From the Fort Wayne Journal-Gazette:
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Lawmakers initially authorized riverboat gaming in Indiana in 1993, but it has slowly grown to include large barges, gambling at two horse racing tracks and a nearly land-based facility in French Lick.
Over time, the industry has paid more than $10 billion in taxes to the state. It has become the third-largest revenue source for Indiana behind sales taxes and income taxes – all money that supports basic government services such as school funding, child safety and corrections.
But those days are slowing down.
Last year, casino taxes accounted for $660 million in state tax revenue. But the latest budget forecast expects that to drop to $617 million this fiscal year and to $567 million by June 2013.
Ernest Yelton, executive director for the Indiana Gaming Commission, said adjusted gross revenue and the corresponding taxes have been down for three consecutive years.
The adjusted gross revenue – the amount wagered – was $2.7 billion in fiscal year 2011.
So far this fiscal year, which ends in June, the state is down about 4 percent on taxes. And it’s not just taxes and wagering, fewer people are going to the state’s casinos.
In 2011, admissions fell to their lowest level since 1997, well before the addition of the slot machines at the horse racing tracks.
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See the full story here:
http://www.journalgazette.net/article/20120520/NEWS07/305209947/0/SEARCH
