News Release

INDIANAPOLIS — September marked the seventh straight month of year-over-year revenue declines for Indiana casinos, falling just shy of $182 million.

Casino gaming revenue dropped by 5.4% YoY from $192.3 million and was $65,000 lower than August’s total, the previous low point in 2023. As a result, Indiana casinos have now posted a yearly nadir in four of the last five months.

Two of Indiana’s top three casinos outperformed their August revenue totals in September, but all three fell from September 2022. Nonetheless, they accounted for 45% of revenue for the month. Indiana online casinos remain illegal.

Hard Rock Casino Northern Indiana again took the top spot with $32.6 million in revenue, up 6.9% month-over-month. However, its revenue declined by 7.2% YoY.

No other casino challenged $30 million in revenue, with Horseshoe Indianapolis coming the closest at $26.4 million. This number was down both MoM (-2.1%) and YoY (-0.5%) but was still enough to hold off Horseshoe Hammond’s $23.6 million, up 1.9% MoM but down 10.2% YoY.

Indiana casinos are on pace to record lower revenue totals than in 2022 ($2.39 billion) and 2021 ($2.35 billion.) They’ve produced over $1.76 billion through three-quarters of the year, or a $195.3 million monthly average.

Even if numbers return to their average, yearly casino revenue will reach $2.34 billion and drop by 1.7% YoY. Given the last few months’ trajectory, that seems like the best-case scenario.

Meanwhile, across the United States, the return of the NFL season in the first week of September means a massive boost to sports betting and an end to summer slump. The same is true in Indiana.

After taking in $238 million in sports wagers in August, handle jumped all the way up to $404.1 million in September, a whopping 70% increase. That boost came after a 17% increase from July to August.

September’s taxable adjusted gross revenue was $41.1 million, which generated nearly $4 million in tax dollars for the state.

Total handle this month enjoyed a $20 million YoY increase, but the adjusted gross revenue was actually $10 million lower than the $51.2 million in September 2022.