Tropicana Evansville plans to move its gaming operation from the Ohio River to a new casino on Riverside Drive.
The city and Tropicana have agreed to a $50 million plan, which includes a $25 million pre-payment to the city, and up to $1 million to help move the LST from its Waterworks Road location to where the riverboat casino is currently docked.
Tropicana CEO Tony Rodio says the new 75,000 square foot casino will be built between the Tropicana and Le Marigot hotels on Riverside.
Tropicana has purchased the four properties between the two hotels for about $1 million.
The new casino is expected to open by late 2017. The riverboat is expected to be sold for salvage.
The Indiana Legislature approved land-based gaming this year, within the footprint of existing riverboat casinos.
The project requires the approval of the Indiana Gaming Commission.