Belterra Casino Resort & Spa


Belterra Casino Resort & Spa

From Wikipedia, the free encyclopedia (wikipedia.org)

Belterra Casino Resort & Spa is a riverboat casino on the Ohio River in Switzerland County, Indiana near Florence, roughly halfway between Louisville, Kentucky and Cincinnati, Ohio. It is owned by Gaming and Leisure Properties and operated by Pinnacle Entertainment.

The casino has 47,201 square feet (4,385 m2) of gaming space, with 1,277 gaming devices, 45 table games, and 2 poker tables. From 2009 to 2011, the property reported annual revenue ranging between $152 and $162 million, and earnings between $27 and $30 million.

The property has 1,062 employees.

Belterra is located on 315 acres (127 ha) of land, 148 acres (60 ha) of which is leased on a 50-year term. Pinnacle has an option to buy the leased land in 2020 for $30 million.

History

In 1993, the Indiana General Assembly legalized riverboat casinos, including five licenses to be issued for sites along the Ohio River. A referendum was required in each county to approve casinos. Switzerland County voters passed such a measure in November 1993.

The Indiana Gaming Commission issued the last of the five licenses in 1998 to Hollywood Park, Inc. (later Pinnacle Entertainment) and its Boomtown subsidiary, for a $148-million project in Switzerland County, including a 12-story, 309-room hotel.

Belterra was set to open in August 2000, but was delayed when the riverboat, while en route to Indiana, collided with a barge and sank. After being repaired, the casino opened on October 27.

In April 2016, the property was sold to Gaming and Leisure Properties along with almost all of Pinnacle’s real estate assets, and leased back to Pinnacle.

In December 2017, Boyd Gaming agreed to acquire Belterra’s operations from Pinnacle, along with three other casinos. The sale was made to enable Penn National Gaming’s planned acquisition of Pinnacle; the two companies together owned three casinos in Indiana (Belterra, Ameristar East Chicago, and Hollywood Casino Lawrenceburg), while state law prohibits one company from owning more than two casinos.

In February 2018, the casino was temporally shut down due to rising water levels on the Ohio River. Although the casino was closed the land side facilities stayed operational. No damage was done to the property. The casino re-opened 5 days later.

Courtesy of wikipedia.org

  • Comments Off on Belterra Casino Resort & Spa

Comments are closed.