Full House looks to win over lawmakers, residents in bid for new casino
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Full House Resorts Chief Development Officer Alex Stolyar, right, listens to questions and concerns from residents during a public meeting in New Haven on Sept. 23, 2024. (Marek Mazurek/Inside INdiana Business)
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Proposed location of a new Full House Casino in New Haven. Location circled in red.
Executives with Full House Resorts—the Las Vegas-based gaming company—know that, much like Rome, casinos aren’t built in a day.
But even with all the moving parts tied to Full House’s proposition to move its gaming license from Ohio County to New Haven, the company is confident it can reach an accord with the city of Rising Sun as it looks to move out. It also needs to sell legislators and residents in New Haven on the move, many of whom who expressed strong opinions about the move at a public meeting last week.
In an interview with Inside INdiana Business, Senior Vice President and Chief Development Officer Alex Stolyar said Full House expects the Indiana legislature to take up the company’s request in the upcoming legislative session.
Stolyar also shared details about Full House’s plans for the New Haven location as well as its discussions with Rising Sun on how to keep the town afloat financially if the casino moves out.
Holding harmless
Most industry observers believe a key step Full House needs to fulfill in order for lawmakers to grant their license transfer is to reach what’s traditionally known as a “hold harmless” agreement. Such agreements see casinos make payments to towns they depart to offset the loss of tax revenue.
Full House’s casino in Rising Sun is one of the town’s only major revenue generators and the largest employer in Ohio County. Stolyar said publicly last week Full House plans to make payments to the town for at least 20 years—a longer period of time than other recent hold harmless agreements in the state.
Stolyar takes issue with the term “hold harmless” in this instance, saying Full House wants to make the move a win for all parties involved.
“I’m gonna push back on you using…’hold harmless’ that’s happened in other areas. This goes well beyond that,” said Stolyar. “The goal here is not only to have them be on an equivalent financial standing as they are with our casino here, but to have them be better off. That’s what we’re working on.”
Indiana Gaming Commission reports show the casino paid almost $4 million in taxes in 2023, though most of that went to the state government. That’s in addition to the the $350,000 or so in property taxes the casino pays Ohio County and the $657,880 it paid to Rising Sun last year as part of a local development agreement.
Stolyar did not provide specific payment numbers, saying talks with officials in Ohio County are still ongoing. Rising Sun Mayor Steve Slack declined an interview request from IIB in early September about the process. His office did not respond to a request for comment about the negotiations last week.
“We’re in negotiations now, but I would say the aim is for them to be better off with the relocation than they are today,” Stolyar said.
When asked if Full House considered simply opening a new license in New Haven and operate two casinos in the state, Stolyar said that the company was told by lawmakers that there was little legislative appetite to expand gaming licenses.
Recapturing dollars
Full House hopes the legislature approves the moves in the upcoming session but that is ultimately out of the company’s control.
However, Stolyar characterized Full House’s early conversations with state lawmakers as “overwhelmingly supportive.” Full House hopes lawmakers are sold on the point that Indiana is losing gaming revenue—and thus tax dollars—to other states (mainly Ohio) that have recently legalized land-based casinos.
“We hope the state sees fit to say, ‘Look this is a major revenue producer for the state.’ And as surrounding states has modernized their gaming, Indiana needs to continue to look at ways to make sure Indiana gaming best serves the needs of all Hoosiers,” Stolyar said.
If Full House is given approval to move its license, the company has already optioned land on the western edge of New Haven where Interstate 469 meets State Road 24. Stolyar said the first phase of construction—which would build the main casino and some dining options—will take around two and a half years to complete.
A second phase to add a 200-room hotel, additional event space and amenities, would begin right after that.