A Booming Indiana Gambling Market Wins $691 Million In Taxes
The numbers are in: Indiana received $691 million in taxes from the gambling industry in Fiscal Year 2022.
More specifically, Indiana gambling generated a little more than $608 million in wagering tax, around $52 million in supplemental wagering tax, and just more than $31 million in sports betting tax. In total, the state received $691,470,187 from these taxes.
Indiana Gaming Commission Executive Director Greg Small said in the report:
“It was an honor to be appointed Executive Director by Governor Holcomb in September and a privilege to lead an agency that supports significant contributions to the state’s economy.
After experiencing negative pandemic-related impacts in FY 21, the gaming industry rebounded in FY 22. The industry broke revenue records nationally and Indiana casinos posted significant year over year increases that boosted Indiana tax revenues.”
Nearly every month in the Fiscal Year 2022 generated more gambling taxes than in the year before, 2021. Eight months in FY22 showed at least a 16% growth.
Five of those eight months showed a 21% increase or better from their respective FY21 months.
How much did Indiana casinos make in FY22?
In total, Indiana casinos brought in $2.5 billion for Fiscal Year 2022. This is an increase of $5 million from the year before.
Specifically, the casinos located in northern Indiana grew the most, they saw an increase of 26%, or $236 million for the year. The main reason behind this growth in the northern market is the new Hard Rock Casino in Gary.
The Hard Rock Casino in Northern Indiana brought in the most revenue, generating $395,359,030. In turn, the casino produced $109 million in taxes back to Indiana.
Horseshoe Hammon brought in the second-most money in FY22, grabbing $374,261,916. Horseshoe Indianapolis ($334, 624, 561) was the third and final casino to generate more than $300 million.
What a Caesars investment means for Indiana
“The strength of Indiana’s gaming industry was also shown in the decision of Caesars to invest a total of $73.7 million for projects at the state’s two racinos in Shelbyville and Anderson,” Small said in his report.
Specifically, in Shelbyville, Caesars’ investment into Horseshoe Indianapolis included:
- Broadening the gaming floor by 25,000 square feet
- Boosted gaming positions
- Added food and drink amenities
- Generated around 100 jobs
That totaled to a $33.7 million expansion and was completed earlier this year.
Caesars also gave $40 million to expand Harrah’s Hoosier Park in Anderson, which began this spring. Small’s report says the expansion will add 30,000 square feet to the facility.
Caesars’ investment includes a “high limit area, enhanced Caesars Rewards and promotional space, a new food outlet on the casino floor, and (will) create 100 new jobs,” the report says.
July 2023 is the projected completion date for that project.
New Indiana gambling venue coming to Vigo County
Indiana’s gaming industry will get another boost with the Vigo County casino, which is licensed by Churchill Downs.
“The coming biennium will see completion of The Queen of Terre Haute, which will feature an upscale resort-style 120-room hotel, rooftop bar, event space, and a gaming floor comprised of 1000 slots and 34 table games,” Small said in his report.
Small added this project will create more than 500 new jobs and cost roughly $245 million. Groundbreaking for the new Indiana casino took place earlier in June.
Indiana’s sports betting numbers from FY22
July 2022 totaled $1.6 million in sports betting taxes, a 162.1% jump from 2021. Additionally, September 2022 generated $3.2 million – a 137.18% jump from September 2021.
In total, nine months in Fiscal Year 2022 had at least 30% growth from Fiscal Year 2021.
“Sports wagering taxes were up 38%, from $23 million in FY 21 to $31 million in FY 22,” Small wrote in his report.