By Charles D. Wilson
INDIANAPOLIS: Indiana’s casino tax revenues are falling faster than expected over the past six months, plunging nearly 15 percent amid more out-of-state competition and lagging admissions as consumers try to shake off the aftereffects of the recession.
Analysts say both factors are involved in Indiana seeing a $50 million drop in casino tax revenues since June when compared to a year earlier. That’s about $5 million more than state officials had forecast.
Casino Association of Indiana President Mike Smith and Indiana Gaming Insight editor Ed Feigenbaum agreed Monday that the recession’s lingering pressures on consumers play a role not just in Indiana, but nationwide.
Indiana’s three casinos near Cincinnati have seen big declines since a downtown casino opened in the Ohio city last March.