BLOOMINGTON, Ind. (AP) — Indiana’s typically resilient gambling industry is taking a beating from the nation’s economic downturn.
The gambling industry has been considered somewhat recession-proof, but the state’s wagering tax and admission tax revenues declined in fiscal year 2008 compared with the previous year, according to the Indiana Gaming Commission.
Mike Smith, president of the Casino Association of Indiana, said economic problems are difficult to fight, but he hopes the worst is already behind the gambling industry.
“If you look at the numbers (of the casinos in Indiana), we’ve managed to stabilize,” he said.
At French Lick Casino, the amount made by the casino this year through September is down $2.7 million from what the casino brought in during the same time in 2007. On slots and table games, French Lick has made $76.2 million this year compared with last year’s $78.9 million by this time.
Economist Michael Hicks, executive director for the Center for Business and Economic Research at Ball State University, said he doubts the recent economic downturn will last long enough to put any of Indiana’s casinos out of business.
“I don’t expect any of them are going to close,” Hicks said. “What they are more likely to do is cut back on staff and hours of operation.”
Indiana now has 13 gambling sites, including slot machines at the state’s two pari-mutuel horse racing tracks — Hoosier Park in Anderson and at Indiana Downs Shelbyville. That competition may make it more difficult for casinos to target customers.
“The problem today is there is no shortage of gambling,” Hicks said.
Gamblers may also be less likely to risk large amounts of money on slot machines or table games if they have lost a lot of money in the stock market or in retirement funds, he said.
“A big loss in wealth may be something that the gaming industry is finding tougher to deal with,” Hicks said.
Casinos are working to attract visitors with more than just gambling. The French Lick Resort Casino, for example, offers golf courses and spa services, in addition to gas rebates for people spending several nights there.
“One of the key things is we develop more and more into a total entertainment package (at the casinos) throughout the state,” Smith said. “And I think French Lick is a good example of that, with things like the golf courses.”
Local News
Related Photos
Discussion
5:40 p.m.: Indiana casinos hope to weather economic storm
- Local News
-
-
Local churches work with Change This World
While 1.02 billion people are undernourished and 23,483 die of starvation or preventable disease per day in the world, according to Food and Agriculture statistics on Change This World’s website, there are those who are trying to make a difference by decreasing those numbers.
-
Elwood mayor says new administration has had zero firings
Mayor Ron Arnold, who took office Jan. 1, said his administration has not fired a single employee.
-
Got flowers for Valentine's Day?
If you’re a wife or girlfriend reading this story, avert your eyes. This one’s for the men in your life.
-
Snow showers this evening
Our snow chances are greater during the course of this week. Today will begin dry with increasing clouds and highs in the mid 30s.
-
Arrest Log: Feb. 13
Arrests made by Madison County law enforcement on Saturday, based on Madison County Jail records. Charges are recommended by arresting officers, but are not final until the Madison County prosecutor reviews the case and files official charges.
-
Poll question for Monday, Feb. 13
Vote daily in The Herald Bulletin poll. Today's poll question can be found at the bottom of the homepage on the right side.
-
Getting Together: Anderson Symphony Orchestra seeks musical connections
Getting patrons in the proper mood for Valentine’s Day, the Anderson Symphony Orchestra delighted its audience with both classical and popular melodies of love on Saturday night. From Tchaikovsky to the Beatles, the professional musicians performed tales of love, tragedy and romance.
-
What's Where: Feb. 13
Local meetings and activities are scheduled Monday.
-
Scott Underwood: TV section alterations on the way
Two Sundays ago, The Herald Bulletin introduced a new product called Click, replacing the TV Week section. Like TV Week, Click includes TV listings grids, sports listings and Sudoku and crossword puzzles.
-
Analysis: Exceptional voice seemed lost in Houston's excessive fame
Whitney Houston’s numerous comeback attempts never gelled into anything the public cared about.
- More Local News Headlines
-
