Last week at the Wisconsin Gaming Regulators Association summer conference it was announced that a record for tribal gross gaming revenue was set in 2023.
Tribes Cashing In
The 2023 Fiscal Year Gross Gaming Revenue Report is comprised of 527 independently audited financial statements derived from 245 tribes across 29 states according to the acting chairwoman of the National Indian Gaming Commission (NIGC), Sharon M. Avery. But it was what those audited financial reports revealed that has the gaming industry buzzing.
According to those reports, the tribal gross gaming revenue for 2023 was a staggering $41.9 billion in the United States, which was over $1 billion more than the previous year. The casino industry in general experienced a sharp downturn in 2020 during the COVID pandemic but the ship has been righted in a big way since then.
“This is very encouraging news as operations continue to emerge from the pandemic. We are further happy to report that all eight regions showed an increase” over the 2022 fiscal year, Avery said. “It is important to note that the year-over-year GGR change by region should not be used as a direct indicator of the local economy in any specific region.”
Chairwoman Avery went on to say, “This year’s GGR results demonstrate how a strong regulatory framework and diversity of tribal gaming enterprises generates growth in the gaming industry. Again, this year, tribal gaming operators and regulators have proven that their ingenuity and tenacity are catalysts for growth, even in the face of an ever-changing gaming landscape. This steadfastness will ensure that tribal gaming remains a valuable resource for continued economic sustainability in tribal communities.”
Sacramento Region Leads the Way
Of the eight tribal gaming regions, the Sacramento region which includes all of California and parts of Nevada, led all others with $12 billion in revenue. It should be noted, that it was an increase of 1.8% over 2022 which was generated by the 87 operators in that region.
But not only did the Sacramento region show an increase over the previous year but all eight regions experienced an uptick in revenue growth. The D.C. region comprised of New York, North Carolina, Alabama, Mississippi, Louisiana, and Washington, D.C. came second with $9.2 billion in revenue which was a 2.4% spike over 2022.
Other Regions Also Made Good Numbers
The Phoenix region, which includes Arizona, Colorado, New Mexico, and parts of Nevada generated $3.9 billion in revenue but it boasted the highest year-over-year increase, up 5.5% from 2022. All other regions showed yearly increases in revenue between 1.4% and 2.8%.
Except for 2020, tribal gaming revenue has increased every year since 2014 when it was reported at $28.5 billion. The 2023 total of $41.9 billion in gross gaming revenue is a 47% increase from that figure and will be higher next year, assuming the pattern holds.
“I congratulate the industry regulators, operators, and tribal leadership on another successful year,” said NIGC vice chair Jeannie Hovland. “Their hard work in meeting and overcoming the challenges presented by an increasingly competitive market is evidence that tribes are resilient, and their gaming expertise is yielding benefits for their nations as IGRA (Indian Gaming Regulatory Act) intended.”
