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Indiana’s First Casino, Former Aztar Riverboat, For Sale – Casino.org
Posted on: January 16, 2023, 04:21h.
Last up to date on: January 16, 2023, 04:24h.
Indiana’s first casino is now in the marketplace for $16M. Casino Aztar opened on Dec. 8, 1995 and have become a floating fixture on the Ohio River shoreline in downtown Evansville for the subsequent 20 years. Since 2019, it has operated in New Orleans because the Riverboat Louis Armstrong, a monument to the city’s greatest-recognized native jazz trumpeter.
The former Casino Aztar, Indiana’s first casino, was most just lately used to cruise the Mississippi because the Riverboat Louis Armstrong. (Image: Facebook)
“The boat is beautiful, and we have about $14 million invested in it,” Warren Reuther advised Casino.org. He’s the president and CEO of Hospitality Enterprises New Orleans/BigStraightforward.com, which bought the riverboat in 2017.
“We bought it for entertainment and also conventions,” Reuther mentioned, “The boat was docked right behind the convention center. But New Orleans has slowed down quite a bit with conventions, and we decided that ’23 was not going to be a good year for conventions in New Orleans.”
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Aztar 101
The Casino Aztar turned Indiana’s first casino beneath riverboat gaming laws handed in November 1993. Officially named the “City of Evansville,” it was opened by the Aztar Corporation, a Phoenix-based hospitality group fashioned throughout a 1989 restructuring of Ramada Inn, Inc.
The Casino Aztar because it appeared on the Evansville, Ind. shoreline in 2002. (Image: Indianapolis Star)
More than 200 workers of Jeffersonville, Ind.’s Jeffboat spent greater than a 12 months establishing the 310-foot vessel. Its exterior was designed by RA Stern, Inc. as a duplicate of the historic Robert E. Lee racing sidewheel steamboat. The inside, by Morris & Brown Architects, Ltd., was pure Las Vegas glitz.
An undated inside picture of the Casino Aztar. (Image: Evansville Courier and Press)
When the riverboat casino opened, it packed 1,100 slots and greater than 60 blackjack and poker tables into its 38,000 sq. toes of gaming house. It may accommodate 2,700 company.
In January 2007, Kentucky-based Columbia Sussex Corp acquired the riverboat. Less than a 12 months later, to keep away from chapter, it offered it to Reno, Nev.-based Eldorado Resorts, as a part of a $245M deal that additionally included the casino’s 350-room lodge, car parking zone, and a purchasing pavilion. In 2013, Casino Aztar turned Tropicana Evansville, a reputation-change aligning with its new mum or dad firm.
Losing Streak
After initially drawing about 2 million company per 12 months, the casino riverboat noticed its attendance decline as extra Casinos opened in Indiana and close by states. By fiscal 12 months 2017, about 1.15 million company boarded the Tropicana Evansville, based on Indiana Gaming Commission stories.
In 2015, then-Gov. Mike Pence allowed land-based mostly casino laws to develop into legislation with out his signature. A 12 months later, the Indiana Gaming Commission unanimously permitted Tropicana Evansville’s proposal to maneuver ashore. The firm constructed a $50M downtown Evansville casino with 45K toes of gaming house and two accommodations.
After 22 years of steady operation, the floating casino closed on Oct. 16, 2017. It was offered to Texas Slots & Gaming Boat Purchase, which in flip resold it to Reuther’s firm. (Through one other firm, New Orleans Paddlewheels, Reuther as soon as owned half of the Queen of New Orleans riverboat casino. Hilton Gaming Division owned the opposite half.)
“The casino boats that we looked at before this were terrible,” Reuther mentioned. “They were not built to be boats. They were built to be a casino that floated. But this was different.”
The Big Difficult
Before the riverboat could possibly be towed to its new residence in Louisiana, modifications have been required. More than 900 gaming machines and its 98-foot smokestacks – too excessive to permit it to clear some bridges en route – have been eliminated.
In Louisiana, Reuther’s firm carried out $10M in renovations. Its inside was fully rebuilt, with model new flooring plans that upped the boat’s occupancy to three,000.
On Dec. 14, 2019, the previous Casino Aztar was rechristened the Riverboat Louis Armstrong. It functioned as a nightclub and a venue house for jazz live shows, conventions, events, and weddings. Docked at Hilton Riverside/Riverwalk, it’s licensed to accommodate 3,000 passengers.
“We’ll open it back up if the convention business picks up again,” Reuther mentioned. “But, for now, it’s available to anyone who wants a beautiful entertaining boat that can be dockside.”
For extra data, go to the OceanMarine brokerage web site.
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