Indiana Casino Revenue Falls 7.6% To $2.5bn In 2013

Indiana Casino Revenue Falls 7.6% To $2.5bn In 2013The Midwestern state of Indiana has released its casino figures for 2013, revealing a 7.6% fall in revenues to $2.5 billion compared to 2012. In addition, the state collected $752.4 million in casino taxes during the year, a dramatic decline since reaching its peak of $876 million in 2009.
Putting the latest results into perspective, Indiana’s casino industry recorded its lowest wagering and admissions taxes in eight years, while Indiana’s 12,900 casino industry employees represented the lowest number since 1998.
Overall, Indiana’s three casinos have now experienced declining revenues for every year since the global recession started in 2009, As Ed Feigenbaum, editor of Indiana Gaming Insight, explains:
“People don’t have as much disposable income, they don’t have as much money they can spend. They used to choose between going to a high school basketball game or the casino. Now, it’s between going to the casino or paying their mortgage.”
Indiana Casino Association president Mike Smith, also concurs with Feigenbaum’s point and said he believes the recession has meant Indiana will need more time to return to its pre-recession levels.
However, Indiana’s downward trend has been compounded by ever increasing out-of-state competition from its neighboring states of Illinois, Kentucky and Ohio, a situation that is likely to decline further if Illinois decides to change its casinos no-smoking law, allow more casinos, and expand its horse racing industry.
Therefore, rather than returning to pre-recession levels, other state politicians see the challenge more to stop Indiana’s casino industry decling further, and stemming the outflow of casino jobs and tax revenues.
“Most observers will say Indiana will never regain the total numbers of dollars it was used to getting. I think the goal, more realistically, is to minimize the amount of dollars that is going to be lost,” explains Ernest Yelton, executive director of the Indiana Gaming Commission.


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