Indiana Casino Expands As Revenues Decline

MICHIGAN CITY, Ind. (CBS) ― Betting is down and profits are off at Indiana casinos. So why are they expanding in this struggling economy? CBS 2's Northwest Indiana Bureau Chief Pamela Jones reports that casino revenues across the state of Indiana are taking a loss. The Indiana gaming commission says from July of 2007 until May of this year, gross profits dropped by some $71 million from the previous year. The casino hit hardest is the Blue Chip in Michigan City, to the tune of $67.7 million. "The economy is in a downturn, and as always in the past, the economy has recovered or rebounded," said Gary Sawina, Asst. Gen. Mgr. of Blue Chip Casino. "Yeah, it gets a little more difficult to get discretionary spending to pick up." Gaming experts blame part of the decline on the opening of a new casino, the Four Winds in nearby New... [read full story]