Tribal casinos attracted record $40.9 billion in player rebates in fiscal 2022
Tribal casinos generated gross gaming revenue (GGR) of nearly $41 billion in fiscal 2022, which ended June 30.
The National Indian Gaming Commission (NIGC) said tribal casinos won $40.9 billion in the past 12 months, a 4.9% increase from the previous year. Native American casinos generated approximately $39 billion in GGR in FY 2021, the highest ever recorded through FY 2022.
This year's historic revenue reflects the resilience of many Tribal Games businesses and demonstrates how Tribal Games continues to recover and remain strong. ” said NIGC Chairman E. Sequoyah Simermeyer. “Tribal governments and their licensed operations continue to explore new and innovative ways to expand and deliver world-class experiences that promote a sustainable economy. "
NIGC compiled the data by reviewing 519 audited financial reports from 244 tribes that operate federally regulated casinos. According to the NIGC, there were 519 tribally owned and/or operated licensed gaming sites in 29 states at the end of the fiscal year.
Federal Regulation
NIGC was established in 1988 following the passage of the Indian Gaming Regulatory Act (IGRA), a federal law that established the legal framework for federally recognized tribes to use gaming in support of their sovereign nations. IGRA allows federal tribes to operate traditional and electronic bingo and small-scale gambling games on their sovereign lands.
IGRA also established a regulatory structure that allows tribes to enter into Category III treaties with their states. If states were willing to ratify such a Category III treaty, the tribe could introduce Las Vegas-style slot machines, table games and sports betting at its casinos.
Since fiscal 2002, Tribe Gaming revenue has declined year-over-year only twice.
Between fiscal 2007 and fiscal 2008, GGR fell from $26.7 billion to $26.5 billion. The only time Tribal Games revenue declined was between 2019 and 2020, when revenue fell from $34.6 billion to $27.8 billion due to the impact of COVID-19.
NIGC said it's important to note that total revenue does not necessarily reflect the true economic health of the tribal gaming industry, as "many factors may affect GGR," such as "new game operations, expansion, or renovations." Existing operations, temporary or permanent closures or changes in the financial year of gaming operations. "
Wide range of sales
NIGC Vice Chairman Jeannie Hovland reports that 55 percent of tribal casinos have won less than $25 million. Only 8% of tribal casinos have a GGR of more than $250 million.
We have reason to celebrate that successful Indian gaming operations provide tribes with the opportunity to invest in their future and improve the quality of life for individual Native people, their families and their communities,” Hovland said.
Tribes' record gaming revenue comes as commercial casinos also posted record revenue last year. In February, it was reported that commercial casino profits reached a record $60 billion in 2022, a nearly 14% increase from 2021.
“Our industry significantly exceeded expectations in 2022,” said Bill Miller, president and CEO of the American Gaming Association. “Put simply: A record number of American adults are choosing casino games for entertainment.”
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Source: www.casino.org
