Study Finds New Haven Casino Could Provide Major Economic Boost
A recent study commissioned by Full House Resorts Inc. and conducted by CBRE Investment Banking has found that the proposed casino project for New Haven, Indiana, could create thousands of jobs and generate millions in annual tax revenue.
New Haven welcome sign. Proposed New Haven casino to provide a significant economic boost.
LISTEN TO THIS ARTICLE:Full House Resorts Inc. is hoping to relocate its casino license from southeastern Indiana to New Haven and invest $500 million in a hotel and casino resort if it receives legislative approval.
Tens of Millions in Tax Revenue
The study suggests that during the first phase of the casino project, an estimated $82.8 million in taxes will be generated. The majority of this revenue, around $53.5 million, would go to the state of Indiana, while Allen County and New Haven are projected to receive $900 thousand and $18.3 million, respectively. Another $10.2 million would benefit various other stakeholders and governing bodies.
The study also breaks down the tax revenues into gaming and non-gaming categories. Non-gaming taxes are expected to reach $10.4 million, while gaming taxes could be as much as $72.4 million, with $65.4 million attributed to wagering tax and $7 million to supplemental wagering tax.
Should the project move forward, it is expected to create 2,760 jobs during the construction phase alone. An additional 2,426 positions would be generated once operations begin. These figures demonstrate the broader economic benefits the casino would bring to New Haven, which is home to approximately 16,000 residents.
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A Mixture of Local Support and Concerns
As part of its outreach efforts, Full House Resorts has been meeting with local stakeholders and residents to discuss the proposed development. The company’s representatives have been stressing the positive impact the casino could have on the region. For instance, Zach Sand, from Fort Wayne PR, which represents Full House Resorts, recently told the Journal Gazette that the project “would be a transformative economic engine for the northeast Indiana region.”
However, while many are optimistic about the potential economic benefits, some critics have expressed concerns, particularly regarding the possibility of an increase in gambling addiction. Ultimately, the project still requires approval from lawmakers before moving forward.
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