Indiana casinos have seen year-over-year drops in revenue throughout most of 2023. August brought more of the same.
The Indiana Gaming Commission reported $182.1 million in adjusted gross revenue for the month, the lowest total produced this year.
August casino revenue represented a 9.2% drop from July’s $198.4 million and a 5.7% drop from August 2022’s $193.1 million. It marks the sixth straight month with year-over-year declines, continuing a trend that casino owners and state legislators could be concerned over.
Indiana casino revenue trends downward
Indiana casinos had yearly gains in January and February before beginning their slide in March. However, March and April were still strong months, the only two above $200 million in 2023.
Through August 2022, casinos had four months above $200 million and a $202.7 million monthly average. That average has dropped by 2.8% to $197 million in 2023.
Numbers are also down from 2021, excluding an outlier month in February. And if last year’s last four months indicate what’s to come relative to 2021, Indiana casinos might not produce another month above $190 million in revenue this year.
Indiana Casino Monthly Revenue 2021-present
Month 2021 2022 2023
January $161,265,956 $179,310,775 $193,926,738
February $131,601,548 $192,638,601 $197,554,993
March $205,382,903 $225,698,980 $217,916,547
April $209,448,341 $221,733,711 $205,107,475
May $239,362,311 $207,550,469 $191,833,159
June $204,500,681 $194,047,620 $189,001,478
July $218,311,026 $207,216,112 $198,415,853
August $195,958,003 $193,056,193 $182,065,408
September $194,701,664 $192,331,163
October $201,948,799 $194,715,317
November $184,246,945 $184,380,623
December $203,165,625 $192,757,015
Total (through August) $1,565,830,769 $1,621,252,461 $1,575,821,651
Total (year) $2,349,893,802 $2,385,436,579 $2,295,821,651
Hard Rock Northern Indiana continues its dominance
While every casino showed declines in revenue from July, Hard Rock Northern Indiana had a strong showing in August, generating nearly $30.5 million.
This was a 2.7% drop but still enough to keep Hard Rock above $30 million. Hard Rock has surpassed $30 million every month since January 2022.
Two Horseshoe properties rounded out the top three. Horseshoe Indianapolis ($23.7 million) had a 1.2% YoY decrease, enough to put it in second after Horseshoe Hammond’s revenue ($23.1 million) plummeted by 15.9% YoY.
Caesars Southern Indiana ($17.7 million) finished fourth, dropping below $20 million with a 12.9% YoY drop.
Three casinos show YoY growth
Only three casinos reported revenue totals higher in August 2023 than a year earlier. None showed more than 2% growth.
- Bally’s Evansville: $13.3 million revenue (+1.8% YoY)
- French Lick Resort: $6.6 million revenue (+1.5% YoY)
- Hollywood Lawrenceburg: $12 million revenue (+0.7% YoY)
Indiana Monthly Revenue 2021-present By Casino
Casino 2022 2023 YoY
Hard Rock Northern Indiana $31,304,878 $30,463,662 -2.7%
Horseshoe Indianapolis $24,048,592 $23,749,188 -1.2%
Horseshoe Hammond $27,474,055 $23,116,659 -15.9%
Caesars $20,348,501 $17,722,949 -12.9%
Harrah's Hoosier Park $16,745,673 $15,453,641 -7.7%
Ameristar $15,092,621 $13,828,631 -8.4%
Bally's Evansville $13,054,887 $13,288,796 1.8%
Hollywood Lawrenceburg $11,899,904 $11,978,266 0.7%
Blue Chip $10,354,066 $10,032,739 -3.1%
Belterra $7,023,594 $6,859,611 -2.3%
French Lick $6,532,245 $6,631,322 1.5%
Rising Star $3,614,323 $3,594,105 -0.6%
Total $187,493,339 $176,719,569 -5.7%
Some good news looking forward
The future of Indiana’s casino industry is not all gloom and doom, even if the rest of the year might continue in a downward fashion.
Indiana casinos have generated nearly $1.58 billion in gaming revenue through the first eight months of the year and are on pace to pass $2.3 billion for the year. Even with these down numbers, they aren’t far below the $2.39 billion and $2.35 billion generated in the last two years, respectively.
Harrah’s Hoosier Park will soon finish its $40 million expansion, adding 30,000 square feet to the casino with a high-limit area, 150 new slot machines, 11 new table games and additional food and drink options.
The competition will increase (and hopefully, so will revenue) next spring when the new Terre Haute Casino opens, featuring a 56,000-square-foot gaming floor, a 122-room hotel and a complete list of amenities. The casino has already posted job openings and begun interviewing for hundreds of positions.
