INDIANA — Indiana’s commercial casinos saw a dip in performance in September 2025, generating $170.8 million in total revenue, marking a 5% year-on-year decrease from the previous year’s $179.8 million, according to the latest report from the Indiana Gaming Commission.
The decline was driven primarily by slot machine revenue, which fell 4.7% year over year from $163.8 million to $156.2 million. Conversely, revenue from table games remained relatively stable, rising 0.5% year on year to $30.5 million.
The overall decline was reflected across most of the state’s 13 casinos, with seven reporting year-on-year losses and only two seeing notable revenue increases, according to Casinos.com.
The Hard Rock Casino Northern Indiana, despite remaining the highest-earning casino statewide, posted the sharpest decline, with a 15.5% drop in revenue. This double-digit drop was consistent across both its slot and table game operations. Other significant decreases included Belterra Casino (-14.5%) and Ameristar Casino (-10.7%).
Conversely, two casinos managed to buck the negative trend:
- Rising Star Casino saw the most significant growth, with revenue jumping 12.7%. This was fueled by a 13.7% increase in slot revenue, offsetting a decline in table games revenue.
- Caesars Southern Indiana also reported healthy gains, with profits rising 4.9% year over year.
Three other facilities—Terre Haute Casino, Blue Chip Casino, and French Lick Resort—saw revenues remain broadly stable.
| Casino | September 2024 Revenue | September 2025 Revenue | Change |
| Hard Rock Casino Northern Indiana | $35,937,175 | $30,383,266 | -15.5% |
| Caesars Southern Indiana | $16,497,082 | $17,311,622 | +4.9% |
| Rising Star Casino | $2,903,414 | $3,271,302 | +12.7% |
| Belterra Casino | $6,357,513 | $5,435,996 | -14.5% |
| Ameristar Casino | $11,004,718 | $9,824,773 | -10.7% |
Baccarat Overthrows Blackjack in Popularity
Beyond the monthly revenue, the Indiana Gaming Commission’s report offered new insights into game trends for the 2025 fiscal year, confirming that Baccarat has continued its rise, displacing Blackjack as the most wagered-upon table game for the third time in the past four years.
Baccarat wagers increased by 1.6% over the fiscal year, totaling $639.3 million, narrowly surpassing Blackjack wagers, which decreased by 2.2% to $634.9 million. The report credits the opening of the Hard Rock Casino Northern Indiana in 2021 as a primary driver of this trend, with 55% of all baccarat wagers being placed at the Lake Michigan facility.
However, while Baccarat drew the most wagers, Blackjack still generated the highest overall revenue for the casinos, bringing in $137.3 million, compared to $111 million produced by Baccarat.
The fiscal year report also detailed return to player (RTP) rates, showing that slot machines offer significantly higher payouts than popular table games. Slot players received an average return rate of 90.2% of their bets, compared to 82.7% for Baccarat players and 78.4% for Blackjack players.
Among all casinos, the Blue Chip Casino offered the highest return rate at 91.3%, followed closely by the Ameristar Casino at 90.3%. The lowest reported rate was 89.5% from the Horseshoe Indianapolis.
