Indiana Casinos Post $207.6 Million Revenue Win For October

Indiana Casino revenue October 2022

The Indiana Gaming Commission reported casino win totaling $207.6 million for October, the fourth consecutive month venues combined to surpass $200 million.

The figure was 1.7% higher compared to the $204.1 million reported for September, but also 3.2% lower compared to the $214.5 million generated in October 2021. While month-over-month table games and slots revenue both increased, table games revenue saw higher growth to $40.4 million. The 8.3% increase compared to September also marked the first time since April that venues combined to surpass $40 million.

Revenue from slots in Indiana totaled $167.2 million for a modest 0.3% increase from the previous month and was barely enough to avoid a third consecutive month of declines in the gaming discipline. The $11,497.01 in revenue per slot position was 81 cents higher than September.

There was $12.4 million in bonuses and free play given out by the state’s venues, an increase of $32,000 compared to September. After deductions, the state was eligible to tax $189.2 million in casino revenues, an increase of 1.2% from the previous month.

Excluding the $4.5 million in state taxes from sports wagering, the 10 casinos and two racinos provided $48.5 million in tax receipts to state coffers. Supplemental taxes rose slightly to $4.2 million, but the wagering taxes levied spiked 14% compared to September, rising to $44.3 million.

Baccarat swings at Hard Rock, Horseshoe Hammond

Hard Rock Northern Indiana remains the pacesetter for table games revenue in the Hoosier State, but its $11.6 million total for October was 9% off its September mark of $12.7 million. One of the region’s biggest draws for baccarat, bettors found a groove at Hard Rock and limited the house to under $6.5 million in revenue for the card game. That was a decline of 21.5% month-over-month despite only a 3% dip in table drop to $26 million.

Approximately 15 miles away, bettors had far less luck playing baccarat at Horseshoe Hammond. Revenue there nearly doubled from September to $2.9 million despite drop increasing only 2.4% to $11.5 million. The extra $1.4 million in baccarat revenue compared to September fueled Horseshoe’s 27.6% increase in revenue to $7.5 million for October.

Eight of the state’s 12 venues saw month-over-month increases in table games revenue, with Caesars Southern Indiana climbing back over $5 million after a 15.1% increase compared to September thanks to baccarat and blackjack generating $660,000 more revenue combined than the previous month. Indiana Grand also ended a two-month slump, surpassing $4 million for the first time since August, as its $4.2 million haul was 12.5% better than September’s total of $3.7 million.

In terms of percentage, Rising Star reported the biggest month-over-month drop, as its $103,063 in revenue was 55.5% off its September total of $231,829. The big swing there came at the craps tables, as the public finished $50,000 ahead compared to the house keeping $75,000 in winnings in September.

Hard Rock completes revenue double in slots

Hard Rock, which was the only venue in the state to clear $30 million in overall total win with $36.3 million, completed the double of leading in table and slots win, as slot revenue finished just shy of $24.7 million. That was a 3.6% increase compared to September, as the Gary venue beat out Horseshoe Indianapolis by nearly $1.1 million for the top spot.

Horseshoe Hammond rounded out the venues to clear $20 million in slot win, finishing with $21.6 million. Caesars Southern Indiana, which finished fifth at $16.1 million, took honors for most revenue per slot position at $15,230 from its 1,060 units, approximately $31 better than Horseshoe Indianapolis, which had 1,553 positions.

Eight venues reported month-over-month increases in slot win, though Hollywood Lawrenceburg’s loss was within $10,000 of its $11.4 million reported in September. The biggest dip came from Ameristar Casino, where the $12.9 million was 4.9% lower compared to September and its average slot revenue declined by $500 per position to below $10,000.

Slot win accounted for 80.5% of all casino win in Indiana for October, more than one full percentage point lower than September and the lowest since accounting for 80.4% of total win in June. Hard Rock (31.9%), Horseshoe Hammond (25.7%), and Caesars Southern Indiana (24%) were the only venues to have at least 20% of their overall win come from the tables.

Photo: Shutterstock

Author: Ryan Gonzales