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Indiana Gambling Revenues Fall Short of Expectations

SPRINGFIELD, Indiana – As reported by the Associated Press: "Almost halfway through the budget year, declining attendance and profits at riverboat casinos have virtually ensured higher gambling taxes won't produce the money officials had counted on to balance the state budget.

"Gov. Rod Blagojevich and state lawmakers hoped the higher taxes and admission fees would produce an additional $200 million to help fill a $5 billion budget deficit.

"Now a lobbyist for the casinos said it will be no more than $70 million, and the Legislature's Economic and Fiscal Commission said it may be around $100 million.

"…The higher taxes and fees mean riverboat owners are paying tens of millions of dollars more in taxes to the state through the first five and a half months of the fiscal year than they did last year, but the increase has not been as large as expected.

"Riverboats said the numbers show they have clearly suffered under higher taxes.

"…The boats have responded by cutting back hours and more than 1,200 jobs. Attendance at the boats was down 10 percent between January and October from the same period in 2002, and revenues were down 6 percent for the same timeframes, according to the Illinois Gaming Board…"

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