The Indiana Gaming Commission reported the latest revenue numbers for Indiana’s 12 casinos. Combined, the casinos brought in $183.6 million in adjusted gross revenue in June.
June marks the fourth month in a row that Indiana casinos reported year-over-year revenue decreases. The $183.6 million taken in last month represents a 2.7% decrease from June 2022.
Indiana Casino Revenue
June 2023: $183,597,270
May 2023: $186,172,449
June 2022: $188,655,346
Casinos near Illinois and Ohio borders declined more than the average
Indiana’s casino market is playing out the dip that was expected this year, as the casinos face increased competition in neighboring states. A sample of numbers from a few properties that sit near state lines illustrates the trend.
The two largest casinos that serve the Chicagoland area in northern Indiana saw their revenue dip by $8.6 million combined. That’s almost $3.6 million more than the overall decrease across all casinos, meaning some individual casinos in fact grew their revenue YoY.
- June 2023: $34.2 million
- June 2022: $31.4 million
- June 2023: $22.5 million
- June 2022: $28.3 million
Hollywood Lawrenceburg, which is located near the Ohio border and attracts customers in the Cincinnati area, saw a decrease of over $1.5 million compared to last June.
- June 2023: $12.2 million
- June 2022: $13.8 million
Combined, these three casinos saw a decrease of about 6.25% from last June. Horseshoe Hammond saw the largest dip at about 20.5%
June revenue by casino
Four casinos, known as the northern licensees, brought in a combined $82 million, making up nearly 45% of the total revenue.
- Hard Rock Casino Northern Indiana: $34.2 million
- Horseshoe Hammond: $22.5 million
- Ameristar Casino: $15.8 million
- Blue Chip Casino: $9.5 million
The six southern licensees combined for about $61.9 million in revenue. They are:
- Caesars Southern Indiana: $18.3 million
- Bally’s Evansville: $13.5 million
- Hollywood Lawrenceburg: $12.2 million
- Belterra Casino: $7.4 million
- French Lick Resort: $6.5 million
- Rising Star Casino: $4 million
The state’s two racinos fared relatively well last month. Horseshoe Indianapolis actually increased revenues over last June by about $3.6 million. Harrah’s dipped by only about half a million. These two facilities were among the four highest-earning Indiana casinos last month.
Indiana casinos investing in expansion
Even with the decrease in industry-wide revenue, Indiana casinos are investing in the future.
Caesars, which owns both of Indiana’s racinos, has invested nearly $74 million into its properties recently. Horseshoe Indianapolis completed a $34 million expansion project last year that added 25,000 square feet to the gaming floor and hired upwards of 100 new employees.
Harrah’s Hoosier Park is wrapping up its own 30,00- square-foot expansion that will add new food options and high-limit areas.
Churchill Downs, Inc. is opening the Terre Haute Casino Resort next year, to include a 120-room hotel with a pool deck and bar. The casino will house 1,000 slot machines and 34 table games. The new casino is slated to open in March 2024.