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Topline
U.S. casino revenues plunged 31.3% to $ 30.0 billion in 2020, the lowest level since 2003, the American Gaming Association reported on Wednesday, mainly due to the devastating impact of the pandemic. coronavirus.
The American Gaming Association reported on Wednesday that the revenue generated by commercial casinos in … [+]
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Highlights
This is the first time that the overall turnover has decreased since 2014.
US casinos have lost 27% of their normal operating days due to mandatory closings to reduce the spread of the coronavirus.
Revenues declined in all 24 states where casinos are legal, with New Mexico casinos experiencing the largest decline at 79% due to longer shutdowns than the other states.
Crucial quote:
“Covid-19 has devastated our business and the employees and communities across the country who rely on the success of casino games,” AGA President and CEO Bill Miller said on Wednesday. “These numbers show the economic realities of Covid-19 and underscore the importance of targeted federal relief and increased vaccine distribution to accelerate the resumption of play in 2021.”
Key context:
With the pandemic forcing casinos to close, an increase in online sports betting has helped ease the pain for their operators. New Jersey bettors bet $ 996.3 million in December, an all-time high for a single state in a single month, and just north of $ 6 billion in total last year. That’s a 33% increase from the state’s total in 2019. Six states (Colorado, Illinois, Michigan, Montana, Tennessee, Virginia) and Washington, DC, have passed legislation to legalize sports betting in 2020 They have an adult population of around 36 million people. In total, 21 states have legalized sports betting. According to the AGM, the annual U.S. sportsbook grip grew 65% in 2020 to $ 21.5 billion. Revenue was also boosted by iGaming, which generated nearly $ 1.6 billion (an increase of almost 200%) in the four operating markets last year.
Surprising fact:
According to the AGM, the reduction in gaming revenue in 2020 was far greater than the 8.4% drop recorded from 2007 to 2009 during the Great Recession.
Further reading:
Massive increase in Super Bowl bets in New Jersey, as Nevada’s handful of bets decrease (Forbes)
Comprehensive coverage and live updates on the coronavirus
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