Indianapolis officials are considering a downtown casino to help eliminate a budget deficit facing the Capital Improvement Board, which runs the city’s sports arenas and convention center.

The chairman of the CIB said the board is talking with state legislators about the possibility of establishing a downtown casino to help offset operating costs for the city’s three main sports venues: Conesco Fieldhouse, Lucas Oil Stadium, and the Indiana Convention Center.

The CIB has said it expects a $25 million deficit in 2009 and a $45 million deficit in 2010. The board has been running with a deficit for years and faces bigger problems in the future due to the recent opening of the high-profile Lucas Oil Stadium, where the National Football League’s Indianapolis Colts play.

The board is also considering selling naming rights to the convention center, according to local reports.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.