Indiana’s riverboats experienced slight admissions (0.4%) and revenue (1.27%) declines in 2010, according to a recently release report from RubinBrown, a St. Louis-based accounting and business consulting firm that specializes in the hospitality and gaming industry.
The company’s 52-page (the Indiana specifics are on Pages 22-25) Gaming Stats report takes an in-depth look at commerical casinos in five states — Missouri, Colorado, Illinois, Indiana and Iowa. It also examines tribal gaming in five states.
A few of the highlights:
- In Indiana, Horseshoe in Hammond accounts for more than 23% of both admissions and statewide revenue. Next in both categories is Hollywood in Lawrenceburg — with 14% of admissions and 18% of revenues.
- Missouri continues to lead in casino revenue growth, bringing in over $1.7 billion in revenue and more than $450 million in commercial gaming tax revenue in 2010.
- Colorado, the only other state to see an increase in adjusted gross revenue, experienced an increase of $25 million during 2010 and generated more than $107 million in commercial gaming tax revenue. The passage of Amendment 50 by Colorado voters in 2009, which allowed the maximum bet at casinos to be raised from $5 to $100 and permitted properties to remain open 24 hours a day, can be attributed as one of the main causes for Colorado’s revenue increase in 2010.
- Although AGR and admissions declined in 2010, 1.59 and 3.59 percent respectively, Iowa-based casinos saw patrons spending more per trip on average from the previous year.
- Illinois, again, experienced the most marked drop in revenues among Midwestern states, with a statewide decrease of 4 percent for commercial gaming revenues. Also significant, Illinois riverboat gaming fell to its lowest levels in a decade and horse racing and lotteries remained flat. However, these revenues, according to Adams, may stabilize in late 2011 due to the opening of the Rivers Casino near Chicago’s O’Hare airport. The new facility is expected to generate $150 million in annual tax revenue and create over 1,000 permanent jobs in the Chicago area.