Connect with us

News

U.S. Casino Gaming Industry Unveils Economic Impact: $329 Billion Boost to Economy

New Study Highlights Crucial Role of Casino Gaming in Job Creation, Tax Revenue, and Community Development

In a recent study conducted by Oxford Economics and released by the American Gaming Association (AGA), the casino gaming industry’s significant annual impact on the U.S. economy has been quantified. The findings reveal a multifaceted contribution, emphasizing the industry’s role in economic growth, job creation, tax revenue generation, and community development.

According to the study, the U.S. commercial and tribal gaming industry collectively contributes a staggering $328.6 billion to the U.S. economy annually. This economic engine supports 1.8 million jobs across the country, with a substantial $104 billion allocated towards wages and salaries. The industry also plays a crucial role in generating tax revenue, contributing $52.7 billion to federal, state, and local governments.

AGA President and CEO Bill Miller highlighted the industry’s positive impact during the State of the Industry remarks at G2E 2023, stating, “The U.S. gaming industry delivers long-term growth and impact to communities, generating significant tax revenue, creating strong jobs, supporting local small businesses, and funding critical community priorities.”

Directly employing more than 700,000 people, the gaming industry surpasses sectors like air transportation, postal service, and motion picture and video in terms of job creation. Notably, direct casino employment constitutes 1 in 33 leisure and hospitality jobs, showcasing its substantial role in this sector.

The $53 billion in taxes generated by the gaming industry becomes a lifeline for local public programs and services, including education, infrastructure, economic development, and supplemental revenue for state general funds. The impact is widespread, fostering growth and development at various levels of the community.

Recent AGA research indicates that 71% of adults recognize the positive impact of the casino gaming industry on the U.S. economy. This growing acknowledgment underscores the industry’s integral role in shaping economic landscapes and fostering community well-being.

The AGA’s Commercial Gaming Revenue Tracker further supports the industry’s robust performance, with 2023 revenue through July pacing 11% ahead of the previous year’s record revenue in commercial gaming.

While the study primarily focuses on the national impact, it’s important to note that Wisconsin, although devoid of commercial casinos, benefits from the state lottery and 24 Tribal casinos. Sports betting is permitted but limited to two Tribal casinos in the state—Oneida Casino in Green Bay and Potawatomi Hotel and Casino in Milwaukee. The comprehensive study sheds light on the immense contributions of the casino gaming industry, painting a holistic picture of its economic significance and multifaceted benefits to communities across the United States.

Advertisement

Must See

More in News

BetgGuru News