The casino business is booming in Indiana. The Indiana Gaming Commission reported earlier this month that Indiana casino revenue in October was up 14% compared to 2019.
The new numbers reveal what we’ve known for some time now: The casino industry in Indiana and elsewhere has decisively bounced back from the financial woes created by the pandemic.
Hard Rock Casino Northern Indiana dominates with $36M revenue
October proved to be a good month for the state’s 12 casinos. In total, they generated $207.6 million in revenue. The top properties continued to bring in more than $20 million in win:
- Hard Rock Casino Northern Indiana: $36.3 million
- Horseshoe Hammond: $29.1 million
- Horseshoe Indianapolis: $27.8 million
- Caesars Southern Indiana: $21.3 million
The casino landscape in Indiana has changed radically since 2019. The most notable development was the opening of Hard Rock Northern Indiana in 2021.
Caesars bought the Indiana Grand casino and transformed it into Horseshoe Indianapolis.
These changes primed the market for growth, and the changes have paid off. In 2019, casinos generated $178.6 million in revenue.
The Indiana casino market has become more diversified, too. Only two properties generated more than $20 million compared to four in 2022.
Expansions may attract bigger spenders to Indiana casinos
Looking to next month and beyond, growth should be in store for Indiana’s casinos. Hard Rock Northern Indiana completed an expansion in late October. The project added 65 new slot machines and more than 1,200 square feet of gaming space.
The new machines should add a nice boost to the casino’s monthly revenue. Hard Rock saw more than a 10% increase in its revenue compared to 2021, jumping from $32.4 million to $36.3 million.
If this trend continues, breaking the $40 million barrier in 2023 is not out of the question.
Four Winds Casino South Bend is near the end of an expansion that’s slated to finish in the first quarter of 2023. The updates include a 23-story hotel tower that has 317 rooms and 83 suites. The project does not include any gaming expansion.
However, the new hotel will likely draw more customers to the casinos, not only because of the higher number of guests but because of how much they’ll spend. Nearly 20% of the hotel’s rooms are suites, which will attract bigger spenders.
In terms of overall revenue, 2023 should be a good one. So far in 2022, casinos have raked in more than $200 million in revenue in seven out of nine months. Revenue eclipsed $230 million once and $220 million twice.
With these numbers in mind, it’s possible that 2023 could be the year the state sees more than $200 million in casino revenue in all 12 months. Furthermore, we may see revenue top $250 million for the first time.