As noted previously, Hard Rock was slated to operate a $150 million \u201cRocksino\u201d for Lucy Luck, but Lucy Luck never was able to break ground on the project. In addition, IGC officials had substantial concerns about Lucy Luck\u2019s management and a lack of clarity regarding $57 million in notes that would have been used toward financing the project.<\/p>\n
Messages to both companies seeking comment were not returned Wednesday evening.<\/p>\n
Churchill Downs does not operate a casino in the state. However, the Louisville-based gaming company has a history in Indiana. It opened the first horse racing track in the state, Hoosier Park, in 1994, and the company currently holds a sports betting license.<\/p>\n
The company best known for racing also owns or operates 10 casinos and four historical horse racing parlors.<\/p>\n
About an hour before the application deadline, the company released a statement detailing some of the plans for its development, dubbed the Queen of Terre Haute Resort. The casino would feature 1,000 slot machines, 50 table games, a TwinSpires retail sportsbook, a 125-room luxury hotel, and multiple dining options.<\/p>\n
Bill Carstanjen, CEO of Churchill Downs Incorporated, said the company would leverage its nearly 150-year history in gaming, entertainment and hospitality to bring a \u201cworld-class\u201d attraction to Terre Haute.<\/p>\n
\nWe appreciate the local encouragement we\u2019ve received as we\u2019ve evaluated this opportunity,\u201d he said. \u201cIn the days ahead, we look forward to making our case to the Indiana Gaming Commission as to why our proposal to build the Queen of Terre Haute is in the best interest of the residents and businesses of Terre Haute, Vigo County, and the state of Indiana.\u201d<\/p>\n<\/blockquote>\n
The company did not reveal how much it planned to invest in the project. But Churchill Downs cited a study by Purdue University economists forecasting the casino would produce a $190 million annual economic impact and create a 2 percent annual jump in the region\u2019s gross domestic project. Construction would lead to 1,000 job opportunities, and when the casino opens, it would employ 500 people.<\/p>\n
Terre Haute in Premier’s “Wheelhouse”<\/h2>\n
Premier Gaming owns the Magnolia Bluffs Casino in Natchez, Miss. The company is based out of Union, Ky., a suburb of Cincinnati, where Founder and President Kevin Preston resides.<\/p>\n
Preston has nearly 30 years of experience in the gaming industry. Prior to creating the company in 2009, he was the COO and a senior vice president for Tropicana Entertainment. In that role, he was responsible for 14 properties and helped the company emerge from bankruptcy.<\/p>\n
In an interview with Casino.org<\/i> Wednesday evening, Preston said the company plans to release drawings and details of its casino proposal on Thursday. He added that a community the size of Terre Haute, a city of about 58,000 people and a metropolitan population of roughly 170,000, is right in the \u201cwheelhouse\u201d for Premier.<\/p>\n
In other words, a smaller company would be a better gaming partner for a city like Terre Haute.<\/p>\n
\nAs the owner of the company, you could pick up a phone and call me,\u201d he said. \u201cWe can build facilities just like those bigger folks, and it’s just not another casino for us.\u201d<\/p>\n<\/blockquote>\n
Premier\u2019s partner in the application is a company called Terre Haute Entertainment Holdings LLC. He said it\u2019s a New York-based company that\u2019s a \u201clending partner\u201d and involved with Magnolia Bluffs.<\/p>\n
According to records available on the Indiana Secretary of State\u2019s website, the New York City address tied to Terre Haute Entertainment is the same for a company called Sculptor Capital Management. The company has experience in the gaming industry as well.<\/p>\n
In June, it announced that its Sculptor Real Estate Division provided a $565 million loan for the Sky River Casino<\/a> being built by the Wilton Rancheria Tribe and Boyd Gaming near Sacramento. And according to a December 2019 article at Perenews.com<\/a><\/i>, gaming was Sculptor Capital Management\u2019s biggest exposure as gaming properties accounted for nearly a fifth of its real estate investments at that time.<\/p>\nUPDATE – On Thursday, Preston provided Casino.org with renderings of its proposed casino, which would include 800 slot machines and 20 table games. Amenities planned for the proposed Terre Haute casino and hotel include a spa, a convention and entertainment area, several restaurants, and a rooftop bar and restaurant. Plans also call walking trails and an RV park.<\/strong><\/p>\n