By Dan Horn
The Cincinnati Enquirer

Southern Indiana's riverboat casinos will soon be allowed to stay open 24 hours a day.

Indiana lawmakers voted early Sunday to allow all-day, all-night gambling in hopes that increased casino profits would bring in more tax revenue to help balance the state's budget.

It's unclear, however, whether the three riverboats closest to Cincinnati will open for the extended hours.

Casino officials say they will have to study whether staying open beyond the current limit of 21 hours is worth their while. They say the number of customers they would draw in the early morning hours - between 5 and 8 a.m. - may not justify the cost of keeping their casinos open.

"If it makes sense to do it, we will," said Larry Buck, general manager of the Grand Victoria casino in Rising Sun. "Our business slows down as the evening progresses, so I don't anticipate opening for 24 hours right now."

Officials at the Argosy Casino in Lawrenceburg said they are considering extending their hours, but they need more information about the law and its possible impact on their business before making a decision. A spokesman for Belterra Casino and Resort, near Vevay, declined comment Sunday.

The three casinos, all within an hour or so of Cincinnati, are among 10 riverboat casinos in Indiana.

The 24-hour rule is part of a state budget package that was passed early Sunday by the House and Senate. The budget also includes a provision that would require riverboats to pay back taxes that lawmakers have said are owed from last year.

The budget package now goes to Gov. Frank O'Bannon, who has said he will approve it.

By extending casino hours, state officials said, they will allow the riverboats to make more money while allowing the state to collect more tax revenue from those profits.

The new rules for casinos are expected to raise about $34 million in tax revenue, which will help the state balance its budget during tough economic times.

"(Lawmakers) were looking for revenue anywhere they could find it," said State Rep. Bob Bischoff, D-Greendale, whose southern Indiana district covers the three casinos closest to Cincinnati.

He said the most support for the extended hours came from riverboat casinos in northern Indiana.

Those casinos, which operate on Lake Michigan, stand to benefit most from the longer hours because they are close to millions of potential customers in Chicago and its suburbs. Because Greater Cincinnati is a much smaller market, the casinos in southern Indiana may not find as many customers interested in early-morning gambling.

"I'm sure they'll have to consider it," Bischoff said of the casinos. "It's an opportunity to take in more revenue."

Buck said the Grand Victoria, now open from 8 a.m. to 5 a.m., might have trouble drawing enough customers from Cincinnati in the early-morning hours to make staying open longer worthwhile.

"We're an hour away from Cincinnati, and Cincinnati is our main source of business," Buck said.

For state officials, the 24-hour rule was another way to squeeze more tax revenue from one of the few industries that has continued to thrive in a bad economy. Riverboat casinos have been generating significant profits - as well as tax revenue - for several years.

In the first quarter of this year, Argosy reported a "win" - the amount customers lose to the casino - of $97.1 million. Grand Victoria took in $34.4 million over the same period and Belterra reported $30.8 million.

The Associated Press contributed to this report.