The Proposed Casino Move: A Look into Full House Resorts’ Ambitious Plans for New Haven, Indiana
In a bold move that could reshape the gaming landscape of Indiana, Full House Resorts has put forth a proposal to relocate its gaming license from Rising Sun to New Haven. This ambitious project, if approved, includes the construction of a $500 million casino and a 200-room hotel. According to a preliminary study conducted by the real estate services firm CBRE, the economic implications of this venture could be significant, boasting projected annual profits over $250 million and millions in tax revenues for the state.
Understanding the Proposal
The key element of the proposal is the migration of Full House Resorts’ gaming operations from its current location in Rising Sun, where it currently operates the Rising Star Casino. In contrast, the New Haven site promises a more lucrative and strategic position, poised to attract not only local gamblers but also patrons from neighboring states such as Michigan and Ohio. Full House’s Chief Development Officer, Alex Stolyar, emphasizes that this shift could facilitate a capture of gaming dollars previously lost to out-of-state casinos.
Economic Projections
The CBRE study posits a projection of $266.6 million in annual revenue by the third year of the New Haven casino’s operation, alongside nearly $83 million in taxes. This represents a significant leap from Full House’s current revenues from the Rising Star Casino, which net approximately $44 million in winnings and $3.7 million in state taxes annually. As a result, Full House could see around $183 million in post-tax revenue, elevating it to the sixth-highest earning casino in Indiana, according to the state gaming commission’s 2024 report.
Moreover, the proposal for a hotel as part of the second phase of development could spike yearly revenues further to an estimated $341 million, thereby maximally leveraging the potential of the New Haven site.
Insights Into the Location
CBRE’s analysis highlights that the proposed site in New Haven is relatively isolated from nearby competition, providing a strategic advantage in drawing clientele currently visiting other casinos, like the FireKeepers Casino in Michigan and the Hollywood Casino in Toledo, Ohio. The implications are clear: a significant portion of business could be redirected to the New Haven casino, effectively pulling gaming revenues back into Indiana.
While this could lead to the loss of revenue for the Rising Star Casino, CBRE projects that around 65% of the revenue losses there would shift to other casinos within Indiana, minimizing the overall impact on the state’s gaming environment.
Tax Revenue Implications
The projected taxes from the New Haven casino are substantial, with an estimated $82.8 million to be paid by the end of the first phase. More than $53 million would be allocated to state budgets, with the city of New Haven expected to receive over $18 million. These figures illustrate the potential financial boon for both state and local government units, further justifying the proposal in the eyes of its proponents.
Job Creation and Economic Impact
Beyond gaming revenues, the construction of the casino and hotel is expected to create about 1,860 jobs, further stimulating the local economy. Full House Resorts anticipates hiring close to 3,000 employees, emphasizing a commitment to local hiring. The new employment opportunities could be a significant boon to New Haven, fostering economic growth and increasing consumer spending in the region.
Community Concerns
Despite the positive economic projections, the proposal has not been without its detractors. Many New Haven residents have expressed concerns about the potential rise in gambling addiction and crime, which often accompany casino establishments. Traffic congestion at the intersection of Interstate 469 and State Road 24 has also raised alarms among locals.
In light of these concerns, it is essential for Full House Resorts to engage transparently with the community and address any fears that residents may harbor about the implications of a casino in their town.
The Path Forward
As it stands, the Indiana legislature holds the key to determining the fate of Full House Resorts’ proposal. Stolyar has reported that legislative feedback so far has been largely supportive, which may bode well for the proposal’s future.
In conclusion, Full House Resorts’ strategic move to establish a casino in New Haven presents a dual perspective—promise, in terms of economic benefits and job creation, and concern regarding the social implications for local residents. The coming months could witness lively discussions as stakeholders weigh the financial advantages against the community’s apprehensions, all while the state navigates its decision-making process. Only time will reveal whether this ambitious proposal will come to fruition and what its long-term impacts will be on Indiana’s gaming landscape.
1
20
20
