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Competition puts dent in Indiana casino revenue

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Indiana casino revenue fell 3.5 percent through the first eight months of the year, a steep decline compared with 6-percent overall growth at U.S. casinos during the period.

The American Gaming Association said this week that U.S. casino revenue increased to $23.8 billion through August, led by a whopping 705-percent increase in Kansas, where a casino opened in February overlooking Kansas Speedway in Kansas City.

Revenue from the Indiana’s 13 casinos fell to $1.8 billion.

A casino that opened last year in suburban Chicago coupled with the addition of a casino at a horse-racing track south of Columbus, Ohio, likely cut into Indiana casino revenue, said Ed Feigenbaum, who publishes the Indiana Gaming Insight newsletter.

“Nobody expected it; nobody was prepared for it,” he said of the impact the Columbus casino has had on Indiana.

And it’s only going to get worse, warned Ernest Yelton, executive director of the Indiana Gaming Commission. That’s because another casino in Columbus opens this month, followed by one in Cincinnati slated to open in February.

The new competition combined with a sluggish economy creates a recipe for concern, he said.

“This is just a slight preview of what we can expect when the one in Cincinnati opens,” Yelton said. “It will have a direct impact, particularly on the three [casinos] down in southeastern Indiana.”

In August, the last month for which statistics are available, Indiana’s casino revenue grew less than 1 percent, to $222.6 million, commission statistics show.

The largest decline in Indiana came in July, when revenue from the 13 casinos fell nearly 9 percent.

Still, Indiana’s $1.8 billion in casino revenue through August ranks as the fourth largest in the country, trailing only that of Nevada, New Jersey and New York.

Through August, tax money Indiana collected from the casinos also was down, by 5 percent, to $426.9 million, according to the state’s gaming commission.

All but four of 23 states with casinos reported higher year-to-date revenue, the American Gaming Association said. Delaware, Missouri and New Jersey also reported declines.

The data exclude results from casinos owned by American Indiana tribes.

In the Indianapolis area, Hoosier Park's casino in Anderson reported $128.4 million in revenue through August and Indiana Grand Casino in Shelbyville reported $141.7 million.
 

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  • competition lol
    Are these writers crazy? There is no competition beside if there is this is not the reason why it's down. For one the econmeny is not as bad as people say or they wouldn't be going at all. Revenue is down because people are tired of losing money. And not everyone will drive that far for a couple of hours playing slots. Think reality... I believe the fad has faded people have been there some had won many had lost hundreds maybe thousands of dollars. People gamble they take chances they also gamble with their lives and living not paying their bills to gamble and thousands sell their food stamps and use their 1st of the month checks to gamble they go to the casinos play scratch offs and bingo instead of using their money wisely.
  • amenities
    We need more plush casinos like Monti Carlo and West Baden , It's a tourist trap but you have to have some scenery to go with it. Maybe some slot machines too that are connected to a progressive payout from all the state casinos. How about a statewide poker tournament winner take all.
  • Competition??
    I find it hard to believe that a Columbus casino is the primary cause of the decline. I would say the economy would be the primary cause. Not just because of lost jobs or lower wages, I just think people are being smarter about avoiding gambling knowing how difficult it has been for some. The GOP saying how bad things are can only cause people to take pause. Over the long run, the only winners are the casinos. An intelligent person would reason that gambling is a very expensive form of entertainment. These stats are actually good for Indiana businesses; perhaps these people are buying cars or building houses.
  • Dealers...
    Time to bring LIVE dealers to the RACINOS...that will give those BK racinos a profit spike to keep them alive for another few months. MAKE IT HAPPEN!!

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