In the heart of New Haven, Indiana, a new venture is on the horizon—a potential economic ace up the sleeve that promises to transform the region’s economic landscape like hitting a jackpot. A recently unveiled study paints a vivid picture of the financial windfall expected from a proposed casino development, hinting at a future flush with opportunity through thousands of new job prospects and a lucrative influx of annual tax revenue.
New Haven’s Gamble: A Hotel Casino Ready to Deal New Opportunities
In a strategic maneuver worthy of the brightest card sharks, Full House Resorts Inc. plans to shake things up by investing a cool $500 million in New Haven, transferring their casino license from their current haunt in southeastern Indiana. This game-changing move, subject to the blessings of the powers that be, involves relocating their operations from the Rising Star Casino to New Haven, where they aim to lay the foundations for a sparkling hotel and casino resort, complete with top-notch amenities.
According to the economic soothsayers at CBRE Investment Banking, Phase I of Full House’s daring enterprise is forecast to churn out a whopping $82.8 million in taxes. Like poker chips spread across the felt, the largest stack—$53.5 million—is earmarked for the state of Indiana itself.
Meanwhile, engaging in a little sleight of hand, it’s estimated that Allen County will shuffle away with nearly $0.9 million, while New Haven could hit its own small jackpot with an estimated $18.3 million in tax revenue. Not to be left out, the broader group of governing bodies and stakeholders are expected to rake in an additional $10.2 million.
Digging deeper into the detailed numbers, the study forecasts non-gaming taxes at an expected $10.4 million. But here’s where the house wins: the golden goose of gaming taxes is anticipated to ring in at a staggering $72.4 million, which breaks down into a hefty pot of $65.4 million in wagering taxes and an additional cherry on top—a $7 million supplemental wagering tax.
Indeed, if this high-stakes play gets the nod, it’s anticipated to spawn 2,760 construction-related jobs during Phase I alone. Beyond that, the casino itself is poised to be a full house magnet, drawing in 2,426 new jobs fresh to the scene.
Rolling the Dice on a Regional Gamechanger
In a bid to rally support and drum up enthusiasm, Full House Resorts has been engaging in a little old-fashioned hometown diplomacy, organizing meetings with residents and stakeholders. Set within a community of 16,000 residents, the initial phase of the project is slated to bring in an economic windfall of $130 million, a sum that promises to be a gamechanger for the town’s fortunes.
Zach Sand, a voice from Fort Wayne’s PR playbook, who represents Full House Resorts, recently waxed lyrical with Journal Gazette about the anticipated benefits. Sand enthusiastically described the endeavor as a “transformative economic engine for the northeast Indiana region,” suggesting a deal where everyone can hit the big time.
Of course, no game goes without its risks. Critics of the venture voice concerns about a potential spike in gambling addictions, turning the prospect of winning into a cautionary tale. Yet, as the cards lie on the table, the final decision remains in the hands of lawmakers, who will determine whether this gamble will shuffle New Haven’s future into a whirlwind of excitement or hold.
