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Horseshoe Casino Hammond Eight-Year License Renewal: Horseshoe Casino Hammond Drew Klacik Laura Littlepage Seth Payton Larry DeBoer Purdue University Charlene Sullivan Purdue University © 2004 Center for Urban Policy and the Environment 04-C14 342 North Senate Avenue, 3rd Floor Indianapolis, Indiana 46204-1708 Eight-Year License Renewal: Horseshoe Casino Hammond July 2004 04-C14 Authors Executive Summary .......................................................................................................................1 Economic and Fiscal Activity......................................................................................................1 Drew Klacik Community Impacts....................................................................................................................1 Laura Littlepage Employment ...............................................................................................................................1 Seth Payton Business Climate Impacts ..........................................................................................................2 Current Financial Position and Future Plans .............................................................................2 Introduction ...................................................................................................................................3 Larry DeBoer Economic and Fiscal Activity .........................................................................................................5 Purdue University Tax Restructuring and Riverboat Tax Payments to Local Governments ......................................5 Admissions Tax ................................................................................................................5 Charlene Sullivan Wagering Tax ...................................................................................................................7 Purdue University Fiscal Impacts..................................................................................................................9 Property Tax ..................................................................................................................13 Incentive Payments..................................................................................................................14 Incentive Payment Certificate Compliance .....................................................................14 Tax Revenue Collected....................................................................................................15 Editor Economic Impact of the Spending of Gaming-Related Local Taxes and Incentive Payments .....16 Tami Barreto Economic Impacts of the Expenditure of Gaming-Related Taxes and Incentive Payments 2001-2003..............................................................................16 An Expenditure Category Analysis of Economic Impact..................................................18 Indirect and Induced Impact as a Share of Total Impact.................................................20 Direct Expenditures and New Wages..............................................................................21 Direct Expenditures and New Jobs.................................................................................22 Community Impacts .....................................................................................................................23 Local Spending and Contributions ............................................................................................23 Community Input......................................................................................................................23 Other Issues.............................................................................................................................24 Employment.................................................................................................................................25 Horseshoe’s Workforce: A Survey of Employees ......................................................................25 An Overview of the Respondents ....................................................................................25 Employment History Prior to Beginning Work at Horseshoe...........................................27 Beginning Work at Horseshoe.........................................................................................30 Current Experience........................................................................................................33 Business Climate Impacts ............................................................................................................39 Data Used for Industry Analysis ...............................................................................................40 Changes in Total Jobs, Establishments, and Wages..................................................................41 Changing Industry Mix .............................................................................................................44 i Inter-Industry Business Climate Change ..................................................................................46 Amusement, Gambling, and Recreation Industry ............................................................48 Other Industries in Lake County Experiencing Considerable Change........................................48 Change in Employment near Horseshoe ...................................................................................53 Summary of Business Impacts .................................................................................................53 Current Financial Position and Future Plans ...............................................................................55 Horseshoe Gaming Holding Corporation: Description and Strategy .........................................55 Horseshoe Gaming Holding Corporation: Operating Performance .................................55 The Pending Acquisition .................................................................................................55 Harrah’s Entertainment Inc. ..........................................................................................55 Horseshoe Hammond ...............................................................................................................55 Horseshoe Hammond: Historic Performance.................................................................55 Horseshoe Hammond Relative to Competitors................................................................55 Summary of Financial Position and Future Plans.....................................................................55 Appendix I: Description of SIC Codes ..........................................................................................55 ii Index of Figures Figure 1: Turnstile and Multiple Excursion Admissions, July 1998-March 2004.......................................................6 Figure 2: Estimated Adjusted Gross Receipts, Horseshoe, July 1998-June 2003......................................................8 Figure 3: Estimated Expenditure by Type of Public Investment...............................................................................18 Figure 4: Direct and Total Economic Activity by Type of Public Investment.............................................................19 Figure 5: Indirect and Induced Impact as a Share of Total Impact (Direct, Indirect, and Induced) by Category.......20 Figure 6: Direct Expenditures per $1 of New Employee Compensation...................................................................21 Figure 7: Direct Expenditures per New Job Created ...............................................................................................22 Figure 8: Total Number of Persons in Household.....................................................................................................26 Figure 9: Highest Level of Education.......................................................................................................................27 Figure 10: Employment Status Prior to Beginning Work at Horseshoe....................................................................28 Figure 11: Sector of Employment Prior to Beginning Work at Horseshoe................................................................29 Figure 12: Reason for Beginning Work at Horseshoe...............................................................................................30 Figure 13: Beginning Wage at Horseshoe ................................................................................................................31 Figure 14: Total Increase in Annual Wage from Previous Jobs to Start at Horseshoe..............................................32 Figure 15: Current Annual Wage of Horseshoe Employees......................................................................................33 Figure 16: Years Worked at Horseshoe ...................................................................................................................34 Figure 17: Number of Hours Worked Per Week at Horseshoe..................................................................................35 Figure 18: Training and Education Opportunities for Horseshoe Employees ...........................................................36 Figure 19: Training Received by Level of Education of Horseshoe Employees .........................................................38 Figure 20: Unemployment Rates for Lake County and Indiana 1993-2003..............................................................40
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