Lawmakers in North Carolina have been talking about expanding the state’s gambling industry for years. It appears that this idea is now being seriously considered. New reports have surfaced that claim NC’s casino industry could help to bring the state billions of dollars in revenue.
The country’s land-based casino industry is finally beginning to recover. Many areas of the country are now showing interest in embracing this form of gambling. Now is a great time to talk about what could be coming to North Carolina soon.
Let’s get into it!
The US Casino Industry is Set for a Big Rebound
In the years leading up to 2020, the US casino industry was growing at a steady pace. Major gaming hubs like Las Vegas and Atlantic City were seeing massive revenue surges every month. It seemed like the country was entering a golden age for the gambling industry.
Then, in March of 2020, casinos around the country were ordered to shut down. It was an unprecedented situation and one that no city was prepared for. The biggest gambling cities in the country were hit harder than others.
No city was as affected as Las Vegas from an economic standpoint. A massive number of businesses here rely on tourism. When the casinos across Las Vegas shut down, tourism into the city came to a screeching halt.
Fortunately, it now seems that this industry is ready for a rebound. Vaccine distribution has been ramping up and travel is beginning to increase once again. A huge number of people around the country are now interested in making the trip to fun casino destinations like Las Vegas.
Many believe that casino revenue is going to begin surging by the time summer rolls around. It’s great news for the many casino companies operating right now. These companies have experienced historic revenue drops for more than a year.
North Carolina is one state that seems interested in embracing its casino industry. New reports are beginning to shed light on how much money the industry can bring the state.
Analysts Provide More Information on NC’s Casino Industry
North Carolina once had some of the strictest gambling laws in the country. State officials were extremely hesitant to embrace any forms of traditional wagering. Things have begun to change in a big way in recent years, though.
Back in 2019, Governor Cooper signed a new law that legalizes the state’s sports betting industry. Unfortunately, North Carolina has been extremely slow to get this industry off the ground. Today, there are still no regulated sports betting platforms operating in the state.
Not long ago, NC officials ordered the North Carolina Education Lottery to file a report on how expanded gambling options would impact the state. Initially, this report focused on the impact of legal sports betting. It then began looking into how a larger casino industry would change things.
According to these reports, NC’s casino industry could help to bring the state $2.2 billion in revenue within five years. Matt Roob at Spectrum Gaming spoke about these reports this week. He claims the gaming industry could be a major revenue generator for the state in the future.
“It has been used in the past as an economic development tool,” he said. “You take a look at what behavior has been like in other states. Where would be logical places to put these things? Kind of like you want to go where the money is, right? I understand that people don’t necessarily want this in their neighborhood, but that’s why there’s a legislative process.”
Leaders in North Carolina will need to take a good look at these numbers. They may decide to embrace the casino and online gambling industry more simply due to the money it will bring in. Stay tuned for updates over the next few weeks.
Sports Betting Revenue Slowed Down in February
The casino industry is still a long way away from a total recovery. It could be years before the country’s casino companies see pre-pandemic revenue figures. It seems likely that a rebound will begin to be experienced sometime this summer.
Interestingly, the US sports betting industry has been surging lately. Throughout 2020, sports betting revenue was increasing rapidly throughout the country. That trend continued in the first month of 2021.
New reports claim that sports betting revenue dropped in most states this past February. Over in New Jersey, sports betting operators earned just $743 million this February. That’s a rather large drop from the $996 million earned in January.
Tennessee also experienced a large sports gambling revenue drop. The sportsbooks in this state saw a 40.4% drop in sports betting revenue month-on-month. That is the first revenue decline for Tennessee’s sports betting industry since it launched.
Even Rhode Island saw a decline. The state’s sports gambling platforms reported a massive 58.5% drop in revenue when compared to January. Fortunately, most expect a major recovery due to March Madness in March.
Do you think NC’s casino industry should expand? When will sportsbooks finally launch here? Let us know in the comments section below!