October’s revenue report provided some positive news for Northwest Indiana’s casinos, with total revenues for all five venues declining at a lesser rate than in previous months this year and two casinos showing an increase.
The casinos took in a total of $81.83 million, a 3.6 percent drop from the $84.86 million in revenue in October 2013, according to the monthly revenue report published Monday by the Indiana Gaming Commission.
“The casinos have rebounded when you think about 30 days ago, when September’s figures showed a 9 percent drop in revenues,” said Dan Nita, senior vice president and general manager of Horseshoe Hammond.
August revenues showed a 4.5 percent drop, but June’s year-over-year drop was more than 8 percent.
Ameristar in East Chicago had the best month, raking in $18.53 million compared to $16.35 million the previous October. Blue Chip in Michigan had a modest increase, bringing in $13.98 million compared to $13.46 million.
Horseshoe Hammond took in $36.83 million compared to $40.79 million, and the two Majestic Star Casinos took in a total of $12.49 million compared to $14.26 million.
Nita said Horseshoe’s results have been fairly consistent with the past months. Slots were down 11 percent and table games down 5 percent in October.
“There’s definite softness in the slots side of the business. Table business is holding well,” he said.
Nita has blamed the video gaming terminals popping up in bars and other locations in Illinois for the drop in slots. He said slots were only down 3 percent from last October at Blue Chip, the furthest casino from the Illinois border, while slots declined between 6 percent and 12 percent at the other four casinos in Northwest Indiana.
Looking forward to next month’s report, Nita said the first weekend of November was really strong.
“Overall, November is shaping up pretty well,” Nita said. “We’re gearing up for Thanksgiving weekend, which is usually a strong weekend.”
Nita also said he was disappointed with a state legislative committee’s recommendations on ways to help level the playing field for the state’s casinos in light of increased competition from neighboring states. The committee recommended allowing land-based casinos for the first time and having live dealers at two racinos.
Nita said the recommendations would help one or two casinos at the expense of others in the state. He said none of he recommendations would help Horseshoe.