March marked the third consecutive month with year-over-year revenue declines for Indiana casinos. The state’s 12 casinos and racinos combined to generate $213.6 million in March, a 2% decrease from $217.9 million in March 2023.
On a positive note, casino revenue grew by 11.5% from February’s $191.6 million. March also marked the first time in 11 months that revenue eclipsed $200 million. The last time it hit that mark was April 2023 ($205.1 million).
Hard Rock Northern Indiana reports $40.5 million AGR
The recent dip in brick-and-mortar revenue comes as Indiana online casinos remain illegal, leaving millions in potential revenue on the table for the state.
Still, half of the state’s venues showed year-over-year gains in March, including industry leader Hard Rock Casino Northern Indiana. Hard Rock broke $40 million for the first time in a month, its $40.5 million revenue representing a 6% YoY gain.
The following five highest revenue generators all had YoY drops. Rising Star Casino, the smallest in the state, had the most significant YoY gains in adjusted gross revenue.
- Hard Rock Northern Indiana: $40.5 million (+6% YoY)
- Horseshoe Indianapolis: $33.4 million (-2.3% YoY)
- Horseshoe Hammond: $23.6 million (-15.3% YoY)
- Caesars Southern Indiana: $21.8 million (-5.3% YoY)
- Harrah’s Hoosier Park: $20.1 million (-3% YoY)
- Ameristar Casino: $17.2 million (-6% YoY)
- Bally’s Evansville: $16.4 million (+2.2% YoY)
- Hollywood Lawrenceburg: $13.5 million (-5.2% YoY)
- Blue Chip Casino: $10.8 million (+2.8% YoY)
- Belterra Casino: $7.1 million (+9.9% YoY)
- French Lick Resort: $6.8 million (+5.1% YoY)
- Rising Star Casino: $3.3 million (+17% YoY)
Slot revenue grows YoY, table games decline
As usual, slots were the livelihood of Indiana casino revenue in March. They accounted for $184.7 million in revenue, more than 86% of all casino winnings.
Slot revenue hit a two-year high, growing by $763,000 after reporting just shy of $184 million a year ago. The last time Indiana casinos reported higher slot revenue was in March 2022 ($189.9 million).
Table games made up the remaining $38.7 million in revenue, a 4.9% YoY decline. While it was the best month for table game revenue since July 2023 ($39.5 million), monthly revenue has yet to hit $40 million in the vertical in 2024. Casinos hit that mark twice by March in 2023.
Fiscal YTD revenue down 5.7%
March’s revenue totals provide nine months of data through the Fiscal Year 2024. So far, casino revenue is at $1.67 billion, down $99.5 million (-5.7%) from the $1.77 billion FYTD total in March 2023.
Three months remain to make up that ground, a long shot at best. FY 2023 casino revenue was $2.36 billion.
Given how the last year has unfolded, Indiana casinos can only hope to match their Q4 totals from a year ago. If they succeed, they’ll break $2.25 billion by the fiscal year’s end.
