A proposed casino project in New Haven, Indiana, is set to create thousands of jobs and generate significant tax revenue, according to a recent economic impact study. Full House Resorts Inc., the company behind the initiative, aims to transfer a casino license from the Rising Star Casino to develop a $500 million hotel and casino resort in the area.
Economic Impact Study Highlights Job Creation
To demonstrate the potential benefits of the project, Full House Resorts commissioned a study by CBRE, a leading international consulting firm. The findings reveal that the construction phases of the casino will create a substantial number of jobs, both temporary and permanent.
- Job Creation Breakdown:
- Temporary Jobs: Nearly 3,000 jobs during the construction phases.
- Permanent Jobs: Over 2,400 new permanent positions expected upon completion of phase one.
- Total Jobs: An estimated 5,500 jobs created during the construction phases.
The study indicates that the project will not only provide employment opportunities but also contribute significantly to the local economy. The total economic output during the construction phases is projected to exceed $1.1 billion.
Tax Revenue Projections
In addition to job creation, the New Haven casino project is expected to generate substantial tax revenue for the state and local communities. The anticipated tax proceeds from the project are impressive, with estimates reaching nearly $200 million during the construction phases alone.
- Tax Revenue Estimates:
- Phase One: Expected to generate $82.8 million in total tax revenue.
- Breakdown:
- Indiana: $53.5 million
- Allen County: $0.9 million
- New Haven: $18.3 million
- Breakdown:
- Phase Two: Projected to yield $109.5 million in total tax revenue.
- Breakdown:
- Indiana: $67.5 million
- Allen County: $1.8 million
- New Haven: $24.3 million
- Breakdown:
- Phase One: Expected to generate $82.8 million in total tax revenue.
These funds will be crucial for supporting community projects and enhancing local infrastructure, further benefiting the residents of Allen County and New Haven.
Long-Term Economic Benefits
Once operational, the New Haven casino is expected to have a significant economic impact on the region. The operational output is estimated at $569.7 million, with nearly 2,890 jobs created once the project is fully completed.
The casino is anticipated to boost tourism in the area, attracting visitors and revitalizing the local economy. Full House Resorts aims to create a destination that not only provides entertainment but also contributes to the community’s growth.
However, it is essential to note that the project requires approval from lawmakers and relevant regulatory bodies before construction can commence. Discussions regarding the proposal are ongoing, and stakeholders are optimistic about the potential benefits it could bring to Indiana.