Indiana Moves Closer to Passing Gambling Bill
The gambling landscape of Indiana could be set for a major change after the Indiana House of Representatives passed an important piece of legislation that could permit an existing riverboat gambling firm to bring its facilities inland. The legislation will now move onto the next step, and if it passes then will give Spectacle Entertainment the right to operate a land-based casino in the city of Terre Haute.
Senate Bill 552 was passed by the 100-strong Indiana House of Representatives following a margin of 78 to 15. A couple months earlier it had been approved by the Indiana State Senate by a similarly large margin, and it looked like it was set to be passed into law.
However, the language of the bill had changed considerably in this time due to the addition of several amendments. As a result, the bill will now be discussed by a committee, who will work out the details before passing it to the state governor Eric Holcomb.
Spectacle Entertainment are the company set to profit the most from the passing of this law. They are responsible for the Majestic Star Casino Hotel and the Majestic Star Casino Hotel II, which operate as floating casinos and hotels in Buffington Harbor, Gary.
Spectacle Entertainment have been lobbying for the right to move their floating casinos inland for a number of years and they have already picked out a site near to Interstate 94. If the Senate Bill 552 passes then they will finally get what they want.
According to a recent report from the Tribune-Star newspaper, the version of the bill passed by the Indiana House of Representatives contains an amendment that says the second Gary casino can only be relocated if the move is agreed upon by the public following a referendum. The dormant license will then be auctioned off with a $25 million starting price.
The bill also contains a ruling that could change the regulation of sports betting and other forms of betting in the state. This is thanks to the invalidation of the Professional and Amateur Sports Protection Act (PASPA), which occurred last year and gave states the right to set their own laws regarding sports betting.
If passed, the state of Indiana could receive an additional $1.6 million in tax revenue by adopting new sports betting laws, not to mention the money that the state could receive via increased tourism.
The bill has received a lot of attention in 2019 and it has a number of advocates. It has been described as a very positive bill for the state, one that will provide a great number of benefits to Spectacle Entertainment, while also increasing tax revenue, creating more jobs, and paving the way for more major changes in the Indiana gambling sector.