INDIANAPOLIS | Gary officials and the president of Majestic Star casinos on Thursday told a Senate panel Gary desperately needs the jobs and economic development that would come with a land-based casino in the Steel City.

"I don't think Gary is here with its hand out saying give me, without something in return. We want to build our economy," said state Rep. Charlie Brown, D-Gary.

Majestic Star President Don Barden said he envisions spending $250 million to $300 million on a new casino and adjacent development if he's allowed to move from Lake Michigan to a land-based site along the Borman Expressway.

"All we're looking for is an opportunity to be able to invest capital, to increase the benefit to the state of Indiana and get a return on our investment," Barden said.

Barden said his casino, which is currently in bankruptcy to restructure debt, has lost 20 percent of its revenue due to the closure of Cline Avenue in East Chicago. The state's multiyear timetable for replacing Cline Avenue is another reason the Majestic Star needs to be allowed to move, he said.

Gary Mayor Rudy Clay agreed, saying, "The time is now, the time is right. It's the right thing to do."

Senate Bill 405 would allow all existing riverboat casinos to become land-based in return for a $50 million payment to the state. Casinos that build on land adjacent to their existing boat would not have to pay the fee. Barden also could avoid paying the fee by surrendering one of the two gaming licenses the Majestic Star currently operates on.

However, Barden told the Senate Appropriations Committee he thinks that condition is counterproductive.

The state usually gives money to businesses and industries willing to invest in Indiana and create new jobs, not force them to pay for the privilege, he said.

The legislation, slated for a committee vote Tuesday, also eliminates the requirement that permanently moored boats maintain engines, navigation equipment and a sailing crew, permits off-boat gaming tournaments and requires disclosure of how casino revenue distributed under local development agreements is spent.

That final provision is a request of Indiana Attorney General Greg Zoeller. The attorney general's office has spent five years in court trying to find out how $16 million in casino money given to an East Chicago foundation was used. If this proposal becomes law, Foundations of East Chicago would no longer be able to claim that it's not required to disclose its spending.