Full House Faces a Rocky Road for a Potential Fort Wayne Casino
Fort Wayne’s New Casino: A Rollercoaster Ride Ahead!
So, guess what? Our buddy CEO Dan Lee spilled the beans to some analysts recently about a potential new casino in Fort Wayne, Indiana. But hold onto your cash; it seems the folks against this casino idea might have a leg up after some last-minute changes in House Bill 1038.
Right before Indiana lawmakers clocked out for their annual session last month, they managed to pass a measure that could pave the way for a commercial casino either in Fort Wayne or perhaps somewhere else in the north-eastern corner of the Hoosier State. But here’s the kicker—the legislators have possibly made it a bit too easy for the naysayers to toss a wrench into the works when voters hit the polls come November.
Referendums Galore!
Under the shiny new House Bill 1038, signed into law by Governor Mike Braun just a week ago, good ol’ Allen, DeKalb, and Steuben counties now have to ask their residents if they even want a casino in their backyard. Originally, the House wanted local officials to greenlight this referendum so their peeps could vote, but that part got axed by the Senate. Oops!
In a recent chat with Fort Wayne’s WANE TV, Braun indicated that a referendum was a must-have for him to ink the bill. But here’s the twist: one gaming exec is waving the caution flag, fearing that any vision of a $500 million casino resort could run into some pretty well-funded opposition.
The Cost of Casino Dreams
Dan Lee, our friend from Full House Resorts, pointed out the slight hiccup in the plan: trying to drum up support might turn into a tough uphill battle. Why? Because the opposing side will likely be rolling in the dough, while Lee worries the pro-casino crowd might not be as financially stacked. He shared on his company’s quarterly earnings call, “We don’t know if this proposal will pass. It usually does bring jobs and tax revenue, but with this setup, it’s going to be quite a challenge.”
As things stand, it seems Full House is just chilling out and waiting to see how the cookie crumbles. They reckon the opposing team, which apparently sports a website named SaveFW.com, might be backed by a nearby tribal gaming nation in Michigan or some other unsupportive entity that won’t be thrilled about a new casino sprouting up in Fort Wayne.
The Bright Side?
Originally, Full House was all aboard this casino train, hoping to shift its operations from the tiny Rising Sun casino to a slick new venue in Fort Wayne. Compounding the complexity, lawmakers tweaked HB 1038 to give one of the three counties a brand-new casino license. This means that Full House wouldn’t even need to close the Rising Star Casino in Rising Sun if they got approval for a shiny new venue up north. Sweet deal, huh?
Lee reminded the analysts last week that the current operations in Rising Sun aren’t exactly raking it in; it’s surrounded by a ton of other gaming options in southeastern Indiana and even over the river in Kentucky and Cincinnati. An urban casino in Fort Wayne could really shake things up!
Money Talks
A study by the Spectrum Gaming Group revealed that Indiana would be seeing far more greenbacks roll in with a casino either downtown in Indy or in Fort Wayne. They estimated that the Indianapolis casino could rake in over $170 million annually in gaming taxes! Fort Wayne, on the other hand, could still score a hefty $61 million. Not too shabby when you compare it to the mere million bucks that Rising Star is coughing up each year.
When the bill sauntered from the House to the Senate, the license fee jumped from $50 million (plus 30 million for Rising Sun) to a whopping $150 million, which stuck around in the final version. Oh, and don’t forget the requirement for the successful developer to pour at least $500 million into the new project—almost double what Churchill Downs splashed out when they opened the Terre Haute Casino Resort.
What Happens Next?
Although a $500 million endeavor in Fort Wayne might seem doable, it gets trickier for smaller counties like DeKalb or Steuben. It’s not outside the realm of possibility that Full House or other potential developers could think twice about stepping into northeastern Indiana if the voters don’t give the green light come November.
If the referendums don’t pass, expect to see the whole thing head back to the General Assembly next year, with a casino in Indianapolis becoming a hot topic once again. Attempts to get Indy on the bill this year didn’t quite make it, as locals feared that a new casino might ruffle feathers for existing resorts like Churchill’s in Terre Haute, and the two racinos run by Caesars just a hop away.
Lee might have given us a glimpse into Full House’s strategy by saying, “We’ll keep an eye on the process and see how everything unfolds. The legislature will be back next year, and we know they have a lot to discuss!”
And there you have it, folks! Stay tuned as the saga of Fort Wayne’s casino continues to unfold! Who knows what antics await us in the wild world of gambling in Indiana!
