Coming soon: The long-awaited Terre Haute casino cleared a hurdle Tuesday with the Indiana Gaming Commission’s acceptance of a settlement agreement with Spectacle Entertainment. Submitted artist rendering
The long-awaited Terre Haute casino cleared a hurdle Tuesday with the Indiana Gaming Commission’s acceptance of a settlement agreement with Spectacle Entertainment.
Former Spectacle executives Rod Ratcliff and John Keeler previously had ownership stakes in the Terre Haute casino operation. Both Ratcliff and Keeler are under investigation for possible financial wrongdoing.
The Gaming Commission accepted a settlement with Spectacle for $530,000 after it failed to immediately comply with a December order to remove Ratcliff as a trustee. The company removed Ratcliff 53 days later and Ratcliff permanently gave up his state casino license earlier this month.
Sara Tait, Gaming Commission director, said she was “disappointed” it took so long but hoped the companies could move ahead.
“Much is still unknown (in the investigation). Both Spectacle and Lucy Luck know the concerns of (our) staff and the continued risks that could impact suitability,” Tait said. “I’m hopeful that we’re entering a stage following many dark months where we’re moving forward.”
Lucy Luck, formerly Spectacle Jack, is the new name of the Terre Haute casino company controlled by Terre Haute businessman Greg Gibson.
Gibson, the chair of Lucy Luck and vice chairman of Spectacle Entertainment, said the name change honors his daughter, Lucy, and also “alleviate(d) some of the confusion regarding the Spectacle brand” and the challenges Spectacle, but not the new company, faced.
“Many have been anxiously following our progress – our hiccups and our hurdles – and now our path forward,” Gibson told commissioners. “… I love Terre Haute and I saw this as an opportunity to bring that transformational project to my community and cultivate unlimited benefits to help the entire state.”
Terre Haute Mayor Duke Bennett shared projected benefits of the $175 million project, such as 750-1,000 temporary construction jobs and 600-700 permanent part-time or full-time jobs.
Additionally, local governments could receive approximately $4.6 million in revenue from the wagering tax as well as another $2.6 million to schools and regional development.
“Not a day goes by when somebody doesn’t stop me … and say, ‘When are they going to break ground on the casino?’ I’m excited to be able to know that it’s really going to come here very soon,” Bennett said. “So many people are going to benefit.”
Gibson said a ground-breaking date might be announced in April, before the casino’s annual license renewal at the commission’s May meeting. Terre Haute would be the first new city allowed to open a casino since 2008.
The settlement also clears the path for a Spectacle project, the new land-based Gary casino, which will replace two lakeside gambling operations. The new casino is expected to open to the public in mid-May.
Both the Gary and Terre Haute casinos will be operated by Hard Rock Entertainment.
Allegations against Ratcliff and Keeler, the former gaming executives, include illegally funneling improper donations to a former lawmaker running in 2016 and making improper job offers to government lobbyists.
Ratcliff challenged the commission’s allegations in December before settling and giving up his state casino license earlier this month.
© 2024 Community Newspaper Holdings, Inc.