Casinos and Casino Hotels NAICS 713210, 721120

May 15, 2025 - Commercial Gaming Revenue Hits Record High

• US commercial gaming revenue reached an annual record of $71.9 billion in 2024, exceeding 2023’s previous high of $66.5 billion by 7.5%, marking the gaming industry’s third consecutive year of record revenue, according to the American Gaming Association (AGA). Record online gaming and sports betting are driving growth, with online gaming accounting for 30% of US commercial gaming revenue in 2024, while sportsbook revenue surged 24.5%, according to AGA’s Commercial Gaming Revenue Tracker. Traditional gaming – slots and table games – grossed a record $49.7 billion in 2024. The commercial gambling market has rebounded sharply since 2020, when revenue plunged by 32% due to pandemic-related lockdowns and travel restrictions.
• Nevada casinos earned $1.6 billion in winnings in January 2025, the second highest monthly total ever in the state’s history, according to the Nevada Gaming Control Board (NGCB). Casinos on the Las Vegas Strip alone accounted for $840 million of those earnings. NGCB data shows that baccarat - a card game similar to blackjack - made Nevada $215 million in winnings and is becoming a key casino driver. The intense game has a relatively small footprint in the state with only about 440 tables, but it usually attracts high rollers with lots to spend (six figures per hand in some games). Slot machines, per usual, were the big winners for the state in January with a total of $915 million, a 3.4% increase year over year. Outside of gaming, casino hotels took advantage of a 12.8% rise in convention attendance and a 2.2% increase in room rates.

• Casino foot traffic in the US fell almost 5% year-over-year (YoY) in December 2024, according to an analysis from Jeffries Equities Research. While some of the decline can be attributed to fewer weekends in the final month than the previous year, other factors include an industry-wide operational cost-crunch (labor, insurance, and utilities expenses are all up) and ongoing post-pandemic financial stabilization. Some of the biggest traffic declines came at regional casinos in Ohio and Pennsylvania (both down almost 7%). The Atlantic City market continues to struggle mightily with a foot traffic decrease of almost 13% YoY.
• Gaming executives share a positive view of current business conditions but are more cautious in their outlook for the next three to six months, according to the latest American Gaming Association (AGA) Gaming Industry Outlook released in October. Most respondents to the AGA survey (88%) view the current state of the gaming industry as either good or satisfactory. However, they have a more conservative outlook regarding future business conditions, with respondents split on whether they expect conditions to improve over the next three-to-six months (3% net positive) and many expecting a decrease in customer activity (28% net negative). Following years of gaming revenue growth, revenue expansion has cooled, according to the AGA, clouding the near-term outlook. Per the survey, hotel (56%) and food and beverage facilities (56%) continue to be the main and growing focus of capital investment among operators, followed by live entertainment (28%) and casino floor slots (22%).