Hard Rock Owners Need To Hit Crucial June 21 Deadline To Avoid Closures

The Hard Rock Casinos in Indiana are gearing up for a busy week ahead.

Last month, Hard Rock Northern Indiana had its grand opening. Meanwhile, the Hard Rock in Terre Haute is looking forward to hosting its groundbreaking ceremony by early July. Nevertheless, each Hard Rock is required to renew its casino license in the coming week.

For most operators, that’s a mere formality. However, for the parent companies of the “Rocksinos,” it has become a challenging uphill battle.

Firms opposing new gaming regulation

The problem both casinos are facing is due to a new regulation by the Indiana Gaming Commission (IGC). This regulation mandates casino owners to reveal their financial background information. The aim is to obtain comprehensive data on gaming operators in order to prevent potential controversies.

At Hard Rock Northern, Spectacle Entertainment is in charge, while Lucy Luck Gaming is steering the ship at Terre Haute’s Rocksino. Both companies are majorly owned by Greg Gibson.

Gibson is adhering strictly to the rules, however, the minority stakeholders of Spectacle and Lucy Luck are not cooperating. These minority stakeholders believe they shouldn’t be obligated to comply with the new regulation.

Their contention is based on the notion that they are merely financial investors and are not involved in the daily operations of the casino.

Some Spectacle owners are in fact filing a lawsuit against the IGC in an attempt to evade the requirement.

Nevertheless, it seems that those investors have run out of time.

Hard Rock Spectacle requires a license.

Spectacle Entertainment is under a significant time constraint.

The IGC has previously extended the deadline for submitting that background info, which is currently set for June 21.

Nonetheless, it’s a do or die situation for Hard Rock Northern Indiana. Operating a casino without a license is impossible, and obtaining a license requires adherence to the IGC’s regulations.

If Hard Rock Northern is unable to renew its license, the brand-new casino will remain vacant until Gibson can find a solution.

It would be catastrophic for a casino that has only been operational for a month.

Should the minority owners fail to comply, their ownership stakes will be automatically repurchased by Spectacle.

This would not only ensure the casino remains open, but it would also make the current legal fight more complex.

Clearly, everyone is aiming to prevent the situation entirely.

Issues at Terre Haute Hard Rock Casino

Hard Rock Casinos in Indiana just seem to be constantly hindering their own progress.

The start of construction on Terre Haute's Hard Rock was delayed for months last year due to the scandal involving Spectacle Entertainment.

In fact, Lucy Luck now needs to refile the paperwork for the property because so much time has passed.

Again, typically it’s a mere formality, but in this case, we’re dealing with a Rocksino. After eighteen months of constant issues, it would be unexpected if things suddenly began to go smoothly.

The Hard Rock in Terre Haute, similar to its sister casino in the north, is required to renew its license. In the same vein, Lucy Luck’s minority owners, who are also like their counterparts at the northern sister casino, are evading the IGC’s regulations.

Spectacle and Lucy Luck both have until June 21 to convince those investors to cooperate.

Should Lucy Luck fail, the casino’s funding will not be approved by the IGC.

If the company doesn’t receive that funding, they won’t be able to commence construction on the Rocksino.

The hopes for a casino in Terre Haute will officially be stalled.

The fate of Hard Rock will be decided at the IGC meeting.

Ultimately, Spectacle and Lucy Luck’s fate hinges on the IGC’s meeting next week.

The deadline for complying with the rule is June 21, however, the actual action will occur during the IGC’s meeting on June 24.

If both companies meet the deadline, it is probable that the commission will not only renew both casino licenses but also approve the funding for Terre Haute at that meeting.

This would allow Hard Rock Northern to operate without interruptions and ensure Terre Haute remains on schedule for its groundbreaking date.

If either company fails to meet the June 21 deadline, things will become chaotic.

It goes without saying that Gibson, Spectacle, and Lucy Luck are probably in for a long weekend.

Gibson has been proposing buyouts to the minority owners in an attempt to initiate progress.

Hopefully, this will rectify the situation promptly. If not, Indiana’s Hard Rock Casinos might be in trouble by this time next week.