Slots Drag Indiana Casino Revenue Below $200M For November

Indiana Casino Revenue November 2022

A sharp decline in revenue from slots and EGD play contributed to the end of a four-month run of casino revenue above $200 million in Indiana, according to November figures released by the Indiana Gaming Commission.

The overall win of nearly $196.2 million last month was 5.5% off October’s total of $207.6 million and the lowest since February’s total of $190.1 million. It was the first sub-$200 million month for revenue since the $196.7 million generated in June.

Slots revenue plunged 7.3% statewide compared to October to slightly more than $155 million, a low not seen since the 12 casinos and racinos combined for $152.8 million in February. All 12 venues had month-over-month drops, with seven failing to come within $1 million of their respective October totals.

Overall free play dipped under $12 million, though it was within $500,000 of October’s total. Other deductions totaled slightly more than $39 million, a small drop compared to the $40.7 million from the previous month. The state levied taxes on close to $184.4 million in adjusted revenue, which was 2.6% lower versus October.

The wagering and supplemental taxes, which totaled $50.3 million, do not include the nearly $3.8 million generated from sports wagering taxes from nearly $40 million in operator revenue from that discipline.

Average slot revenue per position dips below $11,000

After addition of 255 slot positions to reach 14,797 overall, the average revenue per position dipped $837 to $10,661 for November. Hard Rock Northern Indiana barely held onto the top spot for revenue as Horseshoe Indianapolis came within $167,000 of Hard Rock’s $23.4 million haul despite having 170 fewer positions. Horseshoe’s $15,028 revenue per position paced all operators, and it was one of four venues to average at least $12,000.

Horseshoe Hammond had the biggest drop in terms of revenue dollars, as its $19.2 million in winnings was $2.4 million lower than in October. Caesars Southern Indiana had the biggest dip in percentage, slipping 11.5% to $14.3 million, with its November total $1.9 million off its October winnings.

The two smallest revenue producers — Rising Star and French Lick Resort — each had month-over-month declines of less than 1%, while Caesars Southern Indiana, Hollywood Lawrenceburg, Horseshoe Hammond, and Blue Chip were all off more than 10% versus the previous month.

Slightly better news on the felt

There was good news for casinos and racinos when it came to table games. The $41.3 million in revenue was 2.1% higher compared to October and marked the first back-to-back months over $40 million from the felt since March and April.

Nine venues posted month-over-month gains, and Hard Rock’s $12.1 million was nearly double the closest venue. Baccarat continues to be a difference maker in Gary — Hard Rock’s $6.1 million in revenue from the card game was more than double that of any other venue in the state. It was also more than the combined take of $3.9 million at the other two venues in Northwest Indiana — Horseshoe Hammond and Ameristar Casino.

Excluding Rising Star, which more than doubled its table games revenue from October to just shy of $261,000, the biggest mover in percentage increase was French Lick Resort, which jumped 20.2% to nearly $771,000. It was one of five venues to have an uptick in revenue of at least 10% compared to the previous month, while Horseshoe Indianapolis had the biggest rise in dollars at nearly $515,000 to more than $4.7 million.

The three venues that had month-over-month declines all saw steep double-digit falloffs. Harrah’s Hoosier Park fell 22.3% to $1.7 million, while Horseshoe Hammond plunged 11.9% to less than $6.6 million as its total was nearly $900,000 off compared to October. Belterra’s slip of 13.6% was enough to drop its table games revenue below $1 million for the third time in four months.

Photo: Shutterstock

Author: Ryan Gonzales