Development News From Southwest Indiana

Casino Aztar to Create $40 Million Entertainment Complex in Evansville
InsideINdianaBusiness.com Report, 7/19/2005
Casino Aztar says it will invest $40 million to develop a new downtown Evansville entertainment district and will create more than 300 jobs with average annual salaries of $32,500.

The project will include an upscale 100-room boutique hotel, a multi-venue entertainment complex that will contain Jillian’s Billiard Club, Ri Ra Irish Pub & Restaurant and two other restaurants to be named later.

Groundbreaking for the project is slated for September with completion expected in the next 12 months.
Source: Inside INdiana Business

Press Release
(EVANSVILLE, IN) – Mayor Jonathan Weinzapfel today announced that the City of Evansville, through the Redevelopment Commission, has extended its lease with Casino Aztar through 2010, a move that will enable Casino Aztar to invest $40 million and develop a seven-acre downtown entertainment district on the casino’s waterfront property creating more than 300 full-time positions with average earnings of $32,500.

“The lease approved today represents my administration’s commitment to create good-paying jobs in Evansville and revitalize our downtown,” said Mayor Weinzapfel. “The lease also represents Casino Aztar’s commitment to Evansville and its desire to create a downtown entertainment and tourist destination.”

The downtown entertainment district project will include an upscale 100-room boutique hotel, ultra-lounge and a multi-venue entertainment complex that will contain Jillian’s Billiard Club, Ri Ra Irish Pub & Restaurant and two additional venues to be announced at a later date. The hotel and leisure attractions will be configured around a new riverfront park with associated infrastructure that offers an eclectic, free-flowing design that links all of the project components. Other features include the addition of over 400 surface parking spaces.

“Our vision for this project is to create an exciting, energetic multi-venue entertainment and leisure destination that is unique to southwestern Indiana and designed to serve as a core element in Evansville’s designated downtown entertainment district goals and downtown revitalization efforts,” said Jim Brown, General Manager of Casino Aztar Evansville. “The concept, architecture and design are intended to create a cohesive, timeless, memorable and engaging experience.”
Groundbreaking for the downtown entertainment district project is expected to occur this September, once Casino Aztar’s current floodwall relocation project is finished. The entertainment pavilion, park and associated infrastructure are expected to be complete in June of 2006. The hotel is expected to open in September of 2006. Artists’ renderings of the project are attached in Adobe format.

“I am confident that this project will serve as a substantial catalyst to the City’s ongoing downtown revitalization efforts as well as having a far-reaching impact in establishing the downtown as a vibrant and vital destination for visitors from the entire region,” added Weinzapfel.

An economic and fiscal impact study of the downtown entertainment district undertaken by Crowe Chizek and Company shows that the project will have a tremendous impact on regional employment, household earnings and economic activity. The project will create almost 80 temporary construction jobs and more than 300 permanent jobs with an average annual salary of $32,500, representing an additional $11 million in annual payroll. The additional indirect impact of the project is more than 400 permanent jobs and almost $17 million in new wages.
Casino Aztar is able to move forward on this investment as a result of the new five-year lease agreement. Under the terms of the new lease, the City will receive a $15 million pre-payment on December 1, 2005, to be placed in a bond bank devoted to capital investments citywide. Also, the City will receive a $500,000 lump sum payment for the Municipal Dock project and almost $15 million over the next five years to be devoted to capital investment through the city budget. The five-year deal also extends option terms through 2040 ensuring that Casino Aztar will remain in Evansville.

“The negotiation process was thorough, deliberate and centered on providing the most benefit to Evansville while allowing Casino Aztar to remain competitive in a changing economic and gaming landscape,” said Mayor Weinzapfel. “This is a great public-private partnership that will have tremendous benefit to our entire community.”
Source: City of Evansville