Indiana Regulator Chooses Not to Renew Terre Haute Casino License
The future of a proposed Challenging Rock-branded casino in Terre Haute is handing in the balance following members of the Indiana Gaming Commission last week voted unanimously not to renew the license of the property’s operator.
Commissioners mentioned that Terre Haute-based Lucy Luck Gaming failed to hire an executive group to run the gambling venue, after operational, and did not have complete financing secured for the home.
The business planned to invest $175 million into the development of the casino. In March, it informed the state gambling regulator that it had secured a financing package to total the project.
Following last week’s ruling, Lucy Luck lawyer Murray Clark told local news outlets that they have not closed on the financing because they do not have financing approval and that other than that they can’t genuinely comprehend the meaning behind gaming commissioner’s “not fully 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 firm partnered with Florida-primarily based casino operator Challenging Rock International to use 1 of its two Majestic Star licenses to construct a land-primarily based gaming complicated in Gary, which opened doors last month. The Indiana Gaming Commission reissued the other license to Spectacle to create a Hard Rock casino in Terre Haute.
New Bidding Process for Terre Haute License
The state gaming regulator issued the Terre Haute license to Spectacle subsidiary Spectacle Jack. The latter company in December changed its name to Lucy Luck Gaming.
The company expected to break ground on the casino in March, but the Gaming Commission repeatedly put off voting for the renewal of its license over the past numerous months, saying it wanted to see extra financing data first. The regulator on Thursday decided not to renew the license.
The commission additional said that the application method for the Terre Haute license will be reopened and that Lucy Luck will be in a position to reapply but that it should first make positive to function out its troubles with its project’s financing. No timeframe was supplied by the regulator on the new bidding method.
Groundbreaking was projected to kick off in late June or early July. The property was anticipated to open doors by the fall of 2022, but the Gaming Commission’s most recent ruling has designed numerous unknowns for the future of the complete scheme.
In a statement on the matter, Lucy Luck Chairman Greg Gibson stated that they are not confident 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 organizations who will be interested in the project solely for monetary achieve, and with companies who don’t know our neighborhood like Lucy Luck does.”
Mr. Gibson, a Terre Haute native, additional noted that for him “this project has often been about Terre Haute it is been about my property neighborhood” and that “Terre Haute deserves this casino, and I wish it could be alongside Lucy Luck Gaming.”
Source: Commission Opts Not to Renew Terre Haute Casino License, Inside Indiana Company, June 24, 2021