Drop in March 2008 casino revenue is largest in largest percentage fall ever

The Indiana Gaming Commission reported Tuesday that Indiana's casinos brought in $224.1 million in revenue last month, or 11 percent less than the $252 million brought in during March of last year. March 2008's revenues were even less than the $230 million brought in during March 2006.

March is typically one of the two best months of the year for gaming, so that the casinos posted good numbers isn't a surprise, said Ed Feigenbaum, editor of Indiana Gaming INSight. Boyd Gaming's Blue Chip Casino in Michigan City, for example, enjoyed the biggest revenue increase with $17.8 million -- or 18 percent over February - though it still struggles against its 2007 revenues of $27.4 million.

But as March 2007 was a year of firsts, such as Horseshoe of Hammond and Argosy of Lawrenceburg each bringing in more than $40 million during the same month, last month was as well, but in the opposite direction. Last month's 11 percent drop was the largest percentage drop the state has ever seen, according to Feigenbaum.

"We're not seeing year-over-year what we need to be seeing, and that's a problem," he said. "To have this happen during one of the two best months of the year is very troubling."

Indiana isn't the only one suffering, Feigenbaum added: Illinois' casinos are down 20 percent over this time last year. The St. Louis-based boats were hit particularly hard, he said.

Horseshoe did break $40 million last month but didn't reach $41 million as it did last March. Resorts in East Chicago, meanwhile, took in $31.2 million, or 4 percent more over last year.

Gary's Majestic Star and Majestic Star II took the biggest hit; combined revenues were $21.5 million for March, a 10.4 percent loss compared with last year's combined $24 million.