Hendricks County Flyer, Avon, IN

Westside

April 22, 2013

Forecasters predict bigger drop in gaming revenues

While a gaming bill is still in play in the General Assembly, state budget forecasters are predicting the payoff to the state from legalized gambling will be even lower they thought.

The April budget forecast predicts revenues from the state’s casinos and racinos will drop by $71.5 million more over the next two years than what those forecasters predicted just four months ago. The quicker-than-expected plunge in gaming revenues is critical as the General Assembly crafts its final biennial budget and debates a watered-down gaming bill that was supposed to buffer the state’s casinos from growing competition.

And it may be worse than it looks, according to one of the chief budget makers who thinks the latest forecast low-balls the coming losses.

“I thought they should have shown a bigger drop,” said Senate Appropriations Chairman Luke Kenley, a Republican from Noblesville. “I don’t think they show the true impact of what’s going to happen. (Gaming) has been a big revenue producer for Indiana, but I don’t think it’s going to continue to be.”

Since the first riverboat casino opened in Indiana in 1995, the state’s gaming industry has poured more than $10 billion in taxes into the state’s coffers, becoming the third largest source of revenue for the state’s general fund. But with rising competition for gaming dollars in neighboring states — including four new casinos in Ohio — the pool is growing smaller.

While the two racinos (horse track-based casinos) have been holding their own, admissions and revenue at the state’s riverboat and land-based casinos are down over the last three years.

The state’s budget forecasters have been preparing for the loss. In their December 2012 forecast prepared for the budget makers in the General Assembly, they estimated overall gaming revenues would drop from about $567 million in fiscal year 2013 to just over $520 million by the ‘15 fiscal year. Four months later, in the April forecast used in the final budget bill negotiations, estimates are more grim: they’re now predicting a drop to $492 million by 2015. That includes a drop in racino tax revenues, from $117 million in 2012 to just over $95 million by ‘15.

Text Only
Westside
  • Footlite Musicals concludes 2013-14 season with 'Nine' Critics have described the musical "Nine," running May 2-4, 8-10, 15-18 at Footlite Musicals, as "lush/hypnotic" and "a true piece of arm come to life onstage." Footlite's production will be presented at the Hedback Community Theater, 1847 N. Alabama

    April 22, 2014

  • Indy Zoo sponsors recycling event With Earth Day just around the corner, the Indianapolis Zoo is inviting area residents to do something kind for Mother Earth by participating in Power Recycling Weekend, presented by Ingram Micro, from 9 a.m. to 3 p.m. April 26 and 27 in the zoo park

    April 22, 2014

  • Sun King Brewery set to unveil 'Cara Mia' Broadway in Indianapolis and Sun King Brewery announce the creation of "Cara Mia," a Sun King seasonal beer, in conjunction with the arrival of "The Addams Family" in Indianapolis. The kegs will be tapped from 6 to 8 p.m. April 23 at The Glossbrenner

    April 22, 2014

  • WSF 4-22 news puppy pitstop pic 1 Puppy Pitstop comes to Speedway SPEEDWAY -- A new doggy daycare has made its debut in Speedway and has already been a big hit with locals in three weeks it's been open. Puppy Pitstop is owned by four animal-loving families who wanted to save the building that once housed Dog Tracks

    April 22, 2014 5 Photos

  • WSF 4-22 news reading pros pic 3 Reading like pros Members of the Indiana Pacers All-Star Reading Team served as guest readers at the Read Like A Pro Reading TimeOut event last week at McClelland Elementary School. The event lasted for about an hour and was presented by Cargo Services. Kelli Towles,

    April 22, 2014 3 Photos

  • Allyson performs at The Cabaret After a dozen releases on Concord Jazz over the course of two decades and three Grammy nominations, Karrin Allyson says she still believes the best way to listen to jazz is in a small, quiet club. She'll perform songs from her vast career as well as

    April 22, 2014

  • WSF 4-22 spt bd tennis pic-2 Orioles sweep Giants in girls' tennis play Orioles sweep Giants in girls' tennis play By Ryan Palencer Flyer Correspondent

    April 22, 2014 2 Photos

  • WSF 4-22 news ballard visits chapel hill pix 2 Mayor holds meeting in Wayne Township Mayor Greg Ballard is making the rounds and spent some time in Wayne Township last week, holding one of his Mayor's Night Out meetings at the Chapel Hill 7th & 8th Grade Center. He started the meeting talking about crime. "Generally speaking, the cit

    April 22, 2014 5 Photos

  • WSF 4-22 spt beaty pic-1 Two-sport Ben Davis star weighing options In a world where high school athletes choose to specialize earlier and earlier, Ben Davis senior Michael Beaty has been an anomaly in his sporting endeavors. Now, with the end of his senior year nearing, Beaty is trying to set his future plans after

    April 22, 2014 1 Photo

  • WSF 4-22 news bduhs four star pix 2 BDUHS named Four Star School The Indiana Department of Education has chosen Ben Davis University High School as a Four Star School for performing in the upper 25th percentile of schools in three ISTEP-based categories. The award is for achievements in the 2012-13 school year. B

    April 22, 2014 3 Photos

House Ads
Hendricks County Marquee
Email News Sign Up
Facebook
Twitter Updates
Follow us on twitter
Poll

New poll question: Will you be attending this year’s Indianapolis 500?

Yes
No
Undecded
     View Results
AP Video
Raw: Obama Tours Gyeongbok Palace Swimmer Michael Phelps Back in Competition Raw: Obama Lays Korean War Memorial Wreath Obama Leads Naturalization Ceremony in Seoul Calif. School Bus Crash Hurts Driver, 11 Kids Country Club for Exotic Cars Little Science Behind 'Pollen Vortex' Prediction US Proposes Pay-for-priority Internet Standards Wife Mourns Chicago Doctor Killed in Afghanistan FDA Proposes Regulations on E-cigarettes Kerry Warns Russia of Expensive New Sanctions Mideast Peace Talks Stall on Hamas Deal Cody Walker Remembers His Late Brother Paul Grieving South Korea Puts Up Yellow Ribbons Raw: Kerry Brings His Dog to Work Raw: Girls Survive Car Crash Into Their Bedroom Three U.S. Doctors Killed by Afghan Security Yankees' Pineda Suspended 10 Games for Pine Tar Colleagues Mourn Death of Doctors in Afghanistan Ukraine Launches Operation Against Insurgents
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Must Read