Gaming commission rejects Lucy Luck settlement offer
TERRE HAUTE, Ind. (Inside INdiana Business) — The Indiana Gaming Commission has rejected a settlement offer from Terre Haute-based Lucy Luck Gaming. The company made the offer after appealing an IGC ruling in June denying the renewal of a gaming license in Vigo County.
In the settlement offer, presented to the commission on November 4, Lucy Luck said the structure that the commission had already approved for the Hard Rock Casino Northern Indiana in Gary “provides a fair and reasonable framework for resolving its appeal regarding the Vigo County license.”
In exchange for renewing the gaming license, Lucy Luck offered to “dilute” Terre Haute businessman Greg Gibson’s ownership interest in Lucy Luck down to a percentage that was redacted in the IGC’s filing online. Additionally, the company offered to have an “experienced gaming company” such as Hard Rock International hold the balance of the equity in Lucy Luck; that gaming company would then develop and operate the casino.
The commission did not provide a statement along with its ruling, which you can view by clicking here.
The rejection of the settlement offer comes two days before the IGC is set to announce the winning proposal for the open gaming license.
The four proposals on the table come from Louisville-based Churchill Downs Inc. (Nasdaq: CHDN), Full House Resorts Inc. (NASDAQ: FLL), Hard Rock International, and a joint venture involving Mississippi-based Premier Gaming Group.