Construction will start within the next few weeks on Spectacle Entertainment’s new land-based casino in Gary, following final approvals from the Indiana Gaming Commission. The commission reauthorized the consolidation of Spectacle’s two Majestic Star casino boats and approved the move from Lake Michigan to a 30-acre site next to eastbound Borman Expressway at 29th Avenue and Burr Street.
Commissioners also approved Hard Rock International’s acquisition of a minority ownership stake in the Gary venue, to be branded as the Hard Rock Casino Northern Indiana.
John Keeler, Spectacle vice president and general counsel, said with the final approvals granted, the company now can close on $400 million in financing for the new casino. This almost happened in August but Spectacle withdrew its request for commission approval due to several factors, Keeler said, such as the threat of competition from casinos in Chicago and the south suburbs. “Our lenders were naturally skittish. They just took a little more time to get it all put together,” Keeler said.
The delay in financing could move the new casino’s opening from December 31, 2020 to early 2021, he noted. “Our hope is still to be open on New Year’s Eve of next year. Realistically, that may be a goal that’s too ambitious. A lot of it is going to depend on the weather,” Keeler said. He stated Majestic Star casinos will remain in operation at Gary’s Buffington Harbor until one month before the new casino opens.
“We’ve already started moving dirt up there and we’ll be closing on all the real estate that we’ve got under contract,” Keeler said, adding the steel for the project has been ordered and the foundation for the 225,000 square foot venue soon will be poured. The property will feature a casino, sportsbook, Hard Rock Cafe, 2,000-seat Hard Rock Live performance venue and numerous restaurants and bars.
“We just want to build the best casino we can, and we think the Hard Rock brand really helps us, and helps us compete in the existing competitive situation, and will help us in the event that Chicago gets a casino,” Keeler said.
The gaming commission also is evaluating Spectacle’s proposal to build and operate a smaller Rocksino in Terre Haute, using one of the casino licenses assigned to Gary.
