Share
After starting the year with a lackluster January and February, Indiana casinos have put together three consecutive months of more than $200 million in revenue.
In May, the state’s 13 casinos generated $210,974,762 in adjusted gross revenue (AGR), up around $10.6 million from April, according to data from the Indiana Gaming Commission.
Key takeaways
- Online casinos could bring in more than $100 million in monthly revenue
- Indiana casino adjusted gross revenue topped $210 million in May
- May’s revenue total was up 5.3% compared to April
- A new casino in Terra Haute has combined for more than $23 million in revenue over the past two months
How could Indiana online casinos help revenue?
Online casinos (also known as “iGaming”) are illegal in Indiana. Simply put, the Hoosier State is missing out on a considerable revenue opportunity for several reasons.
First, the Midwest is home to just one iGaming state: Michigan. The market is wide open for newcomers.
Second, Michigan, Indiana’s northern neighbor, is among the top three states for online casino revenue. During its best months, Michigan iGaming brings in around $200 million.
What would that look like for Indiana? Based on per-capita averages, Indiana online casinos could easily generate more than $100 million a month:
| State | April online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $212,212,613 | 13 million | $16.32 |
| New Jersey | $193,804,749 | 9.3 million | $20.84 |
| Michigan | $192,934,494 | 10 million | $19.29 |
| Connecticut | $42,584,721 | 3.6 million | $11.83 |
| West Virginia | $17,797,826 | 1.8 million | $9.89 |
| Delaware | $4,400,00 | 1 million | $4.40 |
| Average | $110,622,401 | 6.5 million | $17.02 |
| Indiana | $117,438,000 | 6.9 million | $17.02 |
If legislators chose a 15% tax rate for online casino revenue, the state could generate at least $15 million a month from iGaming.
New Indiana casino helps boost May revenue
Casinos big and small helped drive May’s more than $10 million in growth over Indiana’s April 2024 gaming revenue, good enough for a 5.3% monthly increase.
French Lick Resort‘s AGR rose 17.9% month-on-month, followed by Rising Star Casino (15.5%), Caesars Southern Indiana (12.7%), and Harrah’s Hoosier Park (10.5%). Together, those casinos combined for a monthly increase of around $6 million.
| May 2024 adjusted gross revenue | April 2024 adjusted gross revenue | Month-on-month growth (%) | |
|---|---|---|---|
| Hard Rock Casino Northern Indiana | $37,037,958 | $37,180,193 | -0.4% |
| Horseshoe Indianapolis | $27,736,642 | $27,063,909 | 2.5% |
| Caesars Southern Indiana | $22,128,245 | $19,626,706 | 12.7% |
| Horseshoe Hammond | $20,805,658 | $20,286,204 | 2.6% |
| Harrah's Hoosier Park | $20,555,966 | $18,599,247 | 10.5% |
| Bally’s Evansville | $14,730,702 | $13,810,374 | 6.7% |
| Ameristar Casino | $14,632,311 | $14,820,384 | -1.3% |
| Hollywood Lawrenceburg | $12,844,585 | $11,894,855 | 8.0% |
| Terre Haute Casino | $12,252,726 | $11,160,556 | 9.8% |
| Blue Chip Casino | $10,662,277 | $10,419,032 | 2.3% |
| Belterra Casino | $7,064,742 | $6,465,492 | 9.3% |
| French Lick Resort | $6,864,096 | $5,819,961 | 17.9% |
| Rising Star Casino | $3,658,855 | $3,167,952 | 15.5% |
| Total | $210,974,762 | $200,314,865 | 5.3% |
New casino drives $200 million April, May
A big reason why Indiana casinos have put together three straight months of $200 million in AGR is its newest property: Terra Haute Casino Resort.
The Churchill Downs Inc.-owned casino opened in early April, making it the 13th casino in the state. That month, the casino put together an impressive $11.2 million AGR. This past month, that total rose around a million dollars to $12.4 million.
Those revenue totals make the casino one of the state’s mid-tier revenue earners. While it likely won’t surpass $20 million in monthly revenue like its top competitors, it’s possible the casino could enter the $14 million to $15 million range, which would put it in the ranks of Ameristar and Bally’s Evansville.
