Indiana’s gaming landscape looks like the rolling hills you see as you drive around the state. That’s because casino profits are surging amidst the fluctuations of sports betting.
Let’s start with the casinos. In a remarkable turn of events, Indiana’s casino sector experienced a financial upswing in May.
Analysts from PlayIndiana.com report the state’s 13 casinos amassed a staggering $211 million in adjusted gross revenue (AGR) for May. This marks an 8% increase over April’s figures and a significant 10% leap from the same month last year.
Casino revenue is up around $10.6 million from April, according to data from the Indiana Gaming Commission.
Hard Rock Casino in Gary Puts Up Big Numbers
Leading the charge is the Hard Rock Casino Northern Indiana in Gary, which not only captured the public’s favor but also topped the earnings chart with an impressive $37 million in AGR. The gaming, dining and entertainment destination single-handedly accounted for more than 18% of the state’s $215.1 million in total casino win for the fifth month of 2024, according to the IGC.
But not to be outdone were Horseshoe Indianapolis in Shelbyville and Caesar’s Southern Indiana in Harrison County, with commendable revenues of nearly $28 million and $22 million, respectively.
Terra Haute Casino is Thriving
But a big part of this success is thanks to the new Terra Haute Casino Resort.
It’s owned by Churchill Downs Inc. and opened in April. It made an impressive $11.2 million in its first month, and made more than $12 million in May.
Slot Machines Keep Generating Big Bucks
Slot machines continue to generate most of the state’s casino revenue. In May, $177 million, or nearly 84% of the state’s $211 million AGR, came from slot machines.
The state also has a total of 611 table games that brought in $38 million in May.
In terms of taxes, Indiana’s coffers picked up more than $60 million in tax revenues courtesy of the thriving casino industry.
Sports Betting Revenue Down in May
In the midst of all of the success casinos experienced, sports betting figures took an unexpected dip.
Last month, people in Indiana bet a total of $361.6 million on sports. This was a bit less than the month before (a 9% decrease from April), but it was 28% more than the same time last year.
The downturn in May doesn’t come as a complete surprise because there aren’t as many sports to bet on. People expect that there will be even fewer wagers in June and July because bettors are mostly limited to women’s basketball (WNBA) and baseball (MLB).
Out of all the bets, 28% of them were parlays, which added up to $102 million. Bets on basketball were almost as much, with $97 million bet, making up 27% of all the bets.
From all the sports betting, the state of Indiana collected nearly 4 million in taxes in May.
So, we’ll watch to see if the summer slowdown continues in Indiana, or if sports betting has some of that Hoosiers-type magic and bounces back in a big way in June.
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