Casino Revenue up as Economy Strengthens

american_flag_casino_quality_poker_chips-r5a661f187dd04929a369750db80935b2_i3ii9_8byvr_512Revenue at U.S. casinos jumped more than 6 percent in 2012, the first significant increase in three years as economic growth picked up speed and more casinos opened in several markets.  Casino revenue grew by a fraction of 1 percent in 2011 and 2010 and fell nearly 6 percent in 2009 as the steepest economic downturn since the Depression took hold.

As expected, Nevada, California are the top two states in casino revenue, followed closely by New York state.

Year-to-year revenue changes are vastly different from one state to another. Some experienced new gambling expansion in a big way, such as Ohio, for example, total gambling revenue jumped by one-third from 2011 to 2012 as casino gambling ramped up.  Similar in Maryland, where total gambling revenue jumped to $1.15 billion in 2012 from $760.6 million in the same period.

Revenues were up 3% nationwide in 2011, according to an annual report by the American Gaming Association. Of course, this the saturated northeast probably reduced that percentage with it’s withering revenue, or it might have been higher.

Other areas of revenue increase incline include:

  • Louisiana – Its 14 riverboats, four racetrack casinos and Harrah’s land-based casino brought in nearly $194.6 million in October, 3.9 percent better than the $187.3 million the gambling halls won the year before.
  • Mississippi – A strong performance by Mississippi’s Gulf Coast casinos boosted gambling revenue to $167 million in October.
  • Pennsylvania – Pennsylvania surpassed New Jersey in overall revenue for the first time in 2012. The 11 casinos in cities across the state generated almost $1.5 billion in tax revenues that year.
  • New York – The year-old Resorts World New York in Queens is the state’s first casino that is not attached to a racetrack. It helped revenues leap 43% last year. The nearby Empire Raceway in Yonkers is still the biggest money maker in the state

That’s all for now.