Tribal Casinos to Bounce Back from Record Losses
According to the National Indian Gaming Commission, there has been a decrease in fiscal earnings from the Tribal Casinos in the US.
The 2020 earnings report reveals a total of $27.8 billion was earned, which is a deficit of $6.7 billion when compared to the 2019 earnings.
This is the first time since 2009 that a decline in earnings has been reported.
Whilst it could be argued that this figure represents a loss of only 20% over the course of the year, the fact that it is still a big loss cannot be ignored.
The National Indian Gaming Commission is optimistic that there will be a recovery over the next year as an investment program by Tribes has been in place during and before the pandemic.
An indication of the state of the business as a whole can be measured by the earnings period before the pandemic began, which was a very respectable $34 billion.
During the pandemic, the vast majority of Tribal Casinos were forced to close their doors and remained closed for over six months, but 95% are now open again.
The last 10 years of steady growth helped to make it clear that the significant decline in revenue for the fiscal year 2020 was a result of the pandemic.
Despite the disappointing figures, tribal gaming operators are continuing to make large investments into their business as well as into the community, with a $650 million deal being put in place to purchase the Palms Resort in Las Vegas.
It is paramount that the tribal gaming industry continues to make these investments in order to grow their business in order to provide help for tribal members in the local economies.
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