The landscape of land-based casinos in the United States isn’t a one-size-fits-all scenario, contrary to simplistic assumptions. According to Carlo Santarelli, an experienced analyst with Deutsche Bank, the trajectory of growth for these brick-and-mortar establishments is anything but straightforward. In a conversation with CDC Gaming, Santarelli emphasized several variables that can either hinder or propel their growth. Factors such as legislative amendments, competitive pressures, the rise of online gambling, and other meaningful influences all play intricate roles in shaping the industry.
Diving into specific states, Deutsche Bank’s research delved deep, analyzing 80 regional casinos that have been unaffected by new legal changes or heightened competition since 2013. Interestingly, Iowa tops the list with the highest number of such venues, followed by states like Louisiana and Missouri. Over the past decade, some states like Iowa and Missouri have shown positive revenue trends, while others, including Pennsylvania and Louisiana, have faced significant declines. The cannibalization effect of iGaming has notably impacted land-based casino revenues, particularly in states with legalized online gambling. Pennsylvania, Michigan, and West Virginia have been the hardest hit, experiencing substantial drops in revenue.
Diving into specific states, Deutsche Bank’s research delved deep, analyzing 80 regional casinos that have been unaffected by new legal changes or heightened competition since 2013. Interestingly, Iowa tops the list with the highest number of such venues, followed by states like Louisiana and Missouri. Over the past decade, some states like Iowa and Missouri have shown positive revenue trends, while others, including Pennsylvania and Louisiana, have faced significant declines. The cannibalization effect of iGaming has notably impacted land-based casino revenues, particularly in states with legalized online gambling. Pennsylvania, Michigan, and West Virginia have been the hardest hit, experiencing substantial drops in revenue.
The variance among states is significant. While Iowa experienced a remarkable 20% increase in land-based casino revenue, Missouri also saw a notable 10% growth over the past decade. Kansas and Indiana enjoyed more modest gains, with revenue growth of around 2%. Conversely, Pennsylvania encountered a 12% revenue decline, with Louisiana suffering an even steeper 17% drop. Michigan’s revenues dipped by 7%, while West Virginia saw a 15% decrease. This variation underscores the complexity of the land-based casino sector, highlighting distinct challenges and opportunities across different regions.
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