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September brought the end of summer…and the end of a brief burst in revenue for Indiana casinos.
This past month, the state’s 13 casinos generated $179.8 million in revenue, down 10.2% or $20.4 million compared to August 2024 revenue for Indiana casinos. September’s numbers mark the first time since January that statewide win has dropped below $180 million.
Key takeaways
- Indiana casino revenue fell by nearly 11% in September.
- Revenue dropped below $180 million for the first time since January.
- Online casinos could bring gaming operators more than $115 million per month.
Why aren’t online casinos part of Indiana’s revenue report?
The IGC’s revenue figures don’t include online casinos because iGaming isn’t legal yet in the Hoosier State. Bad data has a lot to do with the Indiana online casino desert.
In 2023, lawmakers pushed for online casinos. However, they got skittish after a flawed fiscal report showed that online casinos would deal a great blow to land-based casino revenue.
The bill never passed, leaving Indianaans with only land-based options for casino gaming.
If Indiana ever legalizes iGaming, its casino operators are in for a huge payday. PlayUSA predicts that the state can generate more than $1 billion in online casino revenue yearly.
That data is based on August projections that take into account the population and revenue of the seven states that offer legal online casinos:
| State | August online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $225 million | 13 million | $17.31 |
| New Jersey | $198.4 million | 9.3 million | $21.33 |
| Michigan | $196.7 million | 10 million | $19.67 |
| Connecticut | $44.6 million | 3.6 million | $12.39 |
| West Virginia | $20.4 million | 1.8 million | $11.33 |
| Delaware | $5.8 million | 1 million | $5.80 |
| Rhode Island | $3 million | 1.1 million | $2.73 |
| Average | $99.1 million | 5.7 million | $17.42 |
| Indiana | $120.2 million | 6.9 million | $17.42 |
Impact of September gaming slump was felt across all casinos
The considerable revenue drop-off among Indiana casinos was a shared struggle. Per data from the Indiana Gaming Commission, all 13 properties in the state posted negative growth.
The numbers could’ve been even more disappointing had the state’s top two properties, Hard Rock Casino Northern Indiana and Horseshoe Indianapolis, steadied the ship with monthly losses under 3% (seven casinos had double-digit losses).
| September 2024 adjusted gross revenue | August 2024 adjusted gross revenue | Month-on-month growth (%) | |
|---|---|---|---|
| Hard Rock Casino Northern Indiana | $35,937,175 | $36,554,819 | -1.69% |
| Horseshoe Indianapolis | $24,613,971 | $25,203,131 | -2.34% |
| Caesars Southern Indiana | $16,497,082 | $21,771,627 | -24.23% |
| Horseshoe Hammond | $17,559,515 | $18,883,771 | -7.01% |
| Harrah's Hoosier Park | $18,041,004 | $19,752,832 | -8.67% |
| Ameristar Casino | $11,004,718 | $13,597,573 | -19.07% |
| Bally’s Evansville | $12,117,872 | $13,080,834 | -7.36% |
| Hollywood Lawrenceburg | $10,423,319 | $11,971,453 | -12.93% |
| Terre Haute Casino | $9,817,525 | $10,797,455 | -9.08% |
| Blue Chip Casino | $8,868,872 | $10,750,506 | -17.50% |
| French Lick Resort | $5,632,727 | $6,351,934 | -11.32% |
| Belterra Casino | $6,357,513 | $7,657,996 | -16.98% |
| Rising Star Casino | $2,903,414 | $3,789,594 | -23.38% |
| Total | $179,774,707 | $200,163,525 | -10.19% |
Year-over-year, the numbers looked considerably better. Revenue was down just 1.2% or $2.2 million from September 2023.
Hard Rock Casino Northern Indiana‘s win rose from $32.6 million to $35.9 million, good enough for a 10.4% increase.
