Ohio River bridge shutdown shrinks casino payments

The closure of a bridge over the Ohio River has reduced profit-sharing revenues paid by a southern Indiana riverboat casino to two counties and will delay officials from repaying $8 million to a foundation.

Horseshoe Southern Indiana Casino paid Harrison and Floyd counties a combined $1.1 million from August's receipts. The Courier-Journal of Louisville reports the total payment for September dropped to about $985,000. A report is due later this week on the amount Horseshoe will pay out based on October's performance.

Officials anticipated the casino payments would decline after the Sept. 9 shutdown of Interstate 64's Sherman Minton Bridge linking New Albany and Louisville. Indiana Gov. Mitch Daniels ordered the bridge closed after a crack was found in a steel support beam.

Horseshoe officials didn't immediately return a phone call seeking comment Tuesday.

Officials also had anticipated replenishing the Harrison County Community Foundation fund by this month following an $8 million grant to the local hospital to help refinance bond debt, but foundation director Steve Gilliland told county commissioners Monday that likely will take until January.

"Let's just say it's been a rough year" for the casino, Gilliland said.

The government receives money from state admissions and revenue taxes at the casino as well as profit-sharing money under a development agreement. A fourth of the money is paid to the Horseshoe Foundation of Floyd County. Harrison County receives a 75 percent share, and it gives a fourth for the Harrison foundation's endowment and the balance to a separate community endowment.

Officials have been using Harrison County's monthly share to replenish the community foundation's funds. The delay in recouping the $8 million could cost the foundation about $25,000 in lost interest, Gilliland said, but the endowment has assets of $115 million.