Indiana Casino Revenue Of $212 Million In May Was Off 7.5% From April

Hard Rock completes another month as state's top revenue generator in table games and slot win
Indiana casino revenue May 2022
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Casinos across Indiana extended the state’s streak of clearing $200 million in gaming revenue to three as the Indiana Gaming Commission reported nearly $212 million in win for the month of May.

The figure represents a 7.5% decline from April’s $229.1 million and is 9.9% off the $235.2 million generated in March that represents the best month of 2022 thus far. All 12 casinos reported month-over-month declines to varying degrees, but Hard Rock Northern Indiana remained atop the leaderboard with $36.3 million in win. It was the only casino to clear $30 million for the month of May.

Free play declined notably to just shy of $3.8 million — less than half the $9.1 million for April — as only five locations offered it. Hard Rock and Horseshoe Indianapolis combined for $2.7 million of that total between them, with Hard Rock accounting for $1.5 million as it began its second year of operations.

Other deductions totaled $41 million, with Hard Rock again accounting for the bulk of that as the state’s newest venue. The adjusted revenue eligible for taxation was $201.6 million, a 6.4% backslide from the $215.3 million in April.

Supplemental and wagering taxes from casino gaming totaled nearly $67.5 million for May. That figure does not include sports wagering, from which operators contributed more than $2.9 million in state taxes from $30.6 million in revenue.

Baccarat remains key for Hard Rock

Hard Rock has risen to the top revenue generator among Indiana casinos largely on the strength of its performance in table games — specifically, baccarat. Its $11.5 million gained in that wagering discipline was more than double that of every casino in the state but Horseshoe Hammond, and its per table average of nearly $146,000 was more than double the state average of $60,435.

Hard Rock reported $28.7 million drop for baccarat in May, which accounted for more than half of its overall table drop of close to $51.7 million and far outpaced runner-up Horseshoe Hammond, which reported just shy of $12 million. Hard Rock’s baccarat win of more than $6.2 million was more than every casino’s entire table win in the state except for Horseshoe Hammond, which had nearly one-third of its $6.7 million in table win come from baccarat play.

Hard Rock and Hammond were also the only locations to generate more than 20% of their overall win from table games, with the statewide average standing at 18.7%. Ameristar Casino came just shy of matching that percentage, as it averaged more than $70,000 in win per table for nearly $3.3 million in revenue.

Slot numbers dip, but Hard Rock hangs on

Slot win plunged 7.5% to $172.2 million for May, but Hard Rock had just enough to complete the double as top revenue generator in both wagering disciplines. The $24.8 million generated in Gary was less than $90,000 better than Horseshoe Indianapolis, though the racino did have the higher per-slot average of the two at just shy of $16,000.

Horseshoe Hammond was the only other venue to surpass $20 million in slot win, though another six cleared eight figures. The state’s 14,644 slots generated an average of $11,758 per position, down $823 compared to April.

The northwest trio continues to click

Unaffected as yet by Chicago moving forward with Bally’s for a potential downtown casino and Wind Creek recently breaking ground for its suburban Cook County venue near the Illinois-Indiana border, the trio of casinos in northwest Indiana — Hard Rock, Horseshoe Hammond, and Ameristar — continue to thrive.

The three venues combined for $82.7 million in overall win, which represented 39% of the state’s overall win. Despite Hard Rock’s newly established table games dominance in Indiana, it still takes a back seat to Rivers Casino across the state line in Des Plaines, as the bell cow of Illinois casinos 55 miles to the northwest generated $18.2 million in revenue from table games.

Photo: Shutterstock

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