In addition to awarding a gaming license to Terre Haute-based Spectacle Jack LLC, the Indiana Gaming Commission also approved Friday a local development agreement that will ensure a local benefit from the operation.
The agreement calls for Spectacle Jack to pay 3 percent of its adjusted gross receipts, or betting revenue minus payouts, to the Vigo County Community Improvement Foundation Inc.
That foundation will be an Indiana not-for-profit corporation “for the purpose of supporting the City of Terre Haute and Vigo County Community Plan.”
Terre Haute Mayor Duke Bennett said regardless if area residents decide to gamble or not, the foundation will ensure the casino benefits everyone. “Just this one project is going to have an impact in so many different ways,” Bennett said. “It puts us on the map in a very special way and the revenue
that’s going to come back into the community will benefit everyone, regardless if you go to the casino or don’t go to the casino.
“It couldn’t be any more exciting from my perspective to get to the point we’re at today as it’s taken many, many years to get here.”
Additionally, the proposed agreement calls for a payment equal to 3 percent of the company’s net commission received from any sports wagering vendor.
The payments, according to the proposed agreement with Spectacle Jack LLC, the casino ownership group, would be made monthly.
The foundation will be governed by five directors, each of whom must be a registered voter in the county.
Members would include one member of the Terre Haute City Council appointed by the mayor of Terre Haute; one member of the Vigo County Council appointed by the president of the Vigo County Board of Commissioners; one member appointed by the president of the Terre Haute Chamber of Commerce; and two members appointed by Spectacle Jack.
Spectacle Jack principle owner Greg Gibson projects the agreement will generate about $3 million annually for the foundation, an aspect of the casino project he’s most excited for, he said.
“The possibility to have these funds to advance the community plan is very exciting and will certainly improve the quality of life of all our residents,” Gibson said.
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