Tropicana to invest $50 million in Evansville land-based casino

Construction could start spring 2016 and be completed by the end of 2017.

The announcement comes six months after the state legalized land-based gaming — a contentious move that Gov. Mike Pence allowed to become law without his signature.

Now, the company plans to build a 75,000 square-foot, single-level casino in the space between its Tropicana and Le Merigot hotel.

City officials also announced Tuesday a new, proposed lease agreement between the city and the casino.Tropicana agrees to pay $25 million upfront for rent. When the project wraps up, the city would give Tropicana $20 million in credits. The casino will have lease renewal options through 2055.

Tropicana also agreed to provide $1 million toward docking the LST 325 where the riverboat casino currently is.

During contract negotiations last year, Winnecke promised the Tropicana boat site to the LST board if the casino moved to land — an offer cited as crucial to the new LST lease agreement.

The LST 325 board will consider moving from Inland Marina to the riverboat site at its regular meeting in January.