Indiana Begins Preparations For Casino Gambling Revenue Loss

Indiana casinos may soon have to deal with the same problem that has been plaguing Atlantic City casinos over the past couple of years. Increased competition is bad for business, and Indiana may soon receive some unwanted competition from Kentucky.

Governor Steve Beshear has launched an attack on Internet gambling in his state, but he has been open to the idea of bringing casino gambling to the residents of Kentucky. Louisville and Lexington could be potential destinations for Kentucky casinos, and that would hurt Indiana.

A new Indiana Legislative Services Agency report has been given to the Indiana Gaming Study Committee and the results of that report were just as lawmakers had been suspecting. Casinos in Kentucky could cost various casino in Indiana revenue, which would leave the state short on their tax funds.

Jim Landers, an analyst with the agency that comprised the report, authored the report, and believes that Kentucky could lose up to $250 million a year if casinos are legalized in Kentucky. For those who believe that is a high figure, the Atlantic City casino industry doubles as a model.

In Atlantic City, casinos have experienced double digit declines in revenue for many months. While some attribute that revenue decline to the economic conditions in the US, the competition factor for these casinos cannot be overlooked.

Pennsylvania, New York, and Connecticut have all expanded their casino options. In Pennsylvania, table games may soon become a reality, and Connecticut tribal casinos have teamed up in an effort to steal customers away from AC casinos.

The $250 million annual tax loss includes the idea that Issue 3 will pass in Ohio. The casino gambling initiative is on the ballot for November in Ohio and it is receiving strong support from residents of the state. If approved, casinos would be built in Cleveland, Cincinnati, Columbus, and Toledo.

October 20, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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