Hollywood Casino in Lawrenceburg, Indiana to build Convention Center and Hotel Complex
- Created: Tuesday, 25 October 2011 15:24
- Written by Steve Bourie
Hollywood Casino Lawrenceburg has struck a $50 million deal with the city of Lawrenceburg to build a downtown convention center and hotel complex which is scheduled to open in spring of 2013.
Plans for the 235,000-square-foot facility include a 180-room hotel, a 150-seat restaurant and bar, an 18,000-square-foot concert hall and exhibition space, a 7,500-square-foot ballroom as well as a meeting space.
As a part of deal, the city will provide most of the upfront financing and supervise construction. Financing includes a $25 million grant, a $14 million loan and $10 million in tax-increment financing. The casino will contribute $1 million towards the project and assume both ownership and management of the complex upon completion of the project. Also, the casino will have to pay 4 percent interest on its 20-year loan from the city.
City officials expect they will get back $41.6 million of their $49 million investment through repayment of the loan and new tax revenue, create 100 new jobs and boost the economic status of their downtown area.
"This helps revitalize downtown, which needs something to draw people and foot traffic," said Mayor William Cunningham. "The benefits to the city clearly warrant the financial contributions we're making to bring this project to fruition."
The Hollywood Casino in Lawrenceburg is the Indiana casino that is closest to Cincinatti, Ohio.