These are not happy times in the Hoosier State.
According to the Indiana Gaming Commission (IGC), Indiana's casino revenue dropped to $186.7 million in September. It's a decrease of almost 4% compared to September 2024 and the lowest monthly figure this year.
This decline follows stronger numbers earlier in 2025 and deviates from the usual positive year-over-year growth.
Analysts are unsure if this drop indicates a larger economic issue or is just a temporary dip due to seasonal or event-specific reasons. The IGC's data does not clearly support either possibility, making it challenging to determine if this is a downturn or just a typical monthly variation in the gambling industry, which often has unpredictable monthly results.
Earlier this year, casino revenue was steady, partly thanks to successful big city casinos and new openings like the Terre Haute Casino Resort. In fact, some Indiana casinos showed growth, as recently as August.
Which Indiana Casinos Generated The Most Revenue?
Despite the lower numbers year-over-year, Hard Rock Casino Northern Indiana was the top-earning casino in the state for the 47th month in a row. The casino generated $32.5 million in September and accounted for over 17% of the total earnings from the state's 13 commercial casinos.
But now the bad news. It was a 13% drop from the $37.4 million Hard Rock earned in September 2024. The Horseshoe Casino in Indianapolis is having its second-best year so far.
People spent $245 million playing slot machines at Hard Rock, with the casino earning $24 million from these slots. This is down from last September, when the casino earned $27.6 million from a little more than $279 million in slot play.
Hard Rock also led the state in table games, especially baccarat, with people betting $40.3 million and the casino winning $8.5 million from these games.
After deducting credits like free play, total taxable adjusted revenue across the state's casinos was $165.7 million.
IGC Does Not Consider Revenue Drop a Cause For Alarm
Despite generating Indiana's lowest casino revenue of the year, it's too early to decide if this is part of a lasting decline or simply a typical monthly fluctuation in the state's casino market.
Data from earlier months showed strong or stable earnings, making it too soon to blame a broader economic decline or increased competition for September's decrease.
Some of the recent revenue softness might be due to more competition from neighboring states, seasonal changes, or changes in how people spend on entertainment.
The Indiana Gaming Commission is monitoring these patterns closely but hasn't indicated any major concerns yet.
What About Online Casinos in Indiana?
Several bills, like HB 1432, have been suggested to legalize online casinos in Indiana, but none have moved forward this year. The main obstacles are:
- Some lawmakers are against expanding gambling.
- There are concerns about how online casinos could impact income for existing land-based casinos.
- Past corruption scandals tied to gambling laws cause hesitation.
Even though real-money online casinos aren't allowed, people in Indiana can join sweepstakes casinos.
These are legal under U.S. and Indiana laws because they work differently. Players use virtual currency, such as Gold Coins for fun, and Sweepstakes Coins for redeemable prizes.
Participation in these games doesn't require a purchase, following sweepstakes rules. These platforms ensure they follow laws by confirming players are 21 or older and by keeping prize-based games separate from real-money gambling.
