The opening of Horseshoe Cincinnati has had a negative impact on business at the three riverboat casinos in southeast Indiana for the month of March. Horseshoe Cincinnati had 441,000 visits in March, 20,000 less than the three Indiana casinos combined.
Compared to March, 2012, business at the Indiana casinos was down 21% and visits down nearly 19%. Statewide, revenue was down
4.4%. For 2013, revenue was down 7.5% statewide and visits down 13.8%. The largest of the Indiana casinos, Hollywood Lawrenceburg, saw its gambling market share drop to 42%, a 20% drop. Horseshoe Cincinnati had a market share of 31%.
It appears Horseshoe Cincinnati draws a different type of gambler than the Indiana riverboat casinos. Gamblers at Horseshoe Cincinnati spend an average of $48 per visit, but come back more often. Riverboat gamblers in Indiana spend an average of $103 per visit.