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.

LINKS:

2010 Slower Year For SEI Casinos

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