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Indiana Casinos Faces Losses

The past year was a rough one for the slot machine and casino gambling establishments of the state of Indiana. When most people think of American gambling, “Las Vegas” and “Atlantic City” are most likely the first two locations that come to mind. Despite that, there are many other locations in the country that have lesser-known gambling markets that have still become a crucial part of their local economies. The eleven casinos of Indiana are currently facing the same troubles as gambling establishments in better-recognized locations: falling revenues and declining attendance.

The Indiana Gaming Commission is attributing high gas prices, increasing competition, and the devastating impact of the economic recession as factors behind the eight percent revenue drop that occurred between 2007 and 2008. Last year marked the first time ever that Indiana state gambling revenues have fallen. Total annual revenues last year came in at around two and a half billion dollars last year, down from two point seven billion dollars (a decline of eight percent) from 2007. Some industry insiders had smugly declared their opinion that the gambling industry was “recession proof,” but that is clearly not the case.

The addition of two new slot machine venues should have helped the slot revenues in the Hoosier State, but that was not the case. Horseracing tracks Indiana Downs and Hoosier Park unveiled new slot games this year, and accounted for just under two hundred million dollars of Indiana’s total annual gambling revenues. Overall attendance at these venues has been down, however, leading state officials to question whether the slot games at these sites will bring is as much income as was originally figured.

Back to January 2009 Archive.