Competition cuts profits of Indiana casinos

INDIANAPOLIS (AP) -- It's been a tough year for Indiana casinos because of increased competition.

The Indianapolis Star reports gaming revenues in Indiana were down $242.5 million in Indiana the past 11 months because of increased competition from a casino opening in downtown Cincinnati and two racinos opening in Ohio. More competition is coming soon from Illinois, Kentucky, Michigan and even from inside Indiana.

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That's not just a problem for the casinos. Taxes from the casinos for the past 11 months brought in $592 million for the past 11 months, down from $687 million for the same period a year ago.

Legislators are examining the issue this summer. But Ball State University economist Mike Hicks believes the gaming money will continue to dwindle no matter what the state does.

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