New casino complex gets green light
The Indiana Gaming Commission (IGC) has given the green light for Spectacle Jack to develop and create a $125m Terre Haute casino complex. The regulator made its decision regarding the Indiana casino operator during an online meeting.
Spectacle Jack had to make certain changes before the IGC gave its approval. The company implemented ownership changes and submitted a new application which resulted in the green light being given. The company will spend $120m on the property and $5m on licensing.
Terre Haute casino decision postponed
The IGC was originally expected to provide its decision on the casino project in March. However, it postponed the ruling after two executives of Spectacle Jack’s parent company, Spectacle Entertainment, were named in a political scandal.
had to remove themselves from the parent company for Spectacle Jack to move forward in Terre Haute
Spectacle Entertainment CEO Rod Radcliff and John Keeler, vice president and general counsel of the company, were subject to a federal investigation. A federal plea deal went public in January 2020 alleging that Centaur Gaming had funneled campaign contributions to a congressional candidate in Indiana back in 2015. Both men were executives of Centaur Gaming at the time.
Because of their connection to Centaur Gaming and Spectacle Entertainment, both individuals had to remove themselves from the parent company for Spectacle Jack to move forward in Terre Haute.
If Radcliff and Keeler did not let go of stake ownership within the company and submit a new application, the IGC would not have approved the license.
Gaming license designation
The gaming license for Terre Haute was available due to a license held by Spectacle Jack for their second riverboat casino. The company owned the license and handed it over to the IGC after its two riverboat casinos located in Gary received approval to move on to land, creating just one venue.
Spectacle Jack partnered with Hard Rock International and used one of its licenses to construct a $400m hotel and casino in Gary. The two will also work together on the Terre Haute casino.
According to Greg Gibson, the principal investor of Spectacle Jack, the company wants the facility to impress everyone that visits. To make that possible, Spectacle Jack wanted to find an established gaming partner that has a well-known brand. Gibson said:
Landing a brand like Hard Rock is like hitting the jackpot.”
The two plan to build a casino 100,000 square feet in size. The venue will feature slot machines, table games, and sports betting. Groundbreaking of the property is scheduled for September.