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Belterra
Casino drops $45M expansions
Due to a decision made by the Indiana legislature to allow slot
machines at Indiana horse tracks, Belterra Casino has decided not
to go ahead with a planned $45 million expansion of its hotel. The
expansion would have added 250 rooms. According to The Madison Courier,
casino owner, Pinnacle Entertainment, cited the legislation in its
decision to postpone the expansion.
Pinnacle stated that it would move the money earmarked for Belterra
to a different market. Larry Buck, regional manager for Pinnacle
was quoted in the Courier as saying, “It’s going to take
just enough business off the river that it’s going to leave
a dent in the revenue and affect the job market and affect capital
investment.”
Horse tracks in Anderson and Shelbyville will be allowed up to 2,000
slot machines each. Those favoring the legislation say that slot
machines will boost attendance at the racetracks helping the horse
industry as well as providing money for property tax relief. Licensing
fees for the slot machines will infuse $550 million into property
taxes for homeowners in the first two years.
The downside, of course, is that existing casinos in the southeastern
part of the state report that approximately 16% of visitors to the
gambling boats come from the Indianapolis area. Casino representatives
believe that those customers will likely patronize the closer horse
tracks instead. Buck commented that Pinnacle’s decision to
spend its money in other markets is “just one example of the
capital investment that is not going to be made as a direct result
of the legislation.” |
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