The Herald Bulletin

Morning Update

Local Business

December 26, 2012

Competition blamed for Ind. casino revenue drop

INDIANAPOLIS —  Indiana state government could see a big drop in casino tax revenue over the next two years because of competition from new casinos in Ohio, state officials say.

The latest state revenue forecast released this month projects the state's annual casino tax revenue to decline by about $42 million, or 9 percent, for the second year of the new two-year state budget that legislators will decide during their session that starts next month.

Senate Appropriations Committee Chairman Luke Kenley, R-Noblesville, said he didn't believe Indiana's casino revenue would ever return to the levels seen when there was little competition from neighboring states. He said state lawmakers should support measures that ensure Indiana's casinos remain as competitive as possible, The Times of Munster reported Wednesday.

"You've created an industry you've said, 'We're willing to have,' and you have to be viable," Kenley told the newspaper. "So now I think it's a question of whether we're going to make changes that allow them to continue to be viable or whether we're going to let the industry just die."

Indiana had tax revenue of $496.5 million from its 13 casinos during the 2012 budget year. As recently as 2008, when Illinois was the only adjacent state with casinos, Indiana's casino revenue totaled nearly $583 million.

The new state forecast projects that casino revenue will drop to about $464 million during the current 2013 budget year, which ends June 30. Casino tax revenue is expected to fall to $432 million in 2014, and $423 million in 2015.

A proposed tribal casino in South Bend is under review by federal officials.

Ohio opened land-based casinos this year in Cleveland, Columbus and Toledo. The final Ohio casino is scheduled to open this spring in Cincinnati, which is expected to have the greatest impact on Indiana by draining gamblers and revenue from three nearby Indiana casinos along the Ohio River.

Michigan, Illinois and Kentucky also are threatening Indiana's casino revenue.

Several tribal casinos have opened in southwestern Michigan in the past few years, including Four Winds — just minutes away from Blue Chip Casino in Michigan City. Illinois lawmakers are considering whether to allow casinos in downtown Chicago and its southern suburbs that could draw away business from the Indiana casinos in Hammond, Gary and East Chicago. And in Kentucky, Gov. Steve Beshear is pushing to lift a constitutional ban on casino gambling in his state.

___

 

1
Text Only
Local Business
  • Senior housing project advances If all the pieces fall into place within the next two weeks, construction on a new senior housing development could begin this fall.

    July 30, 2014

  • Roundabout bids higher than expected Bids for a planned facelift of the gateway into Anderson from Interstate 69 at Scatterfield Road came in considerably higher than the engineer’s estimate for the project.

    July 29, 2014

  • FEA - HB0729 - Senior Falls Aging safely in the comfort of her home Marilyn Moneyhun said being totally reliant on others is difficult. "Losing your independence is a shock to your system," Moneyhun, 84, said. "You are not in control anymore."

    July 29, 2014 1 Photo

  • NWS - HB0728 - business expansion CB Fabricating makes $2 million investment

    A local business founded in 2006 has invested $2 million in new equipment and a building expansion.

    July 29, 2014 1 Photo

  • Charo Boyd: 'My Social Security' simplifies your life So many people buzz through extremely busy and complicated schedules these days. A smartphone in one hand, a computer in front of you, and a digital task list that never seems to end. In addition, to complicate things just a little more, there’s another event you need to add to your list — National Simplify Your Life week.

    July 28, 2014

  • nws - hb0725 - colts - jc - 4.jpg Colts camp's impact: pricey or priceless?

    Football fever is here and the city is flooded with fans eager to catch a glimpse of a favorite player. But officials say they are unclear what kind of economic impact the Indianapolis Colts training camp has on the area.

    July 26, 2014 1 Photo

  • BIZ - HB0727 - Skill gap 2 Seeking a solution today, not tomorrow Tina Warner-Morton says she wants to open her own healthcare business because it is too difficult to work for an employer with unclear employee expectations.

    July 26, 2014 1 Photo

  • BIZ - HB0727 - Cathy Cupboard Biz Profile Business Profile: Cathy's Cupboard focuses on customer satisfaction Cathy McPhearson opened her first storefront in June, but this is not her first venture into business. “I have always wanted to have my own business,” she said. “The problem was finding what people like, but everyone seems to like candles.”

    July 26, 2014 1 Photo

  • IU Health Ball Memorial Hospital named Level III trauma center The Trauma Center at Indiana University Health Ball Memorial Hospital has been verified as a Level III Trauma Center by an ad hoc committee of the Committee on Trauma (COT) of the American College of Surgeons.

    July 26, 2014

  • Clark, Big Joe mug 'Big Joe' Clark: Beat the market or meet your goals? True or not, my experience tells me that goals – especially when written down – undoubtedly serve as catalysts for success. However, danger arises when a goal does not properly focus on the long term result you expect.

    July 25, 2014 1 Photo

Stocks
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide