Northwest Indiana casino revenues are down almost 3.7 percent through the first six months of this year as compared to last year, as high gas prices and uncertainty about jobs continue to shave bets on a recovery any time soon.
A Times analysis of Indiana Gaming Commission revenue reports for January through June show the five Northwest Indiana boats raked in almost $22.6 million less than in the same period last year, with their total take for the first six months totaling $588.7 million.
However, that pattern is not that different from 2010, when revenues for the year as a whole were largely stable at Northwest Indiana casinos, according to Indiana Gaming Insight Editor Ed Feigenbaum. In the first half of 2010, casino revenues statewide were down in five out of the first six months of the year.
"People still want to go out," Feigenbaum said. "They still want to be entertained. But they don't want to spend as much money."
The total take of the five Northwest Indiana boats in June was $92.3, as compared to total revenues of $94.1 million in June 2010, according to the Indiana Gaming Commission June revenue report.
Of the five boats, only Ameristar Casino, in East Chicago, and Majestic Star I, in Gary, notched revenue increases in June. The total take was up 2.5 percent at Ameristar and 5.1 percent at Majestic Star I. The Majestic Star I increase was more than offset by an 11.3 percent decline at Majestic Star II.
Majestic Star undertook job cuts in June that affected 50 employees and resulted in the closure Majestic Star II's top floor. The poker room on that deck was moved down to a lower level.
At least some of the Majestic Star employees affected by layoffs have been made welcome at Horseshoe Casino, in Hammond, which currently has about 100 job openings, according to General Manager Dan Nita. The casino graduated 16 new employees from its training school on Friday, Nita said.
Horseshoe has seen some softness in slot revenues, but table games, which have higher stakes, remain a stable winner for the casino, Nita said.
"What encourages us is we have a very strong retention rate with our avid players," Nita said.
The Northwest Indiana revenue decline comes as Illinois Gov. Pat Quinn mulls signing legislation that would add five casinos in his state, including Chicago and south suburban casinos that would compete directly with the Northwest Indiana boats.