Theoretically, yes. However, since the opening of Horseshoe Cincinnati is almost a year away, little study or attention has been paid to its potential effect. So, there are few numbers available at this time. Another complicating factor is the legalization of video-lottery terminals (VLTs) at seven Ohio horse tracks, which could siphon away additional business from Indiana.
There are four southern Indiana casinos that are certain to feel the pinch from Cincinnati. Nearest and likeliest to take a big hit is Penn National Gaming’s Hollywood Casino Lawrenceburg, just two miles inside the Indiana state line. Next, in descending order of proximity, are: Grand Victoria (aka, Rising Star Casino, in Rising Sun), Belterra (near Florence), and Horseshoe Southern Indiana (near Elizabeth), owned by Hyatt, Pinnacle Entertainment, and Caesars Entertainment, respectively. Slightly further to the west is French Lick Resort, in West Baden, which might also lose traffic. Casino Aztar, in downtown Evansville, appears safe however, as it is far closer to the Illinois border than to Ohio.
Deutsche Bank analyst Carlo Santarelli has predicted a 20% diminution of cash flow at Belterra but had no figures available for either Grand Victoria, Hollywood Lawrenceburg or Horseshoe Southern Indiana. It is interesting, however, to note that Caesars is evidently willing to cannibalize business at its wholly owned, Elizabeth-berthed riverboat for the sake of Horseshoe Cincinnati, in which it holds only a minority stake.
