Regional casino operator Full House Resorts wants to expand its presence in Indiana.
The Las Vegas-based casino company said Monday it would reintroduce a proposal to relocate its authorized – yet unused – gaming equipment from the Rising Star resort to a new location in Terre Haute.
Full House made a similar offer in 2017 to Indiana lawmakers, but the measure failed.
The company, which operates five casinos in four states, said Indiana is losing out on “millions” in unrealized tax revenues since every casino operator in the state is using fewer gaming devices than existing laws allow. Rising Star operates 944 gaming machines and 25 table games in its 40,000-square-foot casino.
In a statement, Full House CEO Dan Lee said gaming expansion in neighboring states has kept several operators from adding their unused gaming equipment to existing properties. Lee said it makes more sense for Indiana to allow casinos to open in unserved markets.
“Rather than close and move the Rising Star Casino Resort, we would prefer to compete for the opportunity by relocating our unused games to a new facility in Terre Haute,” Lee said. “We believe that creates a win-win for Rising Sun, Terre Haute, and all of Indiana.”
Full House said a competitive process conducted by Indiana would allow the state to authorize the use of approved games “in a way that would generate millions of dollars in new tax revenue.”
Full House’s Rising Star is in Rising Sun, Indiana, which is near Indianapolis, Cincinnati, Lexington and Louisville. Full House added a ferry boat operation across the Ohio River between Rising Sun and Kentucky this fall to cut down on travel time.
In November, Indiana gaming revenues declined 2.5 percent to $176.2 million, according to state gaming regulators. Rising Star’s gaming revenue was $3.98 million, the lowest total of the state’s 14 casinos.
During the 2017 Indiana legislative session, Full House’s proposal failed to advance after receiving a tie vote in the senate’s Public Policy Committee. The company said lawmakers were concerned the bill unfairly favored a single casino operator.
This year, Full House proposed a bill that would have allowed other casino owners to compete for a Terre Haute casino.
Full House Chief Development Officer Alex Stolyar said the company received support from Terre Haute city, county and business leaders for the proposed casino expansion. Recently, owners of the Majestic Star casino said they would like to move the casino operation to two areas, including Terre Haute.
“Their proposal supports our thesis that Terre Haute is a prime location to allocate the state’s unused gaming resources to maximize benefit for Indiana,” Stolyar said. “We look forward to an opportunity to compete with all interested operators to present the best proposal for Terre Haute and for Indiana.”
Shares of Full House, traded on the Nasdaq, closed at $2.06 Monday, down 8 cents or 3.74 percent.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
