Big business
A new study estimates that the US casino gambling sector generated almost $329bn in economic activity last year, a 26% rise from the levels in 2017. The American Gaming Association (AGA) published its findings on Monday relating to both tribal and commercial casinos across the nation. It is the first report of this kind from the industry trade association since the release of findings from 2017.
sector directly employs about 700,000 people
The sector directly employs about 700,000 people and indirectly another 1.1 million. About $52.7bn in taxes went towards local, state, and federal governments in 2022, a 29% increase from 2017.
AGA CEO and President Bill Miller believes that the latest economic impact figures highlight how the industry has been showing “resiliency and continued strength” since the pandemic. He is confident that the latest study findings will help to convince lawmakers of the impact that gambling-friendly laws can have.
Strong post-pandemic bounce
While the COVID-19 pandemic significantly disrupted the US casino sector for a while, it has bounced back strongly. Revenue figures are regularly hitting new highs and new casinos are popping up across the nation.
current trajectory is for 2023 to be another record-breaking year
The current trajectory is for 2023 to be another record-breaking year for US casinos, with properties on track to bypass the $60bn total revenue mark that was set in 2022. Of last year’s total casino revenue, almost 17% of it was through non-gambling sources such as hotel rooms, food, and beverage sales.
In addition to directly employing people, casinos have a knock-on economic impact by spending significantly on operations – things such as laundry services, food, and building maintenance. They also hire local construction firms to carry out additional improvements and expansion work.
Americans embracing gambling
Another recently published piece of research from the AGA looked at the attitudes that Americans have towards the gaming industry. It shows that more people in the country engaged in gaming-related entertainment over the past 12 months than during any time before.
Younger people are embracing legal gambling options, with the average age of people going to casinos dropping from 49.6 in 2019 to 42 this year.
About 26% of Americans gambled in a land-based casino, while 20% engaged in sports betting. The study showed that 88% of people believe that casino gambling is acceptable and 71% recognize the positive economic impact that the sector provides.