Spectacle Jack LLC files sole application to run proposed Terre Haute casino

In Indiana and it would appear that the new casino being planned for the city of Terre Haute will most likely be operated by Spectacle Jack LLC after the firm reportedly became the sole entity to file a license application.

According to a report from the local Tribune-Star newspaper, applicants interested in running the envisioned Vigo County facility were required to have submitted an official license request with the Indiana Gaming Commission and pay an attached fee of $50,000 in advance of a Sunday deadline.

Individual interest:

However, the regulator reportedly detailed that Spectacle is the only firm to have met this target date while its application is asking for permission to construct a $125 million enterprise on 22 acres of land near one of the Indiana city’s two junctions with Interstate 70. The newspaper explained that the operator’s plan calls for this 100,000 sq ft property to be christened the Rocksino by Hard Rock and feature a casino and a sportsbook alongside a pair of restaurants, bars, a café and the 300-seat Velvet Lounge entertainments venue.

Definitive decision:

The Tribune-Star reported that Vigo County is set to get a casino after residents approved an enabling referendum early last month via a margin of about 63% to 37%. This purportedly followed the passage of new legislation in May that is to see local operator Spectacle Entertainment forfeit one of its exiting Indiana riverboat casino licenses in order to be able to open a larger land-based gambling facility near the northern city of Gary.

Tax obligations:

The newspaper reported that the casino proposal from Spectacle has already been unanimously approved by the three-member Vigo County Board of Commissioners and could now be signed off by the Indiana Gaming Commission as soon as March. Such a move would purportedly require the operator to hand over a $5 million opening fee and commit it to paying an annual tax equivalent to 0.5% of the Rocksino by Hard Rock’s adjusted gross gaming receipts.

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The Indiana Gaming Commission will moreover be entitled to 3% 7BALL of any net revenues generated by the sportsbook inside the Rocksino by Hard Rock, which it pronounced could eventually employ up to 600 locals.