Northwest Indiana casino revenues dropped 7.7 percent in September as compared to September 2013, marking the 10th straight month the total take at the five casinos has dropped on a year-over-year basis.
The five gaming boats on the lake raked in $76.2 million in September, as compared to $82.6 million in September 2013, according to the Indiana Gaming Commission's September revenue report.
A similar 9 percent drop in casino revenues statewide highlight the need for the state's diverse casino interests to find some accommodation and a legislative package they can agree on, according to Ed Feigenbaum, editor of Indiana Gaming Insight.
"It all really points toward something happening, but that said, we haven't been able to accomplish anything in years past," Feigenbaum said.
One roadblock may be the sheer number of new legislators, who consider the current state of depressed casino revenues to be normal because they did not sit in the legislature in the casinos' heyday, he said.
Horseshoe Casino General Manager Dan Nita said something has to be done about Indiana's tax structure for casinos to level the playing field with those in other states. He pointed out tribal casinos in Michigan pay about 6 percent of revenue to the state while Horseshoe Casino has about a 40 percent effective tax rate.
Some casinos in Indiana actually appear to hold their revenues down to achieve a lower effective tax rate under Indiana's graduated system.
"That just doesn't seem like the American way," Nita said.
In Northwest Indiana, Ameristar Casino was the only casino where revenues were on an even keel compared to last year, with the East Chicago boat's total September take ringing up at $16.6 million just as it did one year ago.
Majestic Star II, in Gary, suffered the largest drop of any casino with its total September take of $5.3 million representing an 18.5 percent drop from September 2013. The combined drop at the two Majestic Star boats was a shallower 10.3 percent.
Blue Chip Casino revenues totaled $12.4 million in September, a 2.7 percent drop as compared to the previous year for the Michigan City boat.
Horseshoe Casino, in Hammond, took in $33.9 million in September, as compared to $38.4 million in September 2013, an 11.8 percent drop.