Indiana starting to see decline in casino revenues
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Inflationary pressures can be seen in overall casino revenues in the state, which came in at $207.6 million in October compared to $214.5 million for the same month last year, an almost $7 million drop, according to the Indiana Gaming Commission’s monthly report.
Hard Rock Northern Indiana continued its streak as the state’s top earning casino for the 13th consecutive month after reporting earnings of $36.3 million in October, according to the IGC. The figure is up about $3.6 million from October 2021 when the casino reported earnings of $32.7 million, according to the IGC.
Both Horseshoe Casino Hammond and Ameristar Casino East Chicago saw earnings decline year over year. Horseshoe’s earnings dipped about $3.4 million year over year in October with $29.1 million reported this year compared to $32.1 million in October 2021. At Ameristar, earnings in October were $15.9 million in October compared to $20.8 million in October 2021, an almost $5 million decline, according to the IGC.
“From our perspective, it certainly was another strong month for us,” Matt Schuffert, president of Hard Rock Casino Northern Indiana, said. Casino revenues were up 12% over last October. “It’s good to see that in the 18 months since we opened we are still seeing business grow both in slots and table gaming.”
Despite Hard Rock’s strong numbers, most of the rest of the market is in decline, he said.
“Obviously it is something we will keep an eye on,” Schuffert said.
The effects of inflation can be seen in part in the amount of money wagered by gamblers on things like electronic games. About $134.6 million was wagered in electronic games at Ameristar Casino in October compared to $176.6 million wagered the same month last year. At Horseshoe Casino, wagers dropped by about $30 million year over year after posting $213.2 million in October compared to $243.8 million wagered in October 2021.
Hard Rock saw an increase in the amount wagered in October, which was reported at $249.5 million this year compared to $234.5 million wagered in October 2021. Total wagered on electronic games at the three casinos was $597.3 million in October compared to $654.9 million, an overall decline in wagering of about $57.6 million year over year.
Ameristar remains the top casino both locally and in the state for sports wagering after posting wagers of $153.3 million in October, an increase of almost $20 million over September, when wagering was reported at $134 million, according to the IGC. Total sports wagering in Octobers was $446.3 million.
Hard Rock posted wagers of $10.1 million in October, while Horseshoe posted wagers of $3 million.
Hard Rock first launched its retail sports book in May and added online gaming Sept. 6.
Schuffert said the casino has seen some nice growth in its new retail sports book in October over September.
“Online just launched. We are really still acquiring new customers. It’s going to take some time to build it to a level I think we can get it to,” Schuffert said.
