INDIANAPOLIS, Ind. (WTWO/WAWV) — A settlement offer proposed by Lucy Luck Gaming to the Indiana Gaming Commission was denied during an IGC meeting Monday.
Lucy Luck Gaming is the company of local businessman Greg Gibson that originally held Vigo County’s casino license. However, over the summer the license came up for grabs again after the IGC denied Lucy Luck’s renewal, a move the company then appealed. A judge issued a stay for the matter.
Lucy Luck’s settlement offer asked for the IGC to renew its owner’s license and stipulated that Lucy Luck would take steps to dilute Greg Gibson’s ownership and redeem all of the minority investors. The settlement went on to say that an experienced gaming company similar to Hard Rock would then hold the balance of equity in Lucy Luck and would develop and operate a casino.
The next step for the commission is to draft a counterproposal settlement wherein Lucy Luck’s initial application fee will likely be reimbursed and the appeal dropped.
According to the official order document from the ruling not to renew the license, the IGC found Lucy Luck to be ineligible for license renewal after “extensive review and considering all statutory and regulatory qualifications for renewal”. The IGC also expressed concern that Lucy Luck’s financing was incomplete. It was also noted that an executive team has not yet been established.
One of the four companies who has applied for the Vigo County casino license is Hard Rock Terre Haute, LLC, of which Gibson is a joint venture partner. In the weeks since the IGC released the four applicant proposals, many Vigo County officials and elected leaders have expressed their support for Hard Rock, including the Terre Haute City Council, the Vigo County Capital Improvement Board and the Vigo County Commissioners. The other three companies that applied for the casino license are Churchill Downs, Full House Resorts and Terre Haute Entertainment.
The IGC has expressed intent to make a decision regarding the Vigo County casino license on November 17.