Study Finds New Haven Casino May Generate $80M in Annual Tax

A newly released study, focusing on the economic impact of a proposed New Haven, Indiana casino predicts that such a development would deliver thousands of new workplaces and generate millions in annual tax revenue.

New Haven Hotel Casino to Create New Jobs

The economic analysis study was prepared by CBRE Investment Banking for Full House Resorts Inc., the company that plans to invest $500 million in New Haven by transferring its casino license from southeastern Indiana. The operator’s intentions, subject to approval by lawmakers, are to transfer its license from the Rising Star Casino to New Haven, and develop a new hotel and casino resort, offering a range of amenities.

Per the study, during Phase I of Full House Resorts’ project, a total of $82.8 million in taxes are expected to be generated. A breakdown of the distribution of that total reveals that the lion’s share of taxes would benefit Indiana state, a total of $53.5 million.

On the other hand, Allen County and New Haven are estimated to receive $0.9 million and $18.3 million in taxes respectively. CBRE estimates that the proceeds to other governing bodies and stakeholders during Phase I of the New Haven casino project would be $10.2 million.

According to the newly released economic study, the non-gaming taxes would be an estimated $10.4 million. On the other hand, the total gaming taxes during Phase I of the project are estimated at $72.4 million, a figure that breaks down to $65.4 million in wagering tax and $7 million in supplemental wagering tax.

If the casino project in New Haven receives a green light, it is expected to create 2,760 construction-related jobs during Phase I. During this initial phase, the project is estimated to generate 2,426 new jobs.

The Project Is Expected to Be Transformative for the Region

In an effort to gain support for the development of the casino in New Haven, Full House Resorts recently organized meetings with residents and stakeholders. The city, which currently has 16,000 residents, is expected to benefit from $130 million in economic benefits during the initial phase of the project, as estimated by CBRE.

Zach Sand, a representative of Fort Wayne, a PR company that represents Full House Resorts, who was recently quoted by Journal Gazette, spoke about the important benefits of the new hotel and casino resort in New Haven. He recognized that the project “would be a transformative economic engine for the northeast Indiana region.”

Despite the economic projections, opponents of the project argue that it may result in a rise in addictions. Still, the project is yet to receive approval or rejection from lawmakers who have a final say.