U.S. Casinos Earned Record $40 Billion in Revenue in 2017

U.S. Casinos Earned Record $40 Billion in Revenue in 2017

It’s a great time to be involved in the United States’ gaming industry.

Per this week’s American Gaming Association report, the U.S. commercial casino industry set a new record in overall revenue with $40.28 billion last year. That represented a 3.4 percent overall rise from the year before that’s numbers meaning more Americans are hitting the local casino for a night out than ever before.

Growth Across the Country

Obviously Nevada, home of Las Vegas, led the way with $11.57 billion to account for 29 percent of all revenue recorded. That put Sin City up 2.8 percent from last year when Vegas was awarded its first major professional sports franchise in the Golden Knights.

The states that saw the biggest increases were a little less predictable, however. Maryland saw a 34 percent growth in revenue while New York, despite struggles to legalize sports betting, came in second at 16 percent.

Oklahoma, a noted hub of tribal casino activity, was next in line with an increase of 10 percent and Kansas charted a seven percent increase. Competition in the District of Columbia region led to a decrease in West Virginia of 3.8 percent, which the state is no doubt seeking to remedy by passing sports betting.

The Association unveiled plans for the New England region to continue a spur upward in the Northeast in the report and how they might continue to positively impact returns around the country.

“Competitive pressures are set to grow in key commercial states in the coming years. Two commercial properties are set to open in Massachusetts in 2018 and 2019, and will reshape the competitive landscape of the New England region.”

Global economic analysis firm Oxford Economics reported that over 361,000 new employees were hired by casinos in 2018 and total worker’s earnings were over $17 billion. Additionally tribal gaming, according to the National Indian Gaming Commission, reached a record figure of $32.4 billion.

New Jersey Profits Up During Massive Year of Growth

One of the most notable beneficiaries of the big year for casinos, The state of New Jersey has seen a whirlwind of gambling growth already in 2018. The grand openings of the Hard Rock Atlantic City and the Ocean Resort Casino were well-publicized affairs, but even more notable was the Garden State’s political activity.

After leading the fight for federal legalization with the Murphy v NCAA Supreme Court case, New Jersey legalized sports betting back in mid-May. The state opened a variety of sportsbooks and still more are on the way as the market grows.

The New Jersey Division of Gaming Enforcement released revised numbers this week that showed a gross operating profit of $171.4 million across all casinos. Resorts led the way with a massive increase of 63 percent to a total take of over $9 million while the Borgata suffered the largest drop in revenue down 20 percent to around $53 million.

Harrah’s went up 20 percent with a profit of $31.5 million, then Tropicana which is up 34 percent with a profit of $25.2 million, then Caesars up four percent with a profit $24.6 million. Also having a nice year is Golden Nugget up an impressive 32 percent with a profit of $14.2 million and Bally’s up three percent with a profit of $11.7 million.

Chairman of the New Jersey Casino Control Commission James Plousis was thrilled with the growth displayed by casinos across the state and anticipates even more in the near and distant future.

“These numbers are an improvement from the first quarter and that is a positive sign in light of the new competition that was entering the market. I remain optimistic that the addition of sports betting, new amenities and entertainment will continue to expand the industry.”

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