$500M Lakeside Casino Resort Proposed for Indiana’s Steuben County

An Indiana property developer and realtor is proposing a $500 million lakeside destination casino resort in Steuben County in the state’s northeast, local TV station WAYNE reports.

On Tuesday, Mark Hansberger revealed his plans for the resort, which would include a 400-room hotel, restaurants, and family attractions on the shoreline of Walters Lake, in Indiana’s”101 Lakes” region.

Earlier this year, the Indiana legislature passed House Bill 1038, which created a process for a new commercial casino license in northeastern Indiana in one of three counties: Allen, DeKalb, and Steuben.

Per the legislation, each county must first convince local voters to approve casino gambling in a November referendum. If voters say yes, casino operators will be invited to submit formal proposals, and the Indiana Gaming Commission will ultimately decide which county receives the license.

Full House Push

The legislation was introduced at the request of Full House Resorts, which had sought to relocate its gaming license from Rising Star Casino in southeastern Indiana to what it sees as a more lucrative market in the northeast.

Lawmakers ultimately amended the bill to create a competitive process rather than allowing the company to relocate directly.

Hansberger’s is the first proposal for Steuben County. The developer is not applying for a casino license himself. He says he has the land on Walters Lake under contract and is hoping for a major casino operator to step in.

While the Walters Lake proposal lacks the population of Fort Wayne, Indiana’s second most populous city, Hansberger believes his plan has a competitive advantage over Allen and DeKalb counties.

The land straddles 3,400 feet of shoreline along Walters Lake and is about a half-mile from the Michigan state line.

The developer cites a Steuben County Economic Development Corporation feasibility study that suggests 48% of revenue for a future casino would come from Michiganites.  

Tourism Appeal

The 101 Lakes region already attracts millions of visitors from Michigan, Ohio, and beyond for its boating, fishing, and outdoor recreation, including Pokagon State Park. Supporters say a casino resort would transform that largely seasonal tourism into an all-year-round destination.

Feasibility studies cited by supporters estimate 800 to 1,200 jobs and $14 to $17 million in annual local gaming tax revenue.

Walters Lake is a relatively quiet, roughly 182-acre lake with little commercial development. However, it’s just a few miles away from more established recreational lakes, such as Lake James, Snow Lake, and Jimmerson Lake, as well as Pokagon State Park.

Hansberger says he is in discussion with several major casino operators.