Saturday, August 21, 1999
Hoosier riverboat casinos rake in record haul in July
BY MIKE SMITH
The Associated Press
INDIANAPOLIS — Indiana's riverboat casinos took in record revenues in July despite a new Illinois law letting that state's casinos remain dockside so visitors can come and go as they please, according to figures released Friday.
Indiana's nine casino operators made about $141 million in July, topping the previous monthly high of $136 million set in April.
There had been speculation that because of the newly relaxed rules in Illinois, Indiana's riverboats — especially those on Lake Michigan near Chicago — would take a financial hit and Indiana would lose substantial tax revenue.
It was fueled even more when figures released earlier in the week showed that the nine casino operators in Illinois took in a record $131.4 million in July, beating their previous record of $111.7 million set in March 1996.
But Indiana's boats, which by law must cruise unless there is bad weather or other safety risks, each made more than in June and collectively set the record. July and August are traditionally strong months for the industry.
Jack Thar, executive director of the Indiana Gaming Commission, cautioned against reading too much into the numbers.
“The Illinois percentages have gone significantly up without a corresponding decrease in Indiana,” he said. “But it will be a longer-term item to see what effect the changes in Illinois law will have in Indiana, if any.”
Ed Feigenbaum, publisher of the weekly newsletter Indiana Gaming Insight, agreed.
“One month does not an industry make,” he said. “It's very difficult to judge anything without literally going through an entire cycle, which means a full year of looking at the numbers.”
The changes Illinois Gov. George Ryan signed into the law in late June were primarily aimed at making that state's boats along the Mississippi River more competitive with those in Missouri and Iowa that already had full-scale dockside gambling.
But the law also was designed to lure back Illinois residents who were venturing into northwest Indiana to gamble.
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