The Indiana Gaming Commission recently released its gaming revenue report for September, showcasing the performance of the state’s ten casinos and two racinos. Despite a slight dip in overall gaming win compared to the previous year, the state managed to generate substantial tax revenue from slot machines, table games, and settled sports wagers. Additionally, a new study commissioned by the Indiana Gaming Commission explored the potential impacts of legalizing online casino gaming, projecting impressive revenue and tax figures.
Indiana’s Gaming Revenue Performance:
In September, Indiana’s gaming establishments reported a total gaming win of $204 million, showing a marginal 0.9% decrease from August’s figures. Year-on-year comparison also saw a slight decline of 1.2% in gaming win. However, the taxable adjusted revenue after free play and other deductions stood at $186.9 million, a mere 0.3% decrease from the previous month, but a more notable drop from September 2021’s $189.3 million.
Hard Rock Casino’s Dominance:
Hard Rock Casino Northern Indiana emerged as the state’s top-earning gaming destination, maintaining its position for an entire year. The casino achieved a remarkable win of $36.6 million in September, marking a substantial 23.9% increase compared to the same period last year. In contrast, Horseshoe Casino in Hammond, which was the state’s former earnings leader, experienced a dip in performance, with a win of $27.3 million, down by 16.6% from September 2021.
Table Games Revenue Analysis:
Only four out of the 12 venues reported month-over-month increases in table games revenue, with Blue Chip, Belterra, and Horseshoe Indianapolis contributing to a combined revenue increase of less than $212,000. Statewide, table games revenue amounted to $37.3 million, showing a marginal 0.3% decline from August’s figures and a 4% decrease from the previous year.
Tax Revenue from Gaming and Sports Wagers:
Indiana collected a total of $43.4 million in tax revenue from slot machines and table games, further bolstered by an additional $4.9 million from settled sports wagers. This revenue injection will undoubtedly contribute to the state’s finances and various public initiatives.
The Potential of Online Casino Gaming:
The Indiana Gaming Commission’s commissioned study examined the potential impacts of introducing casino iGaming to the state. Currently, Indiana only permits online sports betting, which was legalized in 2019. The report explored the experiences of seven states, including Michigan, Pennsylvania, and New Jersey, where online gaming is legal.
Projected Revenue and Tax Figures:
According to the study, legalizing online casino gaming is not expected to negatively impact Indiana’s brick-and-mortar casinos. Instead, it projected promising revenue figures, estimating revenue to reach $469 million in the first year after its launch and potentially soaring to $830 million by the third year. Additionally, the report calculated projected tax revenue, with online gaming potentially generating $883 million in taxes over the three-year projection period, assuming the highest estimated tax rate of 45%.
Indiana’s gaming industry continues to demonstrate resilience and potential for growth. Hard Rock Casino Northern Indiana’s continued dominance and the state’s substantial tax revenue from gaming and sports wagers highlight the sector’s significance. Additionally, the exploration of online casino gaming’s potential signifies an exciting future for Indiana’s gambling landscape, with the possibility of substantial revenue and tax contributions.