As Rising Star Casino eyes move, Ohio County wonders what the future holds
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RISING SUN, Ind. - To many observers, the writing has been on the wall for the Rising Star Casino in Ohio County for some time.
The old riverboat hasn’t seen significant upgrades since it floated up to the town of Rising Sun from Louisiana in 1996. The casino’s owner, Las Vegas-based Full House Resorts, has eyed moving the casino in the past, and it’s consistently one of the lowest-earning casinos in the state.
Now, Full House is looking for greener pastures in the northern part of the state as the casino operator recently confirmed it intends to transfer Rising Star’s gaming license to the town of New Haven on the eastern outskirts of Fort Wayne.
Leaders with Full House declined an interview request from Inside INdiana Business but issued a statement saying the company “can confirm that Full House is exploring the possibility of relocating from Rising Sun to New Haven. These conversations are still in the preliminary stages.”
The move would have a significant economic impact both to the Fort Wayne region, where gaming industry observers believe the casino could triple its revenues, and to Rising Sun where the casino is one of the town’s only major revenue generators and the largest employer in the county.
“Full House has been in talks with the city now for several months.” said Zach Washler, community development director for New Haven. “It provides the opportunity for an entertainment complex up here. It provides the potential for another social hub in the community. There’s also some, or a lot, of economic benefits.”
Whether the casino can transfer its gaming license is ultimately up to state lawmakers and could take years. But both towns are beginning to reckon with what the move entails.
Dollars and sense
From an economic standpoint, moving Rising Star Casino out of Rising Sun makes sense.
Ohio County is the smallest in the state, while Allen County is the third largest. Reports from the Indiana Gaming Commission show Rising Star’s annual revenues declined sharply in the years after the 2008 recession and never recovered. Full House bought the casino in 2011, and the company says it’s consistently the lowest earner in its portfolio.
In the 2024 fiscal year, Rising Star took in about $3.6 million a month and paid just under $4 million in state taxes.
If the casino moved to New Haven, Indiana Gaming Insight Editor Ed Feigenbaum estimates monthly revenues would increase to $12-$15 million a month. Feigenbaum first reported Full House’s exploration of a license change, and explained that New Haven is attractive because of its proximity to Fort Wayne and because there are no other casinos within a 90-minute drive.
The same can’t be said for Rising Sun, which has seen casinos open in Lawrenceburg and Cincinnati as Ohio has granted new casino licenses.
“When you had a land-based casino open in downtown Cincinnati, that essentially cut the legs out from the Indiana side of the market and chopped our revenues by about 30%,” Feigenbaum explained. “The casino that was hurt the most was obviously Rising Star.”
If Full House gets permission to relocate its license, Washler said the operator will build a new casino building somewhere along the Interstate 469 corridor. The goal is for the casino to be an anchor point for a new entertainment district that would lead to other businesses flocking to the area.
Washler emphasized the city is still in the “conversation” stage of the process, but said city leadership is on board with bringing a casino to the town of around 16,000.
“City leadership is definitely receptive to the conversation with Full House,” Washler said. “We are going to be holding some listening sessions where people of New Haven can ask questions, voice concerns. Are we receptive? Of course we’re receptive to the conversation. All the face-to-face conversations have been very positive.”
‘Fear for our future’
Residents in Ohio County and Rising Sun, however, face the possibility of losing one of the region’s biggest economic engines.
“The casino is the largest property tax payer and the largest employer in both Ohio County and Rising Sun. So it means a lot to the community,” Feigbenbaum said.
Last year alone, the casino paid Rising Sun $657,880 as part of a local development agreement. That’s not including the $350,000 or so Rising Star has paid in property taxes the last few years, according to the Ohio County Assessor’s website.
Nor does it include the $47 million that the Rising Sun Regional Foundation has awarded in community grants over the past 30 years, courtesy of funds from the casino.
Rising Sun Regional Foundation Executive Director Cheryll Obendorf said she was unable to speak about the potential move saying in a statement that the foundation “is monitoring the situation carefully, but until the status of the casino is determined, RSRF will continue to operate as usual.”
Rising Sun Mayor Steve Slack also declined to be interviewed saying the “complex nature” of the process prevented him from commenting on the potential move.
But Ohio County Public Library Director Amy King said she’s worried about where funding for the library, and the town as a whole, will come from if the casino packs up and leaves.
“We were poor before the boat—and our people are still poor,” King said noting the casino has made possible many public improvements. “We have amazing infrastructure now. We have a public pool. We have the best riverfront on the Ohio River.”
King said the library recently received grants from the casino—distributed through the regional foundation—for new lights and $16,000 for a mural by a well-known local artist. Other grants distributed through the regional foundation this year include $30,000 for little league field repairs, $15,000 to the local school corporation for basketball hoops and $15,000 to a volunteer fire department for fire gear.
King added she has friends who work at the casino who could be forced to find other jobs in a town where not many opportunities are available. The IGC reports Rising Star employs almost 300 people, 93% of whom live in Indiana.
“It’s just really concerning because we don’t want to go backwards and not having these extra things. It makes you fear for our future,” said King.
Do no harm
Given the clear economic harm Rising Sun would suffer if the Rising Star Casino were to move, Feigenbaum predicts Full House will need to draw up a “hold harmless” agreement if it wants state lawmakers to bless the transfer.
Such an agreement would see Full House pay Rising Sun an amount of money equal to or more than the city’s annual revenues from the casino’s taxes over a certain time period. The money could be paid in a lump sum up front, or Full House may give Rising Sun a percentage of its revenues from the new casino over a few years.
Feigenbaum explained that the state legislature seems to approve of hold harmless agreements as it did a few years ago when Spectacle Gaming moved its license to Terre Haute and was required to pay the city of Evansville and casinos in French Lick, East Chicago, Hammond and Gary.
“It’s a complicated process, but if you have two sides that understand the dynamics and understand that something has to happen, you’ve got the ability to come to a reasonable conclusion that will satisfy both sides,” said Feigenbaum.
Recent reporting by the Indiana Capital Chronicle suggests some key lawmakers are signaling they’re receptive to Full House’s move. Feigenbaum agreed that there seems to be support from lawmakers given a casino near Fort Wayne would result in more state taxes. But, he said whether the measure passes gets more complicated if it gets subsumed into a larger gambling omnibus package.