Indiana Casinos Aren’t Having a Good Year as Revenue Slide Continues

Article by : Erik Gibbs Nov 26, 2023

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Indiana’s casino industry is grappling with an ongoing decline in revenue, evident in October, marking the eighth consecutive month of year-over-year drops for the state’s 12 casinos.

Despite the overall subdued financial outlook, a noteworthy surge in sports betting activity provided a silver lining, with the handle increasing by 6.3% from September 2023 to reach nearly $430 million.

The latest figures released by the Indiana Gaming Commission highlight a decline in adjusted gross revenue from the state’s casinos, totaling $169.5 million last month. This reflects a 10.3% decrease compared to October 2022 and a $7.3 million drop from September.

A significant contributor to this downturn is the 5.4% month-over-month decrease in slot machine winnings, which accounted for $153.3 million in total revenue for October.

The impact of the overall revenue slump was felt across all 12 casinos in the state, each reporting year-over-year declines in their financial performance.

Hard Rock Casino Northern Indiana in Gary maintained its position as the top-earning casino, generating $31.3 million in revenue. Conversely, Horseshoe Hammond experienced the most notable decline in revenue, plummeting by 21.3% compared to October 2022.

In contrast to the overall trend, two properties showed revenue increases when compared to September of this year. Caesars Southern Indiana recorded a 6.8% uptick, while Ameristar Casino in East Chicago experienced a 6.3% rise over the previous month.

However, despite these positive developments, PlayIndiana forecasts that Indiana’s casinos are poised to conclude the year with a total revenue of $2.25 billion.

While this figure represents a slight decrease from the $2.39 billion reported last year, it suggests a persistent challenge in the state’s casino industry.

Indiana lawmakers have opted not to entertain any new gaming bills in the upcoming 2024 legislative session, as announced by House Speaker Todd Huston and Senate President Pro Tem Rodric Bray.

This decision is a response to the recent guilty plea to federal corruption charges by former state legislator Sean Eberhart.

Eberhart, a former Representative from Shelbyville, admitted to accepting a bribe from Spectacle Gaming, which included the promise of a lucrative six-figure job.

This revelation exposed his ties to favoritism toward Spectacle Gaming about a gaming bill in 2019. The acknowledgment of Eberhart’s bribery further underscores the need for caution and integrity in legislative matters related to the gaming industry.