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Sunday, August 07, 2011
Ind. Gov't. - "Indiana casinos struggling after years of growth"
Grace Schneider's lengthy story today in the Louisville Courier Journal begins:
Indiana's nearly $3 billion a year gaming industry is caught in a spiral of declining revenues and lower attendance because of the sluggish economy and bad weather — and faces the threat of casinos in neighboring states on the horizon.Admissions at Indiana's 11 casinos dropped nearly 7 percent in the first half of 2011, compared with the same period last year.
And revenues at the casinos and two Indianapolis-area racetracks with slot machines dipped to the lowest point in three years, falling more than $22 million to $ 1.39 billion during the first half of the year, compared with 2010.
Ed Feigenbaum, publisher of an Indianapolis-based newsletter that tracks the state's gambling industry, predicts that, barring a big summer rally, Indiana's 13 casino properties will gross $2.78 billion — which would be an unprecedented second straight yearly decline.
Casino executives blame the downturn on the recession, saying that working people, struggling with job losses and higher grocery and gas prices, are playing the slots and blackjack less often.
“It goes back to the economy. It goes to gas prices, and the use of a person's income,” said Jim Brown, president of Hoosier Park Racing and Casino and the chairman of the Casino Association of Indiana, a trade group that represents the state's casino license holders.
Posted by Marcia Oddi on August 7, 2011 04:00 PM
Posted to Indiana Government