Tropicana Evansville to develop USD 50M casino

The new casino would be situated on land owned by Tropicana between its existing hotels, Tropicana Evansville Hotel and the LeMerigot Hotel, and would replace Tropicana’s current riverboat casino.

In conjunction with the announcement, the City of Evansville and Tropicana have entered a letter of intent that outlines the scope of the project. Principal terms provide that in exchange for the $50m development and aggregate $25m pre-payment of rent to the City, upon completion of the project, Tropicana Evansville would receive $20m in development credits and the lease options for the facility would be extended for an additional 15 years through December 31, 2055.

Once the casino project is complete, Tropicana Evansville would remove its existing gaming vessel and contribute $1m toward the City’s plan to relocate an historic LST 325 World War II vessel to the dockside location of the current Tropicana gaming vessel.

Subject to timely finalization of a lease amendment with the Evansville Redevelopment Commission and receipt of regulatory approvals and permits, including approval by the Indiana Gaming Commission, Tropicana anticipates groundbreaking to take place in the first quarter of 2016, with an expected 18 to 24-month construction period.

This major proposed investment by Tropicana follows amendments to Indiana law earlier this year that permit Indiana riverboat casinos to move landside, subject to certain limitations, and demonstrates Tropicana’s continued commitment to its employees, casino customers and the Evansville, Indiana community.

Tony Rodio, Tropicana President & CEO, commented: “Tropicana Evansville is committed to providing exciting new gaming product and entertainment experiences for all of our customers. The new land-based, multi-purpose casino and entertainment facility would offer easy access from our two existing hotels and parking garage and bring about an enhanced experience for our guests with new gaming, food and beverage options, and more.”

Mayor Lloyd Winnecke, added: “Today’s announcement will further galvanize economic development in downtown Evansville and is the first step toward reshaping our riverfront, bringing more options for entertainment while connecting to our city’s historical past. The City of Evansville has long enjoyed a strong partnership with Tropicana Entertainment, and this new multi-million dollar investment seals the deal that our partnership will continue in the future.”