable without a casino. The gambling facility would generate the greater portion of the visitor traffic and would attract people to the other facilities. The executive expressed hopes that the idea would be approved either in the 2016 or 2017 legislative sessions.
