The Indiana Gaming Commission (IGC) voted not to renew Spectacle Entertainment’s gaming license for the proposed $125 million Lucy Luck Casino in Terre Haute.
Listing the reasons, IGC Executive Director Sara Tait said Spectacle lacks a full executive team and an industry-recognized corporate structure; several shareholders are refusing to comply with IGC integrity rules; the venture is not fully funded; the owners failed to provide complete financial information; and possible derogatory information exists involving former Spectacle executives.
“The fundamental basics of a casino company are not present. We’re now a year and a half into this process and still talking about things that are prospective in nature,” Tait said.
A groundbreaking had been set for the first week of July and the venue was expected to open in 2022. The property was projected to create 1,300 jobs and generate $120 million in revenue in its first year.
IGC has reopened the bidding process for 90 days, with a license application fee of $50,000. “The commission is committed to a transparent process for the review and issuance of the Vigo County license,” a notice stated.
Lucy Luck executives are expected to reapply. Attorney Murry Clark said, “We haven’t closed on the financing because we don’t have financing approval. Other than that, I’m not clear on why this statement of ‘We’re not fully funded.’”
However, the IGC’s action puts a temporary halt to Lucy Luck’s plans to contract with Hard Rock to develop and manage the $170 million “Rocksino” casino, with 850 slot machines and 35 table games, about half the gaming positions as Hard Rock’s new Gary casino. The Terre Haute plans also included a steakhouse, a Hard Rock Cafe, a food court and a 250-seat live performance venue.
Local businessman and majority Lucy Luck shareholder Greg Gibson said he’s disappointed and believes the leadership team had been making steady progress on hiring an executive team for the casino.
Gibson said, “We certainly have accomplished our original goal of bringing a gaming license to Vigo County. The community can take solace in the fact that there will eventually be a gaming facility here. It truly saddens me to know that the Terre Haute license will be open for a bidding process amongst companies who will be interested in the project solely for monetary gain, and with companies who don’t know our community like Lucy Luck does. For me, this project has always been about Terre Haute. It’s been about my home community. Terre Haute deserves this casino.”
Jon Lucas, Hard Rock International chief operating officer, said Hard Rock Northern Indiana in Gary employs 1,400 workers and served more than 100,000 people served at the casino’s five restaurants and multiple bars, including a Hard Rock Cafe. Loyalty program signups have been strong, Lucas added. The casino already has donated more than $100,000 to regional nonprofits.
Lucas projected Gary’s retail sportsbook will open in early August and entertainment in the 1,950-seat Hard Rock Live performance venue should begin around Labor Day. “We feel that this is going in the right direction,” he said.
