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

Inflation may be soaring, supply chains remain snarled and the coronavirus just won’t go away, but United States casinos are humming right along, recording the best month in their history in March.

The American Gaming Association (AGA), the gambling industry’s national trade group, said Wednesday that US commercial casinos won more than $5.3bn from gamblers in March, the best single-month total ever. The previous record month was July 2021 at $4.92bn.

The casinos collectively also had their best first quarter ever, falling just short of the $14.35bn they won from gamblers in the fourth quarter of last year, which was the highest three-month period in history.

Three states set quarterly revenue records to start this year: Arkansas ($147.4m); Florida ($182m), and New York ($996.6m).

The numbers do not include tribal casinos, which report their income separately and are expected to report similarly positive results.

But while the national casino economy is doing well, there are pockets of sluggishness such as Atlantic City, where in-person casino revenue has not yet rebounded to pre-pandemic levels.

“Consumers continue to seek out gaming’s entertainment options in record numbers,” said Bill Miller, the AGA’s president and CEO. He said the strong performance to start 2022 came ”despite continued headwinds from supply chain constraints, labour shortages and the impact of soaring inflation”.

The trade group also released its annual State of the States report on Wednesday, examining gambling’s performance across the country.

As previously reported, nationwide casino revenue set an all-time high in 2021 at $53.03bn, up 21 percent from the previous best year, 2019, before the coronavirus pandemic hit.

But the report includes new details, including that commercial casinos paid a record $11.69bn in direct gambling tax revenue to state and local governments in 2021. That’s an increase of 75 percent from 2020 and 15 percent from 2019. This does not include the billions more paid in income, sales and other taxes, the association said.

It also ranked the largest casino markets in the US in terms of revenue for 2021:

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

The association divides Pennsylvania’s casinos into three separate markets: Philadelphia, the Poconos and Pittsburgh. Their combined revenue of nearly $2.88bn would make them the second-largest market in the country if judged as a single entity. It also counts downtown Las Vegas, and its $731m in revenue, as a separate market.

Seven additional states legalised sports betting and two more added internet gambling in 2021.

The AGA reported that many states saw gamblers spending more in casinos while visiting them in lower numbers compared to pre-pandemic 2019.

The average age of a casino patron last year was 43 1/2, compared to 49 1/2 in 2019.

Americans bet $57.7bn on sports last year, more than twice the amount from 2020. That generated $4.33bn in revenue, an increase of nearly 180 percent over 2020.

Internet gambling revenue reached $3.71bn last year, and three states — New Jersey, Pennsylvania and Michigan — each won more than $1bn online. West Virginia’s internet gambling market reached $60.9m in revenue in its first full year of operation, while Connecticut’s two internet casinos reported combined revenue of $47.6m after launching in October.