- Legal States
Julie Moraine October 6, 2022 3 min read
Indiana Government Tops $1B in FY2022 Gambling Revenue
The Indiana Gaming Commission (IGC) published its FY 2022 annual report to reveal that the gambling industry has rebounded from the negative pandemic impact in FY 2021.
Racino Expansions, New Casino Project
For the twelve months ended June 30, 2022, state-wide casino win was $2.5 billion, up 19% from the $2.1 billion in the previous comparable period.
Growth was fueled primarily by the new Hard Rock Northern Indiana casino in Gary which helped the northern Indiana market surpass the one-billion-mark reaching $1.1 billion, from $900 million in FY 2021, posting an increase of 26%. Racinos and casinos in the southern part of the state reported a moderate rate of growth of 13%.
Greg Small, executive director of the IGC, pointed to Caesars’ decision to invest in projects at the state’s two racinos in Shelbyville and Anderson as a display of “the strength of Indiana’s gaming industry.”
The casino giant already completed its $33.7 million expansion in Horseshoe Indiana in Shelbyville, adding new gaming floor space, increasing gaming positions including a poker room and high limit area, expanding food and beverage amenities, and creating around 100 new jobs.
At Harrah’s Hoosier Park in Anderson, Caesars is investing another $40 million, adding new space and additional gaming positions with a high limit area, and a new food outlet on the casino floor under a project that is scheduled to complete in July 2023 and create another 100 new jobs.
Small also pointed to the new gaming venue coming to the state, The Queen of Terre Haute, after Churchill Downs won the competitive bid for the Vigo County casino in December. The $245 million project featuring a gaming floor of 1,000 slots and 34 table games, a resort-style hotel, rooftop bar, and event space is expected to create over 500 new jobs.
Summary of Gambling Tax Revenue
On the tax side, the government of the State of Indiana collected $1.04 billion from gambling-related revenue to post an increase of 8.5% from the $958.3 million collected during the previous comparable period and register the first month of state taxes exceeding the one-billion-mark.
Casino wagering generated $660.2 million in taxes for the state government to register an increase of 17.9% from the tax revenue generated by the casinos in FY 2021 when there were several months of operating restrictions.
Another $31.2 million the state government received from taxes on sports wagering, while the Hoosier Lottery accounted for another $344.4 million to bring the state total above $1 billion. The lottery paid an $18.4 million bonus after it exceeded its yearly earnings target.
A variety of other minor taxes brought in another $2 million to the state’s coffers in FY 2022.
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Industry October 6, 2022
Industry October 6, 2022