A rendering of the casino planned for
downtown Cincinnati's Broadway Commons.
(Cincinnati, Oh.) - Cincinnati city leaders and casino executives turn the first spades of dirt Friday on some new competition for southeast Indiana’s riverboats.
A groundbreaking ceremony takes place at 11:00 Friday morning at Broadway Commons downtown, the casino’s future site. Officials from the city, Harrah’s, and Rock Ventures will take part.
The $400 million project will open by the end of 2012. It is expected to draw as many as six million people each year, a good portion of those who may currently do their gambling across the state line.
A study by Spectrum Gaming Group determined Cincinnati’s casino could siphon $181 million a year in revenues and $57.4 million in taxes from Hollywood Casino, Grand Victoria Casino, and Belterra Casino Resort & Spa.
The City of Lawrenceburg – home to Hollywood – collects more than $20 million annually in gaming taxes. That number is also likely to take a hit if fewer gamblers come to southeast Indiana.
Ohio voters approved a constitutional amendment in 2009 to allow four casinos to be built across the state in Cincinnati, Cleveland, Columbus, and Toledo. Hollywood Casino operator Penn National Gaming – who partnered with Cleveland Cavaliers owner Dan Gilbert to pass the amendment – will operate the Toledo and Columbus casinos.