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Indiana casinos fight a slow economy, competition from neighboring states
The economy may pose as much of a threat to Indiana casinos as opportunities available in neighboring Midwest states, say gaming experts.
That double–whammy seems to be reflected in the 5.5 percent drop or $65.87 million decline in Northwest Indiana casino revenues for 2011 compared with 2010.
In December, for example, the five Northwest Indiana boats realized their first year–over–year monthly revenue increase in eight months, with overall revenue increasing 3.2 percent, according to the Indiana Gaming Commission. In all, casino revenues increased in only three months of 2011 and were down in the other nine.
"The biggest threat to Indiana casinos is non–industry related. It's the economy," says Indiana Gaming Insight Publisher Ed Feigenbaum.
"If you don't have enough money to pay the mortgage, you're not going to spend money on entertainment," Feigenbaum says. "Six to 10 years ago, people made decisions like whether to go to a Bulls or a Bears game. Now it can be a choice between putting food on the table and paying the mortgage."
Source: nwitimes.com
