Study Identifies Downtown Indianapolis As Prime Site For Casino Relocation
A comprehensive analysis released by Spectrum Gaming Group has designated downtown Indianapolis as the leading candidate for relocating an existing Indiana riverboat casino license.
Projections estimate nearly $500 million in annual adjusted gross receipts.
The Indiana Gaming Commission ordered the study in 2024, as mandated by Senate Enrolled Act 43.
The report measured potential locations based on the gap in gaming revenue demand within the state, which served as the primary evaluation standard.
Spectrum, a nonpartisan consulting firm specializing in gambling economics, highlighted four zip-code clusters with the highest revenue potential, based on annual gaming revenue as the key metric.
Downtown Indy Emerges As Clear Favorite
The top location, modeled near the Indiana Statehouse, benefits from its proximity to the convention center and major sports venues.
Another potential hotspot is at the junction of Interstate 69 and State Road 8 in DeKalb County, positioned to attract customers from Fort Wayne, the Indiana Toll Road, and southern Michigan, even with tribal gaming operations nearby.
The study shows that a move to downtown Indianapolis could generate $493.3 million in adjusted gross receipts and $170.7 million in state tax revenue annually—far outpacing lower-grossing facilities like the Rising Star Casino Resort, which brings in about $42 million a year.
The northeast Indiana location is projected to generate $204.3 million in adjusted gross receipts and $61.1 million in taxes.
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These proxy locations are intended to be illustrative, not prescriptive, and are designed to demonstrate regional potential.
The study notes that relocating an existing license, rather than issuing a new one, is consistent with statutory limits on riverboat operations and would maximize revenue in high-demand markets.
Yet the report also highlights potential trade-offs. A downtown facility could draw as much as $140M a year away from Indiana’s two racetrack casinos, Hoosier Park and Horseshoe Indianapolis, resulting in a $10M-to-$17M reduction in funding for horse racing purses and breeding programs.
This could drop Indiana from 10th to 19th nationally in average thoroughbred purse size.
By contrast, the northeast site would result in only a modest $1.7 million loss to the racing industry.
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Lawmakers Weigh Casino Relocation
Additional considerations include a 16-county tribal gaming exclusivity zone that prohibits new commercial development, as well as a 45-acre parcel in northeast Indiana owned by the Miami Tribe of Oklahoma, which has stated that the land will not be used for gaming purposes.
Indiana’s 14 commercial casinos generated $3 billion in adjusted gross receipts during fiscal year 2025, reflecting a 5.4% increase driven in part by the opening of the Terre Haute Casino Resort.
Amid evolving competition from neighboring states, the report provides lawmakers with data to determine whether relocation could enhance state revenues without requiring additional licenses.
Legislative leaders expressed varied perspectives.
Some questioned whether underperforming operators should be granted prime locations, while others viewed the findings as a foundation for targeted economic development.
Regional representatives also raised concerns about unexamined social, traffic, and infrastructure impacts.
The Indiana Gaming Commission has made the full Spectrum Relocation Report available for public review.
Lawmakers are expected to deliberate on potential relocation authorization during the upcoming session.
