Casino Industry Posts Second-Best Revenue Month Ever in May, Win Totals $5.1B
The US gambling casino manufacture is roaring at unprecedented levels in the aftermath of the COVID-19 pandemic, but the satisfying gaming recreate could soon wear off thin as rising prices dampers the economy and leisure spending.
The American Gaming Association (AGA) reported this hebdomad that US commercial-grade casinos — aka non-tribal gaming facilities — experient their topper May ever in 2022. May also represented the house servant gaming industry’s second-best all-time month inwards history.
Gross gaming revenue (GGR) from commercial land-based operations, plus iGaming and sports betting, totaled $5.1 one million million inwards May. That is 9.5% ameliorate than May 2021.
The AGA keeps tabs on the gaming manufacture by monitoring and tallying monthly revenue reports inward the 31 states where commercial-grade casinos operate. The merchandise radical says 18 of those 31 states saw year-over-year GGR gains.
Sequentially from April, land-based casino GGR climbed 1.5% and oddsmakers saw their win develop a minuscule to a greater extent than 5%. Internet casinos, however, reported a 2.4% month-to-month pullback.
May Numbers
Slot machines keep to dominate the gaming manufacture and pitch the domiciliate more money than any other vertical. Retail terminals won $2.94 1000000000 inwards May — or nigh 58% of the manufacture income.
The AGA says May capped cancelled the US casino industry’s topper three-month revenue run ever.
As the mid-year brand approaches, the US commercial gaming industry continues to maintain momentum. Despite macroeconomic challenges and progressively tougher year-over-year comparisons, March, April, and May feature been the iii best gaming months inward manufacture story — apiece surpassing gaming revenue of $5 billion,” the AGA detailed.
In-person tabulate games won $873.9 1000000 and sportsbooks kept $555 trillion of the bets wagered. iGaming revenue totaled $406.4 million.
Sports betting continues to farm inward importance as news states fall in the liberalized gaming activity. The $555 trillion sustain represents a 103% year-over-year income surge. Tables saw their revenue spindle 10.5% and iGaming platforms won almost 31% more than they did inward May 2021.
Difficult Times Ahead?
Though rising prices has been a vexation end-to-end 2022, the surge inward consumer prices inward more recent months is expected to curb bit some of the gaming industry’s momentum. The US Bureau of Labor Statistics said this calendar week that prices rosiness to a greater extent than 9% year-over-year inward June.
Higher prices for everything from milk and eggs to gas and easy lay have economists concerned regarding the betting odds of an imminent recession. But upside gaming executives — MGM Resorts CEO Bill Hornbuckle, Las Vegas Sands CEO Rob Goldstein, and Wynn Resorts CEO Craig Billings — maintained optimism during an question this calendar week with CNBC.
The gaming execs believe inflation could slow up downward Las Vegas and the US gaming manufacture as a whole, but said they aren’t currently seeing unequivocal signs of a looming recession.
The older adage that casinos are recession-proof on claims that some people peril what minuscule money they allay have got amid an economic downturn inwards hopes of striking it wealthy has long been proven false. In reality, the hospitality and gaming industries are typically among the first off industries to follow strike during a recession, as travelers quickly set aside their leisure time spending.
While the Strip gambling casino CEOs said they haven’t yet seen a downturn, downtown Las Vegas gambling casino possessor Derek Stevens told CNBC last month that “every weekend has been worsened than the prior weekend” for his Circa, D, and Golden Gate casinos.