Tribal casinos across the US generated a total of $29.9 billion in 2015, the National Indian Gaming Commission said in a report from earlier this week. The figure posted represented a record for tribal gambling operations.
Revenue increased 5% as compared to what was reported for 2014. During the previous financial year, tribal casinos generated a total of $28.5 billion. The revenue rise was the biggest one for the tribal gambling industry for the past decade.
The tribal gambling industry experienced certain challenges in the 2008-2009 fiscal year due to the recession. However, over the past six years, it could be said that tribal casinos have been thriving.
According to data from the National Indian Gaming Commission, there were as many as 474 tribal casinos to have operated within the US borders last year. Of all seven designated regions with tribal casinos, the California-Northern Nevada one was the most profitable in 2015. Revenue from local gambling operations amounted to $7.9 billion, up 8% year-on-year, which was actually the largest year-over-year growth to be reported by any of the seven regions.
During the previous financial year, there were 31 casinos to generate full-year gross gaming revenue of at least $250 million. Proceeds from those accounted for 45% or $13.4 billion of the overall figure posted. About 57% of all gaming operations generated revenue of less than $25 million for the fiscal year. There were also venues to have posted revenue of less than $3 million.
Portion of the revenue generated in tribal casinos is used to fund social services, education, emergency services, health care, and other initiatives related to tribal members’ well-being.
Commenting on the reported figures, Jonodev Osceola Chaudhuri, Chairman of the National Indian Gaming Commission, said that they are the result from “strong regulation” that aims at providing “stability and growth” in the Indian gaming industry through “consistency and predictability.” Mr. Chaudhuri further noted that the industry is clearly in a period of significant advancement and growth.
According to official data, the commercial gambling industry also performed more than well during the previous calendar year. Commercial gambling operations generated a total of $40.2 billion, representing an all-time high.
