Northwest Indiana casino revenues dropped 2 % in May possibly, as a brand new Indiana law took impact permitting casinos to take a tax deduction totally free play presented to shoppers.
The 5 Northwest Indiana gaming boats took in total revenues of $90.6 million in May, as compared to $92.5 million in May well 2012, according to the May perhaps income report in the Indiana Gaming Commission.
East Chicago’s Ameristar Casino was the only gaming boat to eke out a achieve, with revenues three.5 % larger than in Could 2012. Horseshoe Casino revenues were basically even with 1 year ago, together with the Hammond boat raking in $41.1 million.
Horseshoe Common Manager Dan Nita stated the new law is working as intended — freeing up casino income for other purposes developed to bring in customers and respond to the challenge of neighboring states expanding gaming.
“I believe we are able to possess a a lot more level playing field with other states and that is definitely definitely something which will help us,” Nita stated with the new law.
Indiana casinos now can deduct from taxable revenue as much as $5 million at no cost slot play they offer customers for the duration of the state’s next fiscal year, which starts July 1. But beneath a particular provision for the last two months of this fiscal year, that is May and June, they’re able to deduct up to $2.5 million through the two-month period.
Revenues at majestic Star’s two casinos on Buffington Harbor in Gary dropped a combined six.4 % in Could, in line with the May income report of your Indiana Gaming Commission. Income at Michigan City’s Blue Chip Casino dropped 8.7 percent as in comparison to one particular year ago.
The new law led to some confusion as to gross casino revenues early inside the day, as the quantity deducted at no cost play at each casino was subtracted from the adjusted gross income for each boat, as reported by the Indiana Gaming Commission. The deducted free play revenue was instead inserted into the new deduction category of “free play.”
To obtain an apples to apples comparison of every casino’s functionality as in comparison with the year-ago month, for the subsequent 12 months it will likely be important to add the deduction free of charge play into each casino’s gross revenues.