“Some areas I’d certainly love to explore are opportunities for increased demolition perhaps,” Prince said. Those funds can be used for any number of things in collaboration between the common council and administration. If the earnings at the casino continue in the same fashion for the remainder of the year, another $8 to $10 million will be deposited into the casino lakefront development account. Any revenues generated above the guaranteed minimum is placed in a casino lakefront development account, which the city can use for future initiatives.Īs of April, the city has received $4.1 million, Prince said. There also are new economic development opportunities in Buffington Harbor with the two former Majestic riverboat casinos sold and gone.Īs part of the local development agreement, the city receives a guaranteed $6.1 million based on 1.5% of the adjusted gross earnings at the casino.

It just creates excitement,” Prince said.Ī city spokesman said late Friday that $32.5 million is the increase in assessed valuation from vacant lot to what is there now in the first year.

“We are still hopeful to see additional investments.

“We’ve been able to realize an additional number of employees which creates wages and provides an opportunity for people to take care of their basic needs, to take care of their families,” Prince said.įrom the economic development perspective, Prince said the casino absolutely created a positive impact on the adjacent properties. The city also receives income tax revenues from the casino employees who reside in Gary. Officials are awaiting figures on the first-year property tax assessment for the development. Those tax dollars are put back into the Hard Rock Casino Airport Tax Increment Financing District around the casino to help facilitate future development in the area. The project has increased real estate taxes. Gary Mayor Jerome Prince described the Hard Rock casino development as a benefit for the city. It’s great to see we were very quick to become top producing casino in the state in a short amount of time,” Schuffert said. There are a lot of gaming, food and beverage choices in this market. The team does things to draw customers back. “The hospitality business is very guest service focused, very guest facing.

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