EVANSVILLE, Ind.
Tropicana Entertainment Inc. announced plans for a land-based casino development project at its Tropicana Evansville property in Indiana. The development project envisions a 75,000-square-foot single-level casino and entertainment facility, at an estimated cost of approximately $50 million.
The new casino would be situated on land owned by Tropicana between its existing hotels, Tropicana Evansville Hotel and the Le Merigot Hotel, and would replace Tropicana's current riverboat casino.
"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," said Mayor Lloyd Winnecke. "The City of Evansville has long enjoyed a strong partnership with Tropicana Entertainment, and this new multimillion-dollar investment seals the deal that our partnership will continue in the future."
In conjunction with the announcement of the development project, the City of Evansville and Tropicana have entered into a non-binding letter of intent that outlines the scope of the project and proposed lease amendments to the lease agreement between Tropicana Evansville and the City of Evansville Redevelopment Commission to accomplish the development of Tropicana Evansville.
Upon completion of the land-based gaming facility, Tropicana Evansville would remove its existing gaming vessel and contribute $1 million toward the City of Evansville's plan to relocate an historic LST 325 World War II vessel to the dockside location of the current Tropicana gaming vessel.
Following the finalization of the lease with the Evansville Redevelopment Commission and receipt of approvals and permits from 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.
Tropicana Entertainment owns and operates eight casinos and resorts in Indiana, Louisiana, Missouri, Mississippi, Nevada, New Jersey and Aruba. Tropicana properties collectively have approximately 7,166 employees, 5,525 rooms, 8,035 slot positions and 304 table games. The company is based in Las Vegas.
Tropicana Evansville offers over 11,000 square feet of meeting space.
