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Casino Gaming Revenue Skidded 31% In 2020 Amid Pandemic


Topline

U.S. casinos’ income plunged31.3% to $30.0 billion in 2020, the bottom degree since 2003, the American Gaming Affiliation reported Wednesday, primarily because of the devastating influence of the coronavirus pandemic.

Key Information

It’s the primary time general income has fallen since 2014.

U.S. casinos misplaced 27% of their regular working days attributable to mandated closures to scale back the unfold of the coronavirus.

Income decreased in all 24 states the place casinos are authorized, with New Mexico casinos struggling the sharpest drop at 79% attributable to longer closures than different states.

Essential Quote: 

“Covid-19 devastated our enterprise and the staff and communities throughout the nation that depend on on line casino gaming’s success,” stated AGA President and CEO Invoice Miller in a press release Wednesday. “These numbers present the financial realities of Covid-19 and underscore the significance of focused federal reduction and ramped-up vaccine distribution to speed up gaming’s restoration in 2021.”

Key Background:

With the pandemic forcing casinos to close down, an increase in on-line sports activities playing helped soften the ache for his or her operators. New Jersey, bettors wagered $996.3 million in December, an all-time file for a single state in a single month, and simply north of $6 billion in complete final 12 months. That is a 33% enhance in comparison with the state’s 2019 complete. Six states (Colorado, Illinois, Michigan, Montana, Tennessee, Virginia) and Washington, D.C., handed laws to legalize sports activities wagering in 2020. They’ve an grownup inhabitants of roughly 36 million. A complete of 21 states have now legalized sports activities betting. In keeping with the AGA, the annual U.S. deal with from sports activities betting grew 65% in 2020 to $21.5 billion. Income was additionally boosted by iGaming, which generated practically $1.6 billion (a rise of just about 200%) throughout the 4 markets that have been operational final 12 months.

Shocking Reality:

In keeping with the AGA, the discount in gaming income in 2020 was far higher than the 8.4% lower recorded from 2007 to 2009 through the Nice Recession.

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