A measure permitting slots machines at Hoosier Park and Indiana Downs was signed into law Friday, May 11, ushering in a new era in the Hoosier State. Governor Mitch Daniels endorsed House Bill 1835, which will allow 2,000 machines at each track, as part of a plan to provide property tax relief. The measure will take effect July 1.
In order to operate slots, Hoosier Park and Indiana Downs are required to pay a $250 million licensing fee for a five-year license. Each track must pay $150 million by a November 1 deadline, with the balance of the licensing fee – $100 million apiece – due November 1, 2008. Licensing fees from both tracks will be used for property tax relief.
Both operators will have two years to utilize temporary facilities in order to house slots while building permanent facilities. Language in the new law calls for each track to invest a minimum of $100 million on casino facilities. Slots operations at each track will be regulated by the Indiana Gaming Commission.
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