What inflation? US casinos have best month ever, winning $5.3bn | Business and Economy News


Inflation could also be hovering, provide chains stay snarled and the coronavirus simply gained’t go away, however United States casinos are buzzing proper alongside, recording one of the best month of their historical past in March.

The American Gaming Affiliation (AGA), the playing business’s nationwide commerce group, mentioned Wednesday that US business casinos gained greater than $5.3bn from gamblers in March, one of the best single-month complete ever. The earlier file month was July 2021 at $4.92bn.

The casinos collectively additionally had their greatest first quarter ever, falling simply wanting the $14.35bn they gained from gamblers within the fourth quarter of final yr, which was the best three-month interval in historical past.

Three states set quarterly income information to begin this yr: Arkansas ($147.4m); Florida ($182m), and New York ($996.6m).

The numbers don’t embody tribal casinos, which report their earnings individually and are anticipated to report equally optimistic outcomes.

However whereas the nationwide on line casino financial system is doing effectively, there are pockets of sluggishness reminiscent of Atlantic Metropolis, the place in-person on line casino income has not but rebounded to pre-pandemic ranges.

“Shoppers proceed to hunt out gaming’s leisure choices in file numbers,” mentioned Invoice Miller, the AGA’s president and CEO. He mentioned the robust efficiency to begin 2022 got here ”regardless of continued headwinds from provide chain constraints, labour shortages and the impression of hovering inflation”.

The commerce group additionally launched its annual State of the States report on Wednesday, analyzing playing’s efficiency throughout the nation.

As beforehand reported, nationwide on line casino income set an all-time excessive in 2021 at $53.03bn, up 21 % from the earlier greatest yr, 2019, earlier than the coronavirus pandemic hit.

However the report contains new particulars, together with that business casinos paid a file $11.69bn in direct playing tax income to state and native governments in 2021. That’s a rise of 75 % from 2020 and 15 % from 2019. This doesn’t embody the billions extra paid in earnings, gross sales and different taxes, the affiliation mentioned.

It additionally ranked the biggest on line casino markets within the US when it comes to income for 2021:

The Las Vegas Strip is first at $7.05bn, adopted by: Atlantic Metropolis ($2.57bn); the Chicago space ($2.01bn); Baltimore-Washington, DC ($2bn); the Gulf Coast ($1.61bn); New York Metropolis ($1.46bn); Philadelphia ($1.40bn); Detroit ($1.29bn); St Louis ($1.03bn); and the Boulder Strip in Nevada ($967m).

The affiliation divides Pennsylvania’s casinos into three separate markets: Philadelphia, the Poconos and Pittsburgh. Their mixed income of practically $2.88bn would make them the second-largest market within the nation if judged as a single entity. It additionally counts downtown Las Vegas, and its $731m in income, as a separate market.

Seven extra states legalised sports activities betting and two extra added web playing in 2021.

The AGA reported that many states noticed gamblers spending extra in casinos whereas visiting them in decrease numbers in comparison with pre-pandemic 2019.

The typical age of a on line casino patron final yr was 43 1/2, in comparison with 49 1/2 in 2019.

Individuals guess $57.7bn on sports activities final yr, greater than twice the quantity from 2020. That generated $4.33bn in income, a rise of practically 180 % over 2020.

Web playing income reached $3.71bn final yr, and three states — New Jersey, Pennsylvania and Michigan — every gained greater than $1bn on-line. West Virginia’s web playing market reached $60.9m in income in its first full yr of operation, whereas Connecticut’s two web casinos reported mixed income of $47.6m after launching in October.

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