American Casinos Earned Record-Breaking $40 Billion in Revenue in 2017
The American commercial casino industry has broken record with a total revenue of $40.28 billion in 2017, according to a report by the American Gaming Association. The overall increase of 3.4% from the year before indicates that Americans are spending their nights out at local casinos more than ever before.
Growth Across America
Nevada, home to global gaming hub Las Vegas, unsurprisingly led the way with a revenue of $11.57 billion, occupying 29% of all revenue recorded. This means the city’s revenue has increased by 2.8% compared to last year, when Vegas gained its first major professional sports franchise in the Golden Knights.
The states where the largest increases were observed were however a little less predictable. There was a 34% growth in Maryland, while New York saw a 16% rise, despite the obstacles it encountered in legalising sports gambling.
In the report, the American Gaming Association revealed plans for the New England region to continue to contribute to the revenue growth in Northeast America. It also described how the plans might continue to bring positive influence to returns across the United States.
“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.”
According to Global economic analysis firm Oxford Economics, casinos have employed more than 361,000 people in 2018. Casino workers have earned a sum of over $17 billion. In addition, the National Indian Gaming Commission reported that native American gaming has achieved a record figure of $32.4 billion.
New Jersey Profits Soared During Massive Year of Growth
New Jersey is one the the states that benefits the most from the big year for casinos. In 2018, a significant gambling growth has been observed in the Garden State. The openings of the Hard Rock Atlantic City and the Ocean Resort Casino have undoubtedly contributed to the growth, but the state’s political activity is even more noteworthy.
Sports betting has been legalised in New Jersey back in mid-May. A wide range of sportsbooks have since been available in the state and more are coming on the way.
The gross operating profit of all casinos in New Jersey has reached $171.4 million, as reflected by the revised numbers released by the New Jersey Division of Gaming Enforcement this week. Resorts led the way with a tremendous rise of 63%, resulting in a total profit of over $9 million. Harrah’s gained from a 20% growth with a profit of $31.5 million, while Tropicana had a profit of $25.2 million thanks to the 34% increase.
James Plousis, Chairman of the New Jersey Casino Control Commission, was excited with the growth reflected by casinos across the state. He expected even more growth in the 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.”