Land-Based Gaming Could Spark Additional Economic Growth

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With Indiana’s land-based gaming bill now officially law, Evansville city leaders are already anticipating an increase in economic growth. Tropicana’s potential move could present the opportunity for the LST 325 to move in its place. These two potential moves could come while the IU Medical School and downtown convention hotel are being built.

In the end, it all comes down to the economic principal of velocity of money, or how quickly money travels in a local economy, said Kelley Coures, the executive director for Evansville’s Department of Metropolitan Development. The construction of Tropicana’s possible new facility, the IU Medical School and downtown convention hotel could spur growth for local labor. More work for more workers means more money in their pockets, Coures said. In turn, more expendable income could mean additional revenue for area businesses.

“The faster that money turns over in the economy, the faster that goods and services are purchased, the faster that new jobs are created,” Cores said. “As the velocity of money increases, jobs and incomes will increase. With new activity downtown in 2017 and 2018, you’ll see new reasons for people to open new businesses.”

Tropicana’s “ideal plan” is to build a new facility between the existing Tropicana Hotel and Le Marigot Hotel. Such a move would require the closure of a small part of third street. Those plans are in the earliest stages, officials said. However, if such a move were to take place, it would create an opening on the riverfront for the LST 325. The historic warship has long faced a challenging predicament because of it’s less-than-ideal location near Marina Pointe. If the ship were to set up shop at a more visible location on the riverfront, it could bring in more visitors, officials said. Also, if the ship were to be next door to the casino, it could prove beneficial for both entities, Coures said. That doesn’t even include potential visitors staying at the downtown hotel whoa are in town for conventions.

“One of the things that you do when you go to a convention is you get out and explore the community,” Coures said.

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