The Indiana Gaming Commission reported adjusted gross casino revenue totaling $191.6 million for February, as the year-over-year increase from Hard Rock Northern Indiana was not enough to offset downturns from the other two venues in the northwest part of the state.

Revenue was down 3% from the $197.6 million from the shortest month of last year, with the leap day possibly helping narrow the gap. Seven of the Hoosier State’s 12 casinos had gains versus February 2023, none more than Hard Rock Northern Indiana’s 7.1% leap to a state-leading $35.4 million.

Table games revenue ticked 6.2% higher to $37 million, while slots winnings declined 4.3% to $162.7 million. Operator winnings, however, were up 18.3% from the $161.9 million reported for January. Casinos statewide reported $8.2 million in free play for the month, while other deductions totaled $40.9 million.

The casino revenue total does not include nearly $38 million in sports betting winnings statewide. When including that vertical, Indiana casinos generated $62.8 million in state taxes for February: $55.1 million derived from casinos, $4.1 million from a supplemental tax, and the balance from sports betting.

Downtown Chicago casino still causing headwinds in NWI

Hard Rock continues to leverage baccarat as a key differential for revenue, and the $6.1 million in table win for the two-card game was $2.1 million more than last year and more than double January’s $2.7 million haul. That has helped it stay relatively insulated against competition that started last fall with Bally’s opening a temporary casino in downtown Chicago across the state line in Illinois, but the same cannot be said for fellow northwest Indiana venues Horseshoe Hammond and Ameristar in East Chicago.

Horseshoe had the biggest year-over-year dive in revenue at 27.4% to $20.5 million, a drop of $6.7 million from February 2023. Its year-to-date revenue has slumped 26.9% compared to the first two months of last year at $38.3 million.

Ameristar’s decline was not as steep but still ranked second worst at 9% to $15.1 million. Like its Hammond counterpart, its February figure represented a double-digit percentage increase from January, but its year-to-date total is also notably lower at 15.2% to $28 million. As the two Indiana casinos try to shake off early year woes, Bally’s has seen revenue incrementally increase each of the last three months to an all-time monthly high of $9.9 million in February.

Competition from across the state line for Hard Rock is looming this summer as Wind Creek continues construction for a casino in the south suburbs of Cook County. The two venues will be separated by 12 miles along the same highway, while Wind Creek will also have a 250-room hotel on its property.

French Lick Resort was the only other Indiana casino to have a year-over-year gain of more than 5%, improving 6.2% to $6.3 million. Four casinos topped $20 million in revenue, with Horseshoe Indianapolis second at $27.6 million — down 3.8% from last year — and Caesars Southern Indiana at $20.9 million, a 2.2% increase from 12 months prior.

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