The stakes were raised considerably Monday in the battle for casino supremacy in the Tri-state.
Penn National Gaming unveiled its new $335 million Hollywood Casino in Lawrenceburg to replace the Argosy Casino.
It’s the company’s effort to solidify market share in case Ohio or Kentucky gets gambling in the near future.
Ohio voters may consider the issue this fall to put a casino in Cincinnati and other major cities.
Kentucky’s legislature just rejected a measure for video slot machines at horse racing tracks.
Other competition is just miles away at the Grand Victoria Casino in Rising Sun, Ind., and Belterra in Vevay, Ind. Plus, the horse track at Shelbyville, Ind. has video slot machines.
The Hollywood Casino’s grand opening was pure show business. There were singers, dancers and an Elvis impersonator to greet the crowd.
"It’s incredibly exciting to see people in here for the first time," said general manager Tony Rodio, of the project that took five years to plan and complete. "I’m excited and relieved all at the same time."
The scale of the facility is massive.
Hollywood Casino can accommodate nearly 9,000 guests – a 5,000 person increase over Argosy.
Each of the two decks is wider than an aircraft carrier and nearly as long as a football field.
The interior is impressive. Decorations are opulent.
The décor is 1930s art deco combined with 300 flat screen displays and a 60-foot serpentine video wall.
There are 4,400 gaming positions incorporating slot machines, table games and poker.
"It reminded me of Vegas," said Sherry Hoog of Liberty, Indiana. "It’s wonderful."
Carol Lambert, of Hamilton, said there was more glamour and more excitement than Argosy possessed.
"It’s like the old Hollywood," she said. "The stainless steel, the old movies and everything."
Rodio said the Hollywood Casino investment was made for two reasons.
"One, we think we can grow the business because of how tremendously successful the business has been," Rodio said. "Two, we think also it’s money that’s going to help us protect our market share if, and when, Ohio or Kentucky gets gaming."
While acknowledging that a Cincinnati casino might hurt Hollywood’s business, Rodio said he doubts it could match the experience at Lawrenceburg.
He also said the new vessel will provide a big boost in revenues for Penn National Gaming.
"Certainly, anything less than double-digit growth would be disappointing," Rodio added. "I think this is going to allow us to get back some of the business we lost to ‘racinos.’ I think it’s going to allow us to attract a whole new set of customers."
The City of Lawrenceburg is one of the investors in the Hollywood project through $50 million worth of tax incentives over the next 10 years.
"We expect to get our money – our investment back – plus a sizeable amount of profit for the city and for the state as well," said City Manager Tom Steidel.
In the last year of Argosy’s operation, that was about $200 million with $165 million for the State of Indiana and the remainder for Lawrenceburg and surrounding areas.
Hollywood Casino officials didn’t release projections on what the new casino could do for those figures.
