2022 has been a prosperous year for US casinos. According to the American Gaming Association (AGA), March was the most profitable month in the history of legalized US gambling. In total, licensed gaming operators won more than $5 billion from gamblers in March.
The US gaming industry as a whole experienced its most successful first quarter ever. Also, many states broke their own records for gaming revenue. The AGA also reported that the Las Vegas Strip is still the most profitable gaming market. Last year the Strip generated more than $7 billion in revenue.
Many industries have struggled to bounce back from the pandemic. Specific gaming markets have also been hit hard. Several new casinos have been delayed due to supply chain interruptions. However, the gaming industry as a whole has more than rebounded. The AGA cites online gaming and sports betting as key components of the gaming industry’s success.
US Casinos Set New Records in March
The AGA oversees and tracks the US gaming industry as a whole. In a report released this week, the agency stated that March was the most profitable month in US gaming history. According to the AGA, commercial casinos in the US generated $5.3 billion in revenue from gambling. The previous record was $4.92 billion which was set last July.
In its report, the AGA also cited three specific states that set new quarterly records this year. New York’s $996.6 million, Florida’s $182 million, and Arkansas’s $147.4 million in quarterly revenue were all personal bests. New York and Arkansas both legalized online and mobile sports betting earlier this year.
Las Vegas Strip Is the Most Profitable Gaming Market
Wednesday’s report from the AGA also gave an in-depth look at the most successful gaming markets in the US. According to the report, the Las Vegas strip continues to be the most profitable gaming market. The Strip generated $7.05 billion in gaming revenue last year.
Nevada as a whole approached $10 billion in gaming revenue in 2021. Other notable gaming markets in the report include:
- Atlantic City: $2.57 billion
- Chicago area: $2.01 billion
- Baltimore-Washington D.C.: $2 billion
- Gulf Coast: $1.61 billion
- New York City: $1.46 billion
- Philadelphia: $1.40 billion
- Detroit: $1.29 billion
- Louis: $1.03 billion
- Boulder Strip in Nevada: $967 million
The massive gaming revenues pulled in last year were great news for state coffers. In total, $11.69 billion was paid in taxes by legal commercial casinos. That is a year-to-year increase of 75% compared to 2020. It is also 15% higher than the amount paid in taxes in 2019. Casinos also had to pay billions in sales, income, and other taxes.
What Is Behind the Latest Revenue Surge?
No industry was unaffected by the pandemic. Supply and labor shortages are still impacting many sectors across the country. Rising inflation has also been an issue for many Americans. However, despite the obstacles, the US gaming industry as a whole appears to be doing better than ever.
Internet gaming revenue topped $3.71 billion last year. Sports bettors across the country wagered a total of $57.5 billion in 2021. The AGA also reports that the average age of casino goers is going down and guests are spending more. Despite these milestones, some markets have struggled as of late. Atlantic City, for instance, has not yet returned to pre-covid revenue numbers.
Conclusion
The US gaming industry is back and better than ever. According to a recent report from the AGA, commercial casinos collected a record monthly revenue in March. Also, the industry as a whole had its best first quarter ever. The AGA attributed the success to the growing number of legal online and sports betting options available across the country.
