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US – Tropicana to bring riverboat licence on land in Indiana

By - 27 November 2015

Tropicana Entertainment wants to bring a US$50m land-based casino to its Tropicana Evansville, Indiana property to replace its riverboat casino.

This major investment follows changes to Indiana law earlier this year that allow Indiana riverboat casinos to move landside.

The 75,000 sq. ft. single-level casino and entertainment facility would be situated on land owned by Tropicana between its existing hotels, Tropicana Evansville Hotel and the Le Merigot Hotel.

The City of Evansville and Tropicana has 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. The principal terms of the LOI provide that in exchange for the$50 m development project and an aggregate $25m pre-payment of rent to the City of Evansville, upon completion of the project Tropicana Evansville would receive $20m in development credits in the form of Lease rent credits, and the Tropicana Evansville Lease options would be extended for an additional 15 years through December 31, 2055. Upon completion of the land-based facility, Tropicana Evansville would remove its existing gaming vessel and contribute $1m 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.

“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 multi-million dollar investment seals the deal that our partnership will continue in the future.”

“We would like to thank Mayor Winnecke and the City of Evansville for working with us on this major development project that we believe would benefit Tropicana and the Evansville community for years to come. This is a substantial investment for Tropicana and demonstrates our commitment to the continued growth and development of Evansville and the surrounding region,” said Tony Rodio, Tropicana’s President and Chief Executive Officer. “Tropicana Evansville is committed to providing exciting new gaming product and entertainment experiences for all of our customers. The new land-based, multi-purpose casino and entertainment facility would offer easy access from our two existing hotels and parking garage and bring about an enhanced experience for our guests with new gaming, food and beverage options, and more.”

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