The United States’ casino gambling industry is experiencing remarkable growth, demonstrating its robust economic resilience since the COVID-19 pandemic.
A recent study by the American Gaming Association reveals that the industry generated nearly $329 billion in economic activity in 2022.
This represents a substantial 26% increase from the 2017 figures, signaling a remarkable comeback and a positive outlook for the future.
Commercial and tribal casinos are pivotal in supporting employment throughout the United States.
The industry provides livelihoods to 1.8 million individuals, with approximately 700,000 jobs directly associated with casinos or related businesses.
These numbers have remained relatively stable compared to 2017. The labor force generated a staggering $104 billion in wages nationwide, marking a remarkable 40% increase since 2017.
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How the Casino Industry Contributed $52.7 Billion in Taxes in 2022
The casino industry is a substantial contributor to government revenue at all levels. In 2022, the industry paid $52.7 billion in taxes to federal, state, and local governments.
This represents a significant 29% increase compared to 2017. These tax revenues are critical for funding public services, infrastructure, and government programs.
As the industry thrives, these contributions are expected to grow further, benefiting communities nationwide.
The American Gaming Association’s study marks the first comprehensive assessment of the industry’s economic impact since 2018, offering valuable insights into the sector’s post-pandemic recovery.
Bill Miller, the association’s president and CEO, emphasized the casino industry’s resilience and enduring strength.
Despite facing closures and challenges during the pandemic, the industry has rebounded, reporting record revenues and underlining its importance to the national economy.
The US casino industry is currently experiencing its most successful year in revenue from gamblers. It is on track to surpass the $60 billion earned last year.
This achievement underscores the continued popularity of casino gambling in the United States.
Through the association, the industry intends to leverage these figures to advocate for its goals, including regulatory measures against unlicensed gambling operations.
Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey’s Stockton University, highlighted the broader economic contributions of casinos.
In addition to the money won from gamblers, casinos are often the largest employers in their regions, offering competitive wages and benefits.
Casino employees, in turn, use their income to purchase goods and services, stimulating secondary economic impact.
Furthermore, casinos make significant expenditures on operating costs, including the procurement of goods and services for daily operations and renovations.
They also create employment opportunities for local builders and vendors. These investments ripple through the local economies, boosting multiple sectors.
The study encompassed various aspects of the industry, including money generated from gambling activities, non-gambling casino businesses such as restaurants and stores, capital investments, and spending by gambling device manufacturers.
It also considered supply chain spending by casinos, the spending of casino workers on non-gambling items, and catalytic spending by casino patrons outside casinos, such as transportation and dining at local restaurants.
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Source:Japan Today
