A property developer and real estate agent from Indiana is introducing a significant $500 million lakeside casino resort project in Steuben County, located in the northeastern part of the state, according to local broadcaster WAYNE.
This Tuesday, Mark Hansberger unveiled his vision for the resort, which plans to feature a 400-room hotel, dining options, and family-oriented attractions along the picturesque shore of Walters Lake, a part of Indiana’s renowned “101 Lakes” region.
Earlier this year, the Indiana legislature passed House Bill 1038, establishing a procedure for granting a new commercial casino license in northeastern Indiana, specifically within Allen, DeKalb, or Steuben counties.
According to this new law, each county must first persuade local residents to approve casino gambling through a referendum set for November. Should the community approve, casino operators may then formally present their proposals, with the Indiana Gaming Commission making the final licensing decision.
Full House Initiative
This legislation was pushed forward at the request of Full House Resorts, which looked to move its gaming license from Rising Star Casino in southeastern Indiana to what it perceives as a more profitable market in the northeast.
However, lawmakers revised the bill to foster a competitive bidding process rather than simply allowing the company to relocate its license.
Hansberger’s proposal represents the first of its kind for Steuben County. Notably, he is not seeking a casino license himself but has secured a contract for the land on Walters Lake, aiming for a major casino corporation to take over.
Although the Walters Lake plan lacks the population density of Fort Wayne, Indiana’s second-largest city, Hansberger is confident that his proposal holds a competitive edge over options in Allen and DeKalb counties.
The property boasts 3,400 feet of waterfront along Walters Lake, situated about half a mile from the Michigan border.
Hansberger references a feasibility study from the Steuben County Economic Development Corporation, suggesting that 48% of casino revenue would be generated from visitors from Michigan.
Tourism Opportunities
The 101 Lakes region is already a popular destination, drawing millions from Michigan, Ohio, and beyond for activities like boating, fishing, and outdoor pursuits, including Pokagon State Park. Advocates assert that a casino resort would change the region’s seasonal tourism into a year-round attraction.
According to feasibility studies referenced by supporters, the project could create between 800 and 1,200 jobs and yield annual local gaming tax revenues of $14 to $17 million.
Walters Lake is a serene, approximately 182-acre body of water with minimal commercial activity. However, it is conveniently located near more established recreational lakes like Lake James, Snow Lake, and Jimmerson Lake, in addition to Pokagon State Park.
Hansberger has noted that he is currently in talks with several prominent casino operators.