Indiana Casinos Claim Over $235M In Revenue For March

Hoosier State's casinos and racinos just posted their highest monthly revenue total in nine years
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The Indiana Gaming Commission reported its state’s 10 casinos and two racinos generated more than $235 million in revenue for March, the state’s highest monthly total in nine years.

March has historically been a good month for casinos in the Hoosier State, with the total marking the sixth consecutive year it has cleared $200 million when not counting the COVID-19 pandemic-impacted 2020. It is also the highest monthly revenue total of any month since close to $239.6 million was reported for March 2013.

March’s revenue was 16.8% higher than February’s haul of $201.3 million and represented a 12.5% increase compared to March 2021. The year-over-year numbers, however, are not a true like-for-like comparison, as Hard Rock Northern Indiana did not open until last May.

The venues reported $9.6 million in free play in March, with other deductions totaling $6.4 million to create a taxable adjusted revenue of $219.2 million. The state received $67.8 million through wagering taxes and an additional $4.8 million through supplemental taxes accrued.

The revenue and tax totals do not include those generated by sports wagering, which produced $32.3 million in revenue and more than $3 million in Hoosier State tax receipts for the month of March.

Hard Rock continues to dominate table game scene

The novelty of Hard Rock Northern Indiana has yet to wear off for the public, as it paced all locations with $38.5 million in gross revenue for the month. It was the only venue to reach eight figures in table games revenue with $12.3 million, and its table average of nearly $156,000 was more than double the state average of close to $71,000. Hard Rock was also the only casino to claim at least 30% of its overall revenue from table games.

Nine of the 12 locations reached at least $1 million in table games revenue while two others came within $80,000 of that benchmark. Horseshoe Hammond, Caesars Southern Indiana, and Indiana Grand were the three others that surpassed $5 million in table games revenue for March. The statewide share of revenue derived from table games in March was 19.3%, totaling $45.4 million.

Hard Rock also narrowly completed the double as the top revenue producer for slots and EGD play, edging out Horseshoe Hammond by $75,005 with $26.2 million. Hard Rock, though, had 273 fewer EGD/slot positions in use than Horseshoe.

Both locations exceeded the state average of $12,842 per slot position. Indiana Grand took the top spot in that category, gaining $17,744 per position from its 1,537 spots. Four locations cleared $15,000 per slot/EGD position while another three had more than $12,000.

Northwest trio puts up strong numbers

As nearby Chicago continues its process of selecting a finalist to endorse for a coveted downtown casino license, Indiana’s three casinos near the Illinois state line — Ameristar, Hard Rock, and Horseshoe — combined to generate $92.9 million in revenue for March. That represented nearly 40% of the overall revenue generated, and the trio paid $32.9 million in taxes when not including sports wagering.

Chicago city officials, who selected Hard Rock among the three finalists, estimate a loss of $331 million in revenue annually to Indiana without a downtown casino. The future license was authorized in 2019 when Illinois Gov. JB Pritzker signed a gaming expansion bill that also included legal sports wagering.

Photo: Shutterstock

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