Indiana lawmakers will form a study committee this summer to review and recommend action to help the state’s gaming industry, which has felt the impact of new casinos in Ohio and Illinois over the past few years—in particular a new casino in Cincinnati that has hurt Indiana’s three casinos along the Ohio River. The industry has raised billions of dollars for the state, local schools, municipalities and capital projects since the mid-1990s. It has become the third largest source of revenue, behind sales and income taxes.
Proposals to help the state’s gaming industry remain competitive include allowing casinos to move off riverboats build on land where they could expand and offer the latest amenities. Another suggestion is to permit racinos.
Revenue at Indiana’s 13 casinos has dropped from a high of $876 million in 2009 to $752 million in 2013, according to the Indiana Gaming Commission. Riverboat revenue is down 7 percent or $20 million from projections for this year. Revenue is down $300 million from 10 years ago. In addition, in June 2013 the Indiana Department of Workforce Development reported 12, 900 employees in the gaming industry, the lowest number since 1998.
In April, Indiana casinos reported wagering dropped from $1.95 billion to $1.9 billion compared to April 2013. Also in April, admissions fell to 1,544,557 from 1,717,524 in April 2013.
Not every casino is on a downward trend. Both admissions and wagering were up in April at Horseshoe Southern Indiana in Harrison County. The Indiana Gaming Commission reported Horseshoe’s admissions increased 1.6 percent from 163,975 in April 2013 to 166,584 last month. Wagering was slightly up from $193 million in April 2013 to $194.7 million last month. Adjusted gross revenue was $23.6 million compared to $23.7 last year.
The casino, which draws customers from metro Louisville, recently held a grand opening celebration at its renovated, 3,000 square foot ENVY Bar and Lounge. VIP booths with bottle service, a dance floor and upgraded sound and stage lighting are among the enhancements.
Horseshoe General Manger John Smith said, “We have new decor, a new dance floor, new big screen TV’s so we have a great new look. What we are trying to do is bring Vegas-like entertainment and nightlife to Southern Indiana. We have to continue to be different and give people a reason to come here and visit us and our nightlife and ENVY is kind of our first step to do that.”
Smith said Horseshoe is planning other upgrades, including turning the gambling pit into a party pit, “so this whole floor will become more of a retail party destination on our vessel.” He added one of the property’s four restaurants also will be renovated.
ENVY Bar and Lounge will have a grand opening celebration on May 24.
