Downtown Indy Tops List for Potential Casino Relocation

A new study commissioned by the Indiana Gaming Commission found that relocating a casino to downtown Indianapolis could generate nearly $493 million in annual revenue and $170 million in state taxes.

The analysis, conducted by Spectrum Gaming Group and presented to the State Budget Committee, was required under Senate Enrolled Act 43 to identify top potential sites for relocating a riverboat casino license.

“The statute was very direct,” said Indiana Gaming Commission Executive Director Joe Hoag. “We wanted the study to look at projected annual gaming revenues and corresponding tax revenues … the impact on other casinos, the impact on the horse racing industry, (and) the impact assessment of a potential tribal casino in the region.”

Spectrum’s report determined that a downtown site near the Statehouse and convention center — referred to as the “Downtown Proxy Point” — would produce the highest returns. A secondary location near I-69 and State Road 8 in northeast Indiana could bring in $204 million in receipts and $61 million in taxes.

However, the downtown option could divert about $140 million in revenue from existing racetrack casinos, potentially costing the horse racing industry $10 million to $17 million annually. “Just like in real estate, what’s the most important factor of what casino you go to? Location, location, location,” Hoag said.

Lawmakers expressed mixed reactions. Sen. Ryan Mishler questioned relocating poorly performing casinos, while Sen. Andy Zay called the study “a good first step.” Sen. Tyler Johnson opposed a new casino in his district, citing social and community concerns.