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 STATISTICS

 

RubinBrown’s Gaming Services Group
adds value to clients through an
understanding of gaming regulations
and focus on efficient, effective and
sustainable compliance programs.

Contents

We are nationally known for leadership within the gaming
industry. Our success and reputation is a byproduct of our
commitment to the following:

 3  United States Gaming Industry Overview
▶  Excellence in Quality and Client Service

 6  Commercial Gaming

▶  Thought Leadership
▶  Strategic Partnerships

16 iGaming

▶  Diverse and Inspired Team

18  Limited Stakes Gaming
20  Tribal Gaming
29  Notes, Sources & Acknowledgments

▶  Integrated Approach and Technical Expertise
 

Across Service Lines

Disclaimer: Gaming Statistics, a publication of RubinBrown LLP, is designed
to provide general information regarding the subject matter covered.
Although prepared by professionals, its content should not be construed
as the rendering of advice regarding specific situations. If accounting,
legal, or other expert assistance is needed, consult with your professional
business advisor. Please call RubinBrown with any questions.

Gaming Services Practice Leaders

Brandon Loeschner, CPA, CISA, CGMA
Partner & Gaming Practice Leader
314.290.3324
brandon.loeschner@rubinbrown.com

Daniel Holmes, CPA, CIA, CGMA
Manager & Gaming Practice Leader
314.290.3346
daniel.holmes@rubinbrown.com

 WELCOME
Welcome to the 2016 edition of RubinBrown’s Gaming Statistics. In this, our seventh year, we
continue to provide you with a comprehensive review of the United States gaming industry. This
publication includes statistical data from over 1,000 gaming operations, spanning 40 states and
incorporating all four of the U.S. gaming segments we monitor – commercial, iGaming, limited
stakes and tribal gaming. Refer to page 29 for a detailed definition of each gaming segment.
New to this year’s edition, we are highlighting over 40 specific gaming markets. We are also
taking a look back at the industry’s growth since 2007. Since 2007, the industry has grown by
$5 billion from the pre-recession revenues of $66.1 billion to $71.1 billion in 2015. During the past
nine years, the industry has increased competition, expanded the gaming footprint (regional,
limited stakes, etc.) and adopted legislation to continue expanding online. The U.S. gaming
industry has also opened 90 new casinos and created a $1 billion limited stakes gaming market
in Illinois.
When reading this publication you will also learn the growth experienced in 2015 marked the
sixth consecutive year of growth for the overall industry and the first time the industry surpassed
$70 billion in total gaming revenue. Most importantly, the growth was attributed to increased
revenue from existing casinos, not new openings.
Consistent with the previous three years, you will see the impact of increased competition and
the impact new casinos are having on the distribution of gaming revenue nationwide and the
continued growth of regional gaming. For example, in 2015 there were nine regional gaming
markets with more than 5% growth. As we have done in the past, we continue to provide a
summary of industry news and highlights by segment.
As with every year, we welcome your feedback and inquiries for additional analysis. We have
a deep passion for the industry and our team is always looking for an opportunity to talk
‘gaming’ – gaining insights and perspectives from others while also sharing our own. After all,
this publication would not be possible without the support of the gaming industry’s leaders,
regulators and professionals that we are able to work with throughout the nation. We thank
you for your continued support and we hope RubinBrown’s Gaming Statistics continues to be a
valuable tool to you and your respective teams.

Sincerely,

Brandon Loeschner     

Daniel Holmes

Overview   1

    

UNITED STATES GAMING INDUSTRY OVERVIEW
(Originally published in the March 2016 issue of Casino Journal)

U.S. gaming industry surpasses $70 billion in annual revenue as
organic growth returns to gaming in 2015.
In 2015, the United States gaming industry generated $71.1 billion, growing at an annual rate of 3.1%.
For purposes of this annual analysis the United States gaming industry includes commercial, iGaming,
limited stakes and tribal gaming segments.
The growth seen in 2015 marked the sixth consecutive year of growth for the overall industry and the
first time the industry surpassed $70 billion in total gaming revenue. Most importantly, the growth was
largely attributed to organic growth from existing casinos, which is a welcome change to the industry.
Since 2007, the industry has grown at an annualized rate of 0.9%, expanding by $5 billion from
the pre-recession revenues of $66.1 billion to the $71.1 billion recorded in 2015. During this same
period of time, existing casinos have endured an increase in competition from gaming expansion
activities throughout the nation. The overall industry has seen more than 90 new casino openings,
the emergence of a $1 billion limited stakes gaming market in Illinois and the legalization of online
gaming.

Commercial Gaming
The U.S. commercial gaming segment generated a record $38.3 billion, growing by 2.3% in 2015. The
segment includes 580 casinos across 24 states. While commercial gaming set a new gaming revenues
record in 2015, the most important
fact is 2015 marks the first year since

PERCENTAGE OF GAMING REVENUES BY GAMING SEGMENT

the Great Recession that the majority

iGaming

of existing casinos saw year-over-year
increases in gaming revenues.
RubinBrown currently monitors the
monthly gaming revenues for over

4.6%
4.4%

140 individual casinos. Of those
casinos, that operated for a full

Limited Stakes
Gaming

0.2%

twelve months in both 2014 and
2015, 60.7% saw revenues increase
in 2015. The fact that existing casinos
are seeing an increase in gaming
activity is a welcome change to
the industry which has continually
faced increasing competition and
market cannibalization from gaming
expansion activities.
In 2007, the commercial gaming
segment generated $37.4 billion
from 562 casinos operating across 20
states. In 2015, those same 20 states

53.9%
54.6%

41.3%
40.8%

had two fewer casinos in operation
and generated $35.1 billion, a decline
of 6.1%.

Commercial Gaming

Tribal Gaming
Overview   3

 UNITED STATES GAMING INDUSTRY OVERVIEW
Since 2007, the overall commercial gaming segment has

launched its online poker network which allows players to

benefited from the following areas of growth:

compete across state lines.

•  Addition of 20 casinos across 4 new gaming jurisdictions
– Kansas, Maryland, Massachusetts and Ohio – which
generated gaming revenues of $3.2 billion in 2015 and
•  Expanded table game offerings in 5 states, which
previously only permitted gaming machines.

Limited Stakes Gaming
The limited stakes gaming segment, representing gaming
machines offered at taverns, restaurants and truck stops,
generated $3.3 billion in 2015. Of the three industry segments
that operated prior to the Great Recession, limited stakes

iGaming

gaming has seen the largest increase in revenues. In 2007,

The iGaming segment closed its second full year of gaming

the industry segment included 5 states (excluding Nevada’s

operations in 2015. The industry segment generated $0.2

route operators), that generated $2.6 billion. By 2015, the

billion ($160.7 million) in 2015, growing at a rate of 19.3%.

industry segment expanded into it’s sixth state, Illinois, and

Entering 2016, the iGaming segment continues to garner

saw revenues grow by 28.1% to $3.3 billion.

the attention of numerous state legislatures as a method for
increased tax revenue. However, the inability to establish
uniform regulations on the national stage, has hindered the

While the segment has seen the largest rise in gaming
revenues, the growth has solely been attributed to the Illinois

prospects for rapid growth.

market expansion. In 2015, the Illinois limited stakes gaming

While the potential for national growth continues to be

revenues. Meanwhile, each of the five states (Louisiana,

debated, existing iGaming states, Delaware, New Jersey

Montana, Oregon, South Dakota and West Virginia) that

and Nevada, continue to refine their regulations and look for

had limited stakes operations in 2007, have seen revenues

ways to improve liquidity across their respective jurisdictions.

decline. The five states collectively generated $2.4 billion in

Specifically, in March 2015, Delaware and Nevada formally

2015, down 7.5% from 2007. While the existing states are still

market generated $0.9 billion ($913.6 million) in gaming

Commercial Gaming

$38.32B

GAMING
REVENUES

24 STATES

4   RubinBrown 2016 Gaming Stats

2.3%

580 CASINOS

†

iGaming

$0.16B
3 STATES

19.3%

iGAMING
REVENUES

9 OPERATORS

†

†

see statistical note on page 29

 below pre-recession revenue levels, the states resumed a

2015, the number of gaming operations expanded to over

growth trend in 2015, when they collectively saw revenues

115 casinos; however, the estimated revenue of $10.3 billion

increase compared to 2014.

remained below the peak established in 2007.
Conversely, the Oklahoma gaming market has continued to

Tribal Gaming
In 2015 the tribal gaming segment continued its trend of
growth and expansion. The industry segment represents 459
casinos, operated by 240 tribes that collectively generated
an estimated $29.3 billion in gaming revenues.

see rapid growth and expansion. In 2007, the NIGC’s Tulsa
and Oklahoma City Regions generated $2.6 billion from
102 casinos. Since then, the Oklahoma gaming market has
welcomed more than 30 new casinos, while generating a
$1.6 billion increase in annual revenues.

The industry segment’s overall growth has remained steady
throughout the Great Recession and subsequent recovery,

Looking Forward

with the industry seeing a compounded annual growth

With 2015 completed, the industry is focused on continuing

rate of 1.8% since 2007. During this time, tribal gaming has

the growth trends into 2016. The organic growth witnessed

seen the opening of more than 70 casinos and overall tribal

in 2015 is expected to continue as consumer prices remain

gaming revenues increase by $3.2 billion.

low; however, continued economic uncertainty could bring

While the industry continues to produce year-over-year
growth, the growth has not been uniform in tribal gaming.
Specifically, the National Indian Gaming Commission’s
(NIGC’s) Sacramento and Phoenix Regions continue to
operate below the pre-recession revenue levels. In 2007,
the two regions generated $10.7 billion from 104 casinos. By

Limited Stakes Gaming

$3.28B

9.3%

6 STATES

†

†

see statistical note on page 29

GAMING
REVENUES

11.4%

13,684 OPERATORS

a slow-down in job creation and growth. Beyond organic
growth, the industry is also looking forward to continued
expansion across all four industry segments. Specific to the
commercial gaming market, new casino developments
along the Las Vegas Strip, in New York State, Massachusetts
and Maryland will continue to bring overall growth to the
industry.

Tribal Gaming

$29.34B
28 STATES

GAMING
REVENUES

3.1%

459 CASINOS

Overview   5

 2015 COMMERCIAL GAMING REVENUES

$38.32B

2.3%
53.9%

ALL 2015 GAMING REVENUES

ME

MA
NY
SD

PA

IA
NV

IL
CO

NM

RI

MI

KS

IN

OH
WV

MD
DE

MO

OK
MS

LA
FL

NJ

 COMMERCIAL GAMING
GAMING REVENUES BY REGION

In 2015, the commercial gaming industry generated $38.3 billion, up 2.3%
from 2014. The revenue number also established a new all-time high for

$11.11B
29.0%

commercial gaming, surpassing the $37.8 billion generated in 2013. The
commercial gaming segment represents 24 state gaming jurisdictions and
580 individual casinos. When comparing the commercial gaming market to
the overall industry, it accounts for 53.9% of the United States gaming Industry.
$1.16B
3.0%

The three states with the largest revenue growth rates in 2015 all benefited
from gaming expansion activities in 2014 that carried forward into 2015.

$5.28B
13.8%

$10.57B
27.6%

•  Maryland (up 18.0%) benefited from the Horseshoe Baltimore Casino
operating for a full twelve months in 2015, after opening in August
2014. The casino’s $192.5 million increase in annual gaming revenues
surpassed the state’s $167.3 million increase in revenues.
$10.20B
26.6%

•  Ohio (up 13.3%) benefited from both organic growth and the impact of
three racinos operating for a full twelve months in 2015. The three racinos
generated an additional $152.9 million in 2015 and the state’s overall
gaming industry saw a gaming revenue increase of $186.1 million.
•  Louisiana (up 7.1%) benefited from the expansion of the Lake Charles

Nevada

Northeast Region

Midwest Region

South Region

Other

market and the opening of the Golden Nugget Casino. While the
Golden Nugget cannibalized some revenues from neighboring
casinos, the Lake Charles market increased revenues by $192.8
million, surpassing the state-wide revenue increase of $176.0 million.
The growth through expansion will be limited in 2016, as the opening of
new casinos has slowed. In 2015, there was only one large† casino opening,
Plainridge Park Casino in Plainville, Massachusetts. Looking beyond 2016,
the growth through expansion is expected to resume as the MGM National
Harbor opens in late 2016 (largely impacting 2017 revenues), the opening
of three new casinos in New York scheduled for 2017, and the opening of
two new casinos in Massachusetts in 2018 or 2019.
Even though gaming expansion will continue, the most impactful
trend is organic growth in gaming revenues. In 2015, 17 of the 23 states
experienced gaming revenue increases. (Note: Massachusetts began
offering gaming in 2015 and is excluded from this statistic.) Of these 17
states only Maryland, Ohio and Louisiana benefited from large-scale
expansion activities, meaning the remaining 14 states all benefited from
organic growth in existing markets.
The reasons for positive growth vary by market and demographics;
however, the nation-wide growth trend is attributed to increased consumer
confidence, higher levels of employment and increased disposable
income from a decline in consumer prices (such as gasoline). Beyond the
current economic situation, the industry is working towards sustaining longterm growth through innovation. Both Nevada and New Jersey regulators
have taken steps to implement skill-based electronic gaming machines
which will provide new dynamic games to the traditional casino floor.
While skill-based games will not replace the traditional slot machine in the
near term, it will expand the appeal of gaming to a new consumer base.

†

see statistical note on page 29

Commercial Gaming   7

 COMMERCIAL GAMING REVENUES
NEVADA
NEVADA

$11,113.83M

GAMING REVENUE

1.2%

29.0% COMMERCIAL GAMING REVENUES

15.6% OF ALL GAMING REVENUES

NORTHEAST REGION
DELAWARE

$408.42M

GAMING REVENUE

-0.3%

1.1% COMMERCIAL GAMING REVENUES

0.6% OF ALL GAMING REVENUES

MAINE

$129.81M

GAMING REVENUE

2.0%

0.3% COMMERCIAL GAMING REVENUES

0.2% OF ALL GAMING REVENUES

$1,098.43M

GAMING REVENUE

18.0%

2.9% COMMERCIAL GAMING REVENUES

1.5% OF ALL GAMING REVENUES

$88.23M

GAMING REVENUE

n/a

0.2% COMMERCIAL GAMING REVENUES

0.1% OF ALL GAMING REVENUES

NEW JERSEY

$2,414.24M

GAMING REVENUE

-7.8%

6.3% COMMERCIAL GAMING REVENUES

3.4% OF ALL GAMING REVENUES

NEW YORK

$1,950.96M

GAMING REVENUE

2.8%

5.1% COMMERCIAL GAMING REVENUES

2.7% OF ALL GAMING REVENUES

PENNSYLVANIA

$3,173.79M

GAMING REVENUE

3.4%

8.3% COMMERCIAL GAMING REVENUES

4.5% OF ALL GAMING REVENUES

RHODE ISLAND

$615.82M

GAMING REVENUE

-0.1%

1.6% COMMERCIAL GAMING REVENUES

0.9% OF ALL GAMING REVENUES

WEST VIRGINIA

$687.35M

GAMING REVENUE

-5.0%

1.8% COMMERCIAL GAMING REVENUES

1.0% OF ALL GAMING REVENUES

MARYLAND
MASSACHUSETTS

MIDWEST REGION
ILLINOIS

$1,438.03M

GAMING REVENUE

-1.7%

3.8% COMMERCIAL GAMING REVENUES

2.0% OF ALL GAMING REVENUES

INDIANA

$2,141.88M

GAMING REVENUE

-0.7%

5.6% COMMERCIAL GAMING REVENUES

3.0% OF ALL GAMING REVENUES

IOWA

$1,424.35M

GAMING REVENUE

2.0%

3.7% COMMERCIAL GAMING REVENUES

2.0% OF ALL GAMING REVENUES

$367.78M

GAMING REVENUE

4.0%

1.0% COMMERCIAL GAMING REVENUES

0.5% OF ALL GAMING REVENUES

MICHIGAN

$1,376.41M

GAMING REVENUE

3.3%

3.6% COMMERCIAL GAMING REVENUES

1.9% OF ALL GAMING REVENUES

MISSOURI

$1,701.90M

GAMING REVENUE

2.5%

4.4% COMMERCIAL GAMING REVENUES

2.4% OF ALL GAMING REVENUES

OHIO

$1,643.68M

GAMING REVENUE

13.3%

4.3% COMMERCIAL GAMING REVENUES

2.3% OF ALL GAMING REVENUES

$108.36M

GAMING REVENUE

4.1%

0.3% COMMERCIAL GAMING REVENUES

0.2% OF ALL GAMING REVENUES

$533.66M

GAMING REVENUE

6.1%

1.4% COMMERCIAL GAMING REVENUES

0.8% OF ALL GAMING REVENUES

LOUISIANA

$2,648.54M

GAMING REVENUE

7.1%

6.9% COMMERCIAL GAMING REVENUES

3.7% OF ALL GAMING REVENUES

MISSISSIPPI

$2,097.07M

GAMING REVENUE

1.4%

5.5% COMMERCIAL GAMING REVENUES

2.9% OF ALL GAMING REVENUES

COLORADO

$790.08M

GAMING REVENUE

5.9%

2.1% COMMERCIAL GAMING REVENUES

1.1% OF ALL GAMING REVENUES

NEW MEXICO

$256.02M

GAMING REVENUE

-0.6%

0.7% COMMERCIAL GAMING REVENUES

0.4% OF ALL GAMING REVENUES

OKLAHOMA

$113.14M

GAMING REVENUE

1.6%

0.3% COMMERCIAL GAMING REVENUES

0.2% OF ALL GAMING REVENUES

KANSAS

SOUTH DAKOTA

SOUTH REGION
FLORIDA

OTHER

8   RubinBrown 2016 Gaming Stats

 NEVADA
$7,003.23M

EGD REVENUE

3.8%

$128.81
REVENUE PER
EGD PER DAY

$4,110.60M

TABLE GAMES REVENUE

-3.8%

$1,873.71
REVENUE PER
TG PER DAY

NEVADA

NORTHEAST REGION
$351.77M
$106.37M

EGD REVENUE

-0.1%

EGD REVENUE

1.5%

$718.94M

EGD REVENUE

14.3%

$88.23M

EGD REVENUE

n/a

$1,731.46M

EGD REVENUE

-7.6%

$1,950.96M

EGD REVENUE

2.8%

$2,365.65M

EGD REVENUE

7.8%

$501.37M

EGD REVENUE

-2.9%

$552.72M

EGD REVENUE

-4.7%

$148.24
REVENUE PER
EGD PER DAY

$180.19
REVENUE PER
EGD PER DAY

$310.77
REVENUE PER
EGD PER DAY

$52.54M

TABLE GAMES REVENUE

2.4%

$23.44M

TABLE GAMES REVENUE

4.2%

$379.49M

TABLE GAMES REVENUE

25.5%

$198.68

$281.35

$682.78M

$296.99

$247.15

$250.25
REVENUE PER
EGD PER DAY

$226.69
REVENUE PER
EGD PER DAY

$1,533.32
REVENUE PER
TG PER DAY

$4,382.02
REVENUE PER
TG PER DAY

TABLE GAMES REVENUE

-8.3%

$808.14M

TABLE GAMES REVENUE

7.8%

$114.45M

TABLE GAMES REVENUE

14.6%

$134.63M

TABLE GAMES REVENUE

-6.1%

DELAWARE
MAINE
MARYLAND
MASSACHUSETTS

$1,582.93
REVENUE PER
TG PER DAY

NEW JERSEY
NEW YORK

STATE LIMITED TO SLOTS-ONLY FACILITIES

REVENUE PER
EGD PER DAY

REVENUE PER
EGD PER DAY

REVENUE PER
TG PER DAY

STATE LIMITED TO SLOTS-ONLY FACILITIES

REVENUE PER
EGD PER DAY

REVENUE PER
EGD PER DAY

$1,274.45

$1,959.89
REVENUE PER
TG PER DAY

$3,344.82
REVENUE PER
TG PER DAY

$1,263.40
REVENUE PER
TG PER DAY

PENNSYLVANIA
RHODE ISLAND
WEST VIRGINIA

MIDWEST REGION
$1,160.09M

EGD REVENUE

-2.7%

$1,806.34M

EGD REVENUE

-0.4%

$1,282.35M

EGD REVENUE

1.9%

$315.49M

EGD REVENUE

4.7%

$307.90
REVENUE PER
EGD PER DAY

$251.12
REVENUE PER
EGD PER DAY

$202.89
REVENUE PER
EGD PER DAY

$188.67
REVENUE PER
EGD PER DAY

$277.94M

TABLE GAMES REVENUE

2.6%

$335.55M

TABLE GAMES REVENUE

-2.2%

$142.01M

TABLE GAMES REVENUE

3.3%

$52.23M

TABLE GAMES REVENUE

0.3%

EGD REVENUE NOT REPORTED

$1,478.53M

EGD REVENUE

$1,381.42M

EGD REVENUE

$96.91M

EGD REVENUE

1.9%

16.7%

4.3%

$2,609.04
REVENUE PER
TG PER DAY

$1,344.26
REVENUE PER
TG PER DAY

$791.60
REVENUE PER
TG PER DAY

$1,010.50
REVENUE PER
TG PER DAY

$225.06

$206.19
REVENUE PER
EGD PER DAY

$81.93
REVENUE PER
EGD PER DAY

$223.36M
$262.26M
$11.45M

TABLE GAMES REVENUE

6.7%

TABLE GAMES REVENUE

-4.2%

TABLE GAMES REVENUE

2.7%

INDIANA
IOWA
KANSAS
MICHIGAN

TABLE GAMES REVENUE NOT REPORTED

REVENUE PER
EGD PER DAY

ILLINOIS

$1,113.34
REVENUE PER
TG PER DAY

$1,651.88
REVENUE PER
TG PER DAY

$306.10
REVENUE PER
TG PER DAY

MISSOURI
OHIO
SOUTH DAKOTA

SOUTH REGION
$533.66M

EGD REVENUE

6.1%

$195.12
REVENUE PER
EGD PER DAY

EGD REVENUE NOT REPORTED

$1,758.31M

EGD REVENUE

1.4%

$172.47
REVENUE PER
EGD PER DAY

$338.76M

STATE LIMITED TO SLOTS-ONLY FACILITIES

FLORIDA

TABLE GAMES REVENUE NOT REPORTED

LOUISIANA

TABLE GAMES REVENUE

1.3%

$1,183.41
REVENUE PER
TG PER DAY

MISSISSIPPI

OTHER
$694.92M

EGD REVENUE

5.0%

$256.02M

EGD REVENUE

-0.6%

$113.14M

EGD REVENUE

1.6%

EGD = Electronic Gaming Devices  

$141.23
REVENUE PER
EGD PER DAY

$237.82
REVENUE PER
EGD PER DAY

NUMBER OF EGDs
NOT REPORTED ON
MONTHLY BASIS

$95.16M

TABLE GAMES REVENUE

13.1%

$868.40
REVENUE PER
TG PER DAY

COLORADO

STATE LIMITED TO SLOTS-ONLY FACILITIES

NEW MEXICO

STATE LIMITED TO SLOTS-ONLY FACILITIES

OKLAHOMA

TG = Table Games

Commercial Gaming   9

 STATE GAMING TAX REVENUES
NEVADA
NEVADA

8.2%

1931
8.2%

GAMING LEGALIZED
EFFECTIVE TAX RATE

GRADUATED TAX RATE: 3.5% - 6.75% (PLUS ADMINISTRATIVE FEES)

$907.01M

GAMING TAX REVENUE

NORTHEAST REGION
DELAWARE

1994

GAMING LEGALIZED

39.0%

EFFECTIVE TAX RATE

MAINE

2004

GAMING LEGALIZED

40.2%

EFFECTIVE TAX RATE

MARYLAND

2008

GAMING LEGALIZED

46.1%

EFFECTIVE TAX RATE

MASSACHUSETTS

2011

GAMING LEGALIZED

49.0%

EFFECTIVE TAX RATE

NEW JERSEY

1976

GAMING LEGALIZED

NEW YORK

2001

GAMING LEGALIZED

45.5%

EFFECTIVE TAX RATE

PENNSYLVANIA

2004

GAMING LEGALIZED

43.5%

EFFECTIVE TAX RATE

RHODE ISLAND

1992

GAMING LEGALIZED

52.2%

EFFECTIVE TAX RATE

WEST VIRGINIA

1994

GAMING LEGALIZED

50.7%

EFFECTIVE TAX RATE

9.6%

EFFECTIVE TAX RATE

37.2%

GAMING LEGALIZED

33.9%

EFFECTIVE TAX RATE

INDIANA

1993

GAMING LEGALIZED

28.4%

EFFECTIVE TAX RATE

IOWA

1989

GAMING LEGALIZED

21.7%

EFFECTIVE TAX RATE

KANSAS

2007

GAMING LEGALIZED

27.0%

EFFECTIVE TAX RATE

MICHIGAN

1996

GAMING LEGALIZED

19.0%

EFFECTIVE TAX RATE

MISSOURI

1993

GAMING LEGALIZED

26.1%

EFFECTIVE TAX RATE

OHIO

2009

GAMING LEGALIZED

33.4%

EFFECTIVE TAX RATE

SOUTH DAKOTA

1989

GAMING LEGALIZED

14.4%

EFFECTIVE TAX RATE

-3.2%

$52.21M

GAMING TAX REVENUE

1.7%

$505.86M

GAMING TAX REVENUE

9.8%

$43.23M

GAMING TAX REVENUE

n/a

STRAIGHT-LINE TAX RATE: 8.0% OR 10.25%

$230.93M

GAMING TAX REVENUE

-4.2%

STRAIGHT-LINE TAX RATE: 64.0%

$888.37M

GAMING TAX REVENUE

2.8%

BLENDED TAX RATE: 55.0% EGD & 16.0% TABLE GAMES

$1,379.23M

GAMING TAX REVENUE

2.3%

BLENDED TAX RATE: 60.0% EGD & 18.0% TABLE GAMES

$321.42M

GAMING TAX REVENUE

-1.9%

RACINOS BLENDED TAX RATE: 54.9% EGD & 35.0% TABLE GAMES
HISTORIC RESORTS TAX RATE: 57.7% EGD & 35.0% TABLE GAMES

$348.37M

GAMING TAX REVENUE

-0.3%

CASINOS BLENDED TAX RATE: 46.0% EGD & 16.0% TABLE GAMES
RACINOS BLENDED TAX RATE: 40.0% EGD & 16.0% TABLE GAMES
BLENDED TAX RATE: 50.0%, 57.0% or
67.0% EGD & 20.0% TABLE GAMES
SLOTS ONLY CACINOS BLENDED TAX RATE: 49.0%
RESORT CASINOS STRAIGHT-LINE TAX RATE: 25.0% (ONCE OPEN)

$488.04M

GAMING TAX REVENUE

-2.5%

RIVERBOAT GRADUATED TAX RATE: 5.0% - 40.0%
(PLUS $3 ADMISSION FEE PER PATRON PER DAY)
RACINOS GRADUATED TAX RATE: 25.0% - 35.0%

$608.06M

GAMING TAX REVENUE

-2.3%

CASINOS GRADUATED TAX RATE: 5.0% - 22.0%
RACINOS GRADUATED TAX RATE: 22.0% OR 24.0%

$309.68M

GAMING TAX REVENUE

0.6%

STRAIGHT-LINE TAX RATE: 27.0%

$99.30M

GAMING TAX REVENUE

4.0%

STRAIGHT-LINE TAX RATE: 19.0%

$261.52M

GAMING TAX REVENUE

3.3%

STRAIGHT-LINE TAX RATE: 21.0%
(PLUS $2 ADMISSION FEE PER PATRON PER 2 HOURS)

$443.89M

GAMING TAX REVENUE

1.6%

CASINOS STRAIGHT-LINE TAX RATE: 33.0%
RACINOS STRAIGHT-LINE TAX RATE: 33.5%

$548.69M

GAMING TAX REVENUE

12.6%

$15.58M

GAMING TAX REVENUE

-1.8%

STRAIGHT-LINE TAX RATE: 8.0%
(PLUS $2,000 ANNUAL FEE PER GAMING DEVICE)

20.4%

2006

GAMING LEGALIZED

34.8%

EFFECTIVE TAX RATE

LOUISIANA †

1991

GAMING LEGALIZED

24.2%

EFFECTIVE TAX RATE

MISSISSIPPI

1990

GAMING LEGALIZED

12.0%

EFFECTIVE TAX RATE

COLORADO

1990

GAMING LEGALIZED

14.4%

EFFECTIVE TAX RATE

NEW MEXICO

1997

GAMING LEGALIZED

26.0%

EFFECTIVE TAX RATE

OKLAHOMA

2004

GAMING LEGALIZED

18.3%

EFFECTIVE TAX RATE

EFFECTIVE TAX RATE

STRAIGHT-LINE TAX RATE: 35.0%

$185.73M

GAMING TAX REVENUE

4.7%

CASINOS STRAIGHT-LINE TAX RATE: 21.5%1
RACINOS STRAIGHT-LINE TAX RATE: 33.17%

$639.80M

GAMING TAX REVENUE

11.1%

GRADUATED TAX RATE AND VARIES BY LOCATION: 4.4 % - 12.0%
(PLUS ADMINISTRATIVE FEES)

$252.41M

GAMING TAX REVENUE

2.4%

OTHER

17.3%

10   RubinBrown 2016 Gaming Stats

EFFECTIVE TAX RATE

GRADUATED TAX RATE: 15.0% - 50.0%
(PLUS $2-3 ADMISSION FEE PER PATRON PER DAY)

SOUTH REGION
FLORIDA

EFFECTIVE TAX RATE

GAMING TAX REVENUE

27.2%

1990

-0.3%

$159.32M

BLENDED TAX RATE: 59.5% EGD & 33.9% TABLE GAMES

MIDWEST REGION
ILLINOIS

EFFECTIVE TAX RATE

EFFECTIVE TAX RATE

$113.80M

GAMING TAX REVENUE

7.2%

RACINOS STRAIGHT-LINE TAX RATE: 26.0%

$66.51M

GAMING TAX REVENUE

-0.2%

RACINOS GRADUATED TAX RATE: 10.0% - 30.0%

$20.76M

GAMING TAX REVENUE

0.6%

GRADUATED TAX RATE: 0.25% - 20.0%

†

see statistical note on page 29

  NEVADA
$13.00B

354 OPS
352 OPS

350

$12.50B

350 OPS

$12.25B

348 OPS

$12.00B

346 OPS

343

344 OPS

342

342 OPS

339

$11.00B

340

339

338 OPS

336

335

$11.11B
GAMING REVENUE

29.0%
1.2%

COMMERCIAL GAMING REVENUES
15.6% OF ALL GAMING REVENUES

$10.98B
20

14

$11.14B
13
20

$10.86B
12
20

20

11

$10.79B

$10.33B
20

10

$10.45B
09
20

$12.07B
08

20

07

$10.00B

20

$10.25B

$12.77B

$10.75B
$10.50B

340 OPS

63.0% REVENUE FROM ELECTRONIC GAMING DEVICES
37.0% REVENUE FROM TABLE GAMES

335

$11.11B

340

$11.25B

336 OPS
334OPS
332 OPS
330 OPS

15

$11.50B

20

$11.75B

NO. CASINO OPERATIONS

GAMING REVENUES

$12.75B

$33.18M

CASINO
OPERATIONS

$10.57

AVERAGE REVENUE
PER CASINO
GAMING

In 2015, the Nevada gaming market generated a 1.2% increase in

TOP 10 NEVADA MARKETS

revenues, which was the smallest percentage of revenue increase

(revenue increased in 8 of 10 markets in 2015)

REVE

of the five regions monitored by RubinBrown. While the state's
overall increase was limited, growth in gaming revenues was
seen in eight of the top ten markets. The Nevada gaming market
remains 13.0% below the revenue peak established in 2007.
•  Las Vegas establishes a new visitation record. In 2015, 42.3
million people visited the city, a 2.9% increase from the
previous record established in 2013. Since 2007, overall visitor
volume has increased 7.9%. While gaming revenues have not
returned to pre-recession levels, the Las Vegas Strip’s hotels are
once again enjoying occupancy rates of 90%.
•  Nevada legalizes skill-based slot machines. In May 2015, the
Nevada Legislature passed legislation which allows for an

LAS VEGAS STRIP

$6,347.91M

1 NATIONAL RANK

#

BOULDER STRIP

$784.35M

11 NATIONAL RANK

#

$694.19M

16 NATIONAL RANK

#

$541.79M

22 NATIONAL RANK

#

$467.28M

BALTIMORE, M

8.4%

GAMING REVENUE

LAUGHLIN

PHILADELPHIA

3.6%

GAMING REVENUE

LAS VEGAS DOWNTOWN

NEW YORK CIT

-1.8%

GAMING REVENUE

RENO / SPARKS

ATLANTIC CITY

0.5%

GAMING REVENUE

25 NATIONAL RANK

#

BETHLEHEM / S

1.4%

GAMING REVENUE

element of skill to be included in slot machine technology. The
state’s regulators and gaming manufacturers are working to
incorporate skill-based technologies in future games.

NORTH LAS VEGAS

$271.30M

33 NATIONAL RANK

#

LAKE TAHOE

$230.52M

36 NATIONAL RANK

#

$175.23M

41 NATIONAL RANK

#

$114.09M

48 NATIONAL RANK

#

$100.78M

50 NATIONAL RANK

#

GAMING REVENUE

HARRISBURG, P

1.3%

GAMING REVENUE

CARSON VALLEY

CHARLESTON,

7.2%

GAMING REVENUE

MESQUITE

PROVIDENCE,

-1.6%

GAMING REVENUE

WENDOVER

PITTSBURG, PA

0.5%

GAMING REVENUE

SARATOGA, N

4.5%

Commercial Gaming   11

 NORTHEAST REGION
$11.00B

54 OPS

$10.80B

52 OPS

$10.60B

50 OPS

$9.80B
$9.60B

40 OPS

27.6%
1.7%

COMMERCIAL GAMING REVENUES
14.9% OF ALL GAMING REVENUES

TOP 10 NORTHEAST REGION MARKETS
(revenue increased in 7 of 10 markets in 2015)

79.2% REVENUE FROM ELECTRONIC GAMING DEVICES
20.8% REVENUE FROM TABLE GAMES

$10.57B

34 OPS
32 OPS
30 OPS

15

$10.39B

20

14
20

$10.65B
13
20

$10.49B
20

12

$9.84B
11
20

20

20

10

$9.17B

$8.88B
09

$9.11B
20

20

08

07

$8.60B

38 OPS
36 OPS

$8.84B

$8.80B

REVENUE

42 OPS

36

35

46 OPS
44 OPS

38

$9.40B

$10.57B

47

46

41

$9.00B

$33.18M

47

43

$10.00B

$9.20B

AVERAGE REVENUE
PER CASINO
GAMING

48 OPS

49

$10.20B

NO. CASINO OPERATIONS

GAMING REVENUES

$10.40B

47

CASINO
OPERATIONS

$224.80M

The Northeast region has been the fastest growing gaming market
since 2007, increasing gaming revenues by 19.5%. However, the
region’s growth has stalled over the last three years, as the region

1 NATIONAL RANK

#

ATLANTIC CITY, NJ

$2,414.24M
11 NATIONAL RANK

#

16 NATIONAL RANK

22 NATIONAL RANK

#

4 NATIONAL RANK

#

6 NATIONAL RANK

#

CHICAGO (IN
IL) smallest three-year compounded annual growth (CAGR)
has&the

of 0.2%. While the regional growth has stalled, the prospect for
growth remains strong with the construction of 6 new casinos

DETROIT, MI

underway in Maryland, Massachusetts and New York.
•  Massachusetts welcomes its first casino in 2015, with the

ST. LOUIS (MO & IL)

opening of the Plainridge Park Casino, a slots-only casino

3.7%

GAMING REVENUE

BALTIMORE, MD

$996.45M

3.3%

GAMING REVENUE

PHILADELPHIA, PA

$1,191.97M

-7.8%

GAMING REVENUE

NEW YORK CITY, NY

$1,389.51M

#

2 NATIONAL RANK

#

8 NATIONAL RANK

#

operated by Penn National Gaming. The state has been
the focus of gaming expansion since gaming was legalized

KANSAS CITY (MO & KS)

in 2011. Voters only authorized the development of four

19.3%

GAMING REVENUE

casinos while having a population of 6.7 million people. The
25 NATIONAL RANK

#

BETHLEHEM / SCRANTON, PA

$965.56M

9 NATIONAL RANK

#

CINCINNATI (OHnext
& IN)casino opening is not scheduled until 2018, when MGM

International anticipates opening a resort style casino in

5.4%

GAMING REVENUE

Springfield.
33 NATIONAL RANK

#

PITTSBURG, PA

$599.84M
36 NATIONAL RANK

#

41 NATIONAL RANK

48 NATIONAL RANK

#

50 NATIONAL RANK

GAMING REVENUE

29 NATIONAL RANK

•  Horsehoe Baltimore boosts Maryland’s revenues. In 2015,
Maryland led the nation in the percentage of revenue growth,

CENTRAL INDIANA

as the state’s gaming industry increased gaming revenues
18.0%. The increase was attributed to the opening of the
Horseshoe Baltimore Casino which completed its first full

SOUTHERN INDIANA

calendar year of operation after opening in August 2014. The

-2.7%

GAMING REVENUE

Horsehoe Casino also leads the region in the percentage of
35 NATIONAL RANK

#

42 NATIONAL RANK

#

GAMING REVENUE

12   RubinBrown 2016 Gaming Stats

generated from table games, generating 45.6% of its
COUNCIL BLUFFS,revenue
IA
revenue from table games.

1.2%

GAMING REVENUE

SARATOGA, NY

$160.92M

CLEVELAND, OH

no change

#

HARRISBURG, PA

$250.34M

#

21 NATIONAL RANK

#

CHARLESTON, WV

$382.92M

1.4%

GAMING REVENUE

PROVIDENCE, RI

$571.28M

#

18 NATIONAL RANK

#

1.4%

COLUMBUS, OH

$10.20

AVERAGE REVENUE
PER CASINO
GAMING

REVE

  

MIDWEST REGION
$11.00B

104 OPS

101

$10.80B

100

99

$10.60B

101

100 OPS
98 OPS

$10.20B

96 OPS

93

$10.00B
$9.80B

88

90 OPS

REVENUE

26.6%
2.9%

COMMERCIAL GAMING REVENUES
14.3% OF ALL GAMING REVENUES

85.2% REVENUE FROM ELECTRONIC GAMING DEVICES
14.8% REVENUE FROM TABLE GAMES

101

80 OPS

15

$10.20B

82 OPS

20

$9.92B
20

14

$9.90B
13
20

$9.78B
12
20

20

11

$8.98B

$8.84B
10
20

09
20

08
20

07

$10.20B

$8.73B

84 OPS

$8.80B

86 OPS

$9.00B

$9.00B

88 OPS

20

$224.80M

92 OPS

90

89

$9.20B

$8.60B

AVERAGE REVENUE
PER CASINO
GAMING

89

94 OPS

$9.40B

$8.80B

NO. CASINO OPERATIONS

GAMING REVENUES

$10.40B

$9.60B

102 OPS

$101.01M

CASINO
OPERATIONS

$5.28B

AVERAGE REVENUE
PER CASINO
GAMING

In 2015, the Midwest region generated a 2.9% increase in revenues.

TOP 10 MIDWEST REGION MARKETS

The region has been the second fastest growing region since 2007,

(revenue increased in 7 of 10 markets in 2015)

REVE

seeing overall gaming revenues increase by $1.2 billion or 13.4%.
2 NATIONAL RANK

#

The increase is attributed to the expansion of gaming in Kansas

$1,968.44M

and Ohio; these two states did not offer gaming in 2007, but
collectively generated over $2 billion in gaming revenues in 2015.

4 NATIONAL RANK

#

2014, marking the end of an impressive gaming expansion

6 NATIONAL RANK

#

stalled growth for the state. Since September 2015, Ohio has

8 NATIONAL RANK

#

seen monthly gaming revenues increase by an average of

5 NATIONAL RANK

#

$782.05M

SHREVEPORT /

3.3%

GAMING REVENUE

7 NATIONAL RANK

#

LAKE CHARLES

1.0%

GAMING REVENUE

KANSAS CITY (MO & KS)

BILOXI, MS

-1.3%

GAMING REVENUE

ST. LOUIS (MO & IL)

$1,006.47M

effort. However, the lack of new casino openings has not

3 NATIONAL RANK

#

DETROIT, MI

$1,376.41M

•  Ohio’s gaming grows while casino expansion is complete.
Ohio opened its final casino (a slots-only racino) in August

CHICAGO (IN & IL)

12 NATIONAL RANK

#

TUNICA / LULA

3.2%

GAMING REVENUE

6.1% when compared to the same month last year.
9 NATIONAL RANK

#

•  South Dakota's expanded game offerings yield record

CINCINNATI (OH & IN)

$708.28M

15 NATIONAL RANK

#

NEW ORLEANS

3.9%

GAMING REVENUE

revenues. After state voters approved an amendment
authorizing roulette, keno and craps in November 2014, the #18 NATIONAL RANK CLEVELAND, OH
$529.98M
state welcomed the games to the casino floor in July 2015.
After the introduction of the new games, the state has seen
monthly revenues increase by an average of 4.4% when

21 NATIONAL RANK

#

revenues, the state also established a new record in annual
gaming revenues, generating $108.4 million.

29 NATIONAL RANK

#

$434.50M
35 NATIONAL RANK

#

42 NATIONAL RANK

27 NATIONAL RANK

#

BATON ROUGE

-0.5%

GAMING REVENUE

28 NATIONAL RANK

#

-2.4%

GAMING REVENUE

COLUMBUS, OH

$355.64M

BAY ST. LOUIS

3.0%

GAMING REVENUE

COUNCIL BLUFFS, IA

$419.49M
#

26 NATIONAL RANK

#

SOUTHERN INDIANA

MIAMI / FT. LA

1.9%

GAMING REVENUE

CENTRAL INDIANA

$446.62M

compared to the same month last year. With this increase in

24 NATIONAL RANK

#

30 NATIONAL RANK

#

GAMING REVENUE

3.2%

Commercial Gaming   13

 SOUTH REGION
$6.40B

64 OPS

$6.20B

62 OPS

$6.00B

60 OPS

56

$5.60B
$5.40B
$5.20B

54

53

56 OPS
54 OPS
52 OPS

REVENUE

13.8%
4.7%

COMMERCIAL GAMING REVENUES
7.4% OF ALL GAMING REVENUES

$5.28B

42 OPS
40 OPS

15

$5.04B

20

14

13
20

87.1% REVENUE FROM ELECTRONIC GAMING DEVICES
12.9% REVENUE FROM TABLE GAMES

20

$5.05B

$5.08B
12
20

11
20

10
20

09

20

20

08

07
20

$5.28B

$5.00B

44 OPS

$5.09B

46 OPS

$4.40B

$5.14B

48 OPS

$4.60B

$5.53B

$4.80B

$5.66B

50 OPS

$4.00B

$101.01M

55

$5.00B

$4.20B

AVERAGE REVENUE
PER CASINO
GAMING

52

51

50

53

58 OPS

56

NO. CASINO OPERATIONS

GAMING REVENUES

$5.80B

55

CASINO
OPERATIONS

$95.99M

TOP 8 SOUTH REGION MARKETS

The South was the fastest growing region in 2015, as gaming

(revenue increased in 5 of 8 markets in 2015)

revenues grew by 4.7% in 2015. The growth was a welcomed
change for the region which experienced revenue declines in both

3 NATIONAL RANK

#

BILOXI, MS

$856.64M
5 NATIONAL RANK

#

7 NATIONAL RANK

12 NATIONAL RANK

#

-0.5%

14 NATIONAL RANK

#

36.5%

GAMING REVENUE

TUNICA / LULA, MS

$634.73M

13 NATIONAL RANK

#

GAMING REVENUE

LAKE CHARLES, LA

$721.68M

3.3%

GAMING REVENUE

SHREVEPORT / BOSSIER CITY, LA

$732.51M
#

10 NATIONAL RANK

#

17 NATIONAL RANK

#

-6.5%

GAMING REVENUE

BLACKHAWK,
COand 2014. Since 2007, the region has seen overall gaming
2013

revenue decline by 6.7%, which is attributed to the Mississippi
gaming market. Since the Great Recession, Mississippi (tied with

NEW MEXICO RACINOS

New Jersey) has endured the largest percentage decline (-27.5%)
in gaming revenues.

CRIPPLE CREEK, CO

•  Golden Nugget boosts Lake Charles into a Top 15 gaming
market. The opening of the Golden Nugget Casino in
December 2014, led to a 36.5% surge in gaming revenues for

OKLAHOMA RACINOS

the Lake Charles market. The increase in revenues propelled
the market from #21 to #14 in the rankings of national

15 NATIONAL RANK

#

NEW ORLEANS, LA

$576.22M

20 NATIONAL RANK

#

commercial gaming markets, based on revenue.
CENTRAL CITY, CO

-3.7%

GAMING REVENUE

•  Florida gaming continues its growth trend, while rumors of
24 NATIONAL RANK

#

MIAMI / FT. LAUDERDALE, FL

$533.66M
26 NATIONAL RANK

#

27 NATIONAL RANK

#

31 NATIONAL RANK

#

17.0%

GAMING REVENUE

BATON ROUGE, LA

$291.47M

6.1%

GAMING REVENUE

BAY ST. LOUIS / GULFPORT, MS

$295.89M

23 NATIONAL RANK

#

32 NATIONAL RANK

#

GAMING REVENUE

28 NATIONAL RANK

#

30 NATIONAL RANK

#

14   RubinBrown 2016 Gaming Stats

4.6%

expansion continue. The Florida racino gaming market has
the longest growth streak in the nation, with six consecutive
years of annual revenue growth. While the racinos in Broward
and Miami Dade counties have enjoyed continued growth,
the state’s legislature continues to debate the possibility
for gaming expansion throughout Florida with proponents
claiming (once again) that this is the year a gaming expansion
law will be passed.

$1.16B

AVERAGE REVENUE
PER CASINO
GAMING

REVE

  OTHER
$2.60B

54 OPS

$2.40B
$2.20B

52 OPS

49

49

48 OPS

46

46 OPS

43

42

44 OPS

REVENUE

3.0%
4.0%

COMMERCIAL GAMING REVENUES
1.6% OF ALL GAMING REVENUES

91.8% REVENUE FROM ELECTRONIC GAMING DEVICES
8.2% REVENUE FROM TABLE GAMES

$1.16B

32 OPS
30 OPS

15

$1.11B

20

14
20

13
20

12
20

11
20

10
20

09
20

08
20

07
20

$1.16B

$1.10B

34 OPS

$1.12B

36 OPS

$0.60B

$1.11B

38 OPS

$0.80B

$1.11B

$1.00B

$1.08B

40 OPS

$1.07B

42 OPS

$1.20B

$1.14B

$1.40B

$0.20B

$95.99M

46

$1.60B

$0.40B

AVERAGE REVENUE
PER CASINO
GAMING

46

$1.80B

NO. CASINO OPERATIONS

GAMING REVENUES

$2.00B

50 OPS

48

47

42

CASINO
OPERATIONS

$27.60M

AVERAGE REVENUE
PER CASINO

TOP 5 OTHER MARKETS

The remaining gaming markets experienced a year of mixed results

(revenue increased in 4 of 5 markets in 2015)

in 2015. Colorado led the way with a 5.9% increase in revenues,
while New Mexico saw a 0.6% decline. Since 2007, these other
markets have seen overall gaming revenues remain relatively flat.10
#

NATIONAL RANK

BLACKHAWK, CO

$595.79M

19 NATIONAL RANK

#

6.3%

GAMING REVENUE

•  Colorado a leader in organic growth. In 2015, the Colorado
#
13 NATIONAL RANK NEW MEXICO RACINOS
gaming market increased at a rate of 5.9%, which was the fifth
$256.02M GAMING REVENUE
highest growth rate among the 24 states offering commercial

gaming. While Colorado was fifth overall, three of the four

14 NATIONAL RANK

#

states with higher growth rates all benefited from the opening
of new casinos. Florida was the only state ahead of Colorado
that did not have a new casino opening.

17 NATIONAL RANK

#

CRIPPLE CREEK, CO

$128.05M

•  Oklahoma racinos return to positive growth in 2015. The

#
Oklahoma slots-only racinos overcame two consecutive years
20 NATIONAL RANK CENTRAL CITY, CO
of declining revenues with a 1.6% increase in 2015. Since 2007,
$66.24M

-0.6%

47 NATIONAL RANK

#

4.1%

GAMING REVENUE

OKLAHOMA RACINOS

$113.14M

34 NATIONAL RANK

#

49 NATIONAL RANK

#

1.6%

GAMING REVENUE

60 NATIONAL RANK

#

GAMING REVENUE

6.3%

the overall Oklahoma market has experienced tremendous
growth. Commercial racinos have seen annual gaming

23 NATIONAL RANK

#

revenues increase by 43.8% since 2007, while the tribal gaming
operations have welcomed 30 new casinos and seen annual
gaming revenues increase by 64.1%.

31 NATIONAL RANK

#

32 NATIONAL RANK

#

Commercial Gaming   15

   
   

19.3%

iGAMING
GAMING REVENUES BY STATE

The iGaming market completed its second full year of operations in
2015, generating an estimated $160.7 million and growing at a rate of
19.3%. The current legalized online gaming industry remained relatively

$10.00M*
6.2%

$1.81M
1.1%

unchanged in 2015, as the number of states remained unchanged. The
segment is comprised of three state jurisdictions that include Nevada,
New Jersey and Delaware, with Nevada’s online gaming being restricted
to online poker.
While the number of states remained unchanged in 2015, there was a
change in the industry’s players. At the end of 2014, the Trump Casinos
shut down their online gaming site, reducing the number of operators from
nine to eight. In February 2015, Resorts Casino entered the online gaming
space returning the number of operators to nine. The existing online
operators and their respective partners are as follows:

$148.88M
92.7%

•  Borgata Casino & GameAccount Network
•  Tropicana & Gamesys
•  Caesar’s Interactive & 888 Holdings
•  Golden Nugget & NYX Gaming Group

Delaware

•  Resorts & NYX Gaming Group

Nevada

New Jersey

•  Southpoint Casino & Real Gaming
•  Delaware Casinos (3) & 888 Holdings

GAMING REVENUES BY OPERATOR†

The Resorts Casino’s expansion into online gaming is the most interesting,

$45.67M
$32.82M
$32.64M
$30.97M
$6.78M
$10.00M*
$1.81M

as the casino is owned and operated by the business enterprise of the
Mohegan Tribe. The tribally owned commercial iGaming operation,
provides the Mohegan Tribe a unique advantage as tribal gaming looks
to expand into online gaming in advance of state-by-state regulations.
Looking forward, the iGaming segment is expected to have continued
growth in 2016 and beyond. The growth within the existing state
jurisdictions is expected to continue as financial institutions improve the
processing of legalized online gaming transactions and states partner
together to increase liquidity and player experience. In 2015 the first
such partnership was struck when Delaware and Nevada entered into
an inter-state compact. The agreement allows wagering activity to cross
state lines, so long as the respective players reside in either Nevada or
Delaware. Even though growth in iGaming is expected to continue, the
anticipated hyper-growth forecasted will not be recognized until there
is federal regulation establishing a national framework for the industry’s
operators.

Borgata (NJ)

Tropicana (NJ)

Caesar’s (NJ)

Golden Nugget (NJ)

New Jersey Resorts

Nevada Operators

Delaware Operators

iGAMING REVENUES
DELAWARE

$1.81M

iGAMING REVENUE

-13.5%

0.0% OF ALL GAMING REVENUES

21.7%

REVENUE
FROM POKER

NEVADA

$10.00M*

iGAMING REVENUE

2.9%

0.0% OF ALL GAMING REVENUES

100.0%

REVENUE
FROM POKER

2 OPERATORS

iGAMING REVENUE

21.2%

0.2% OF ALL GAMING REVENUES

16.0%

REVENUE
FROM POKER

5 OPERATORS

NEW JERSEY

$148.88M

3 OPERATORS
†

†

* ESTIMATED
†

see statistical note on page 29

iGaming   17

 2015 LIMITED STAKES GAMING REVENUES

$3.28B

11.4%
4.6%

ALL 2015 GAMING REVENUES

MT
OR
SD

IL

LA

WV

 LIMITED STAKES GAMING
GAMING REVENUES BY STATE†

During 2015 the limited stakes gaming market generated $3.3 billion
in revenue, an increase of 11.4% from 2014. The growth experienced
in 2015 was the third consecutive year of double digit growth for the
limited stakes segment. The rapid growth is attributed to the Illinois market

$913.59M
27.8%

expansion which began in 2012. Since entering the limited stakes market

$593.47M
18.1%

in 2012, Illinois has grown to become the nation’s number one limited
stakes market, generating almost $1 billion in 2015.
The Illinois expansion has been a tremendous success for both the state
and gaming operators. The expansion of limited stakes gaming has
provided the state with an overall $206 million increase in annual gaming

$373.22M
11.4%

$405.39M
12.3%

related tax revenues.
The increase in tax revenues is attributed to the limited stakes gaming
segment producing annual revenues of $913 million, yielding the state

$198.41M
6.1%
$798.58M
24.3%

$274 million in tax revenues. However, the increase provided by limited
stakes gaming has been partially offset by a decline in commercial
gaming. Since 2012, the year limited stakes gaming was introduced in
the State of Illinois, the annual revenues produced by Illinois casinos has
declined by 12.2% or $200 million, resulting in $68 million less in annual
gaming tax revenues.

Illinois

Louisiana

Montana

West Virginia

South Dakota

Oregon

The strong growth in the limited stakes segment was not limited to
Illinois. During 2015, five of the six states offering limited stakes gaming
experienced revenue increases. Most notably both Oregon and South
Dakota produced annual growth in excess of 7%. The strong growth
seen nation-wide is similar to the growth seen in commercial gaming,
as increased consumer confidence has led to increased revenues
throughout the gaming industry.
Looking towards 2016 and beyond, the limited stakes gaming segment is
expected to see continued growth. However, the ability for the industry
to continue its streak of double digit growth rates will be difficult without
further expansion into new states.

LIMITED STAKES GAMING REVENUES†

†

ILLINOIS

$913.59M

GAMING REVENUE

38.5%

1.3% OF ALL GAMING REVENUES

$121.36

REVENUE PER
MACHINE PER DAY

15.8%

LOUISIANA

$593.47M

GAMING REVENUE

0.3%

0.8% OF ALL GAMING REVENUES

$113.80

REVENUE PER
MACHINE PER DAY

-2.3%

MONTANA

$405.39M

GAMING REVENUE

3.8%

0.6% OF ALL GAMING REVENUES

$71.16

REVENUE PER
MACHINE PER DAY

4.7%

OREGON

$798.58M

GAMING REVENUE

7.5%

1.1% OF ALL GAMING REVENUES

$183.47

REVENUE PER
MACHINE PER DAY

7.8%

SOUTH DAKOTA

$198.41M

GAMING REVENUE

7.1%

0.3% OF ALL GAMING REVENUES

$60.89

REVENUE PER
MACHINE PER DAY

8.5%

WEST VIRGINIA

$373.22M

GAMING REVENUE

-1.1%

5.2% OF ALL GAMING REVENUES

$158.36

REVENUE PER
MACHINE PER DAY

-1.0%

see statistical note on page 29

Limited Stakes Gaming   19

 2015 TRIBAL GAMING REVENUES

$29.34B

3.1%
41.3%

ALL 2015 GAMING REVENUES

WA
ND

MT

CT

OR

MN
ID

SD

NY

WI

MI

WY
IA

NE

NV
CO
CA

KS
NC

AZ

OK

NM

MS
TX

AK

AL

LA
FL

 TRIBAL GAMING
In 2015, Indian gaming generated an estimated $29.3 billion, growing at

GAMING REVENUES BY REGION†

an annual rate of 3.1%. The continued growth makes tribal gaming the
$7.30B
25.6%

longest growing segment of the United States gaming industry, with six
consecutive years of growth.
Since 2007, the Indian gaming segment has seen the largest increase
in gaming revenues, increasing by $3.2 billion. During this same time,
the industry has welcomed over 68 new tribal casinos. While growth

$2.71B
9.5%

$2.93B
10.3%

and expansion continues, the growth has not been enjoyed by all tribal
nations.
Specifically, the California and Arizona gaming operators have seen
revenues decline, as the average revenue per casino declined 12.9%. In
2007 the National Indian Gaming Commission's (NIGC) Sacramento and

$4.68B
16.4%

$6.77B
23.8%

Phoenix Regions included 104 casinos and generated annual gaming
revenues of $10.7 billion. At the end of 2015 these two regions included

$2.01B
7.1%

over 115 casinos and generated an estimated $10.3 billion.

$2.07B
7.3%

Across the country, the eastern tribal nations residing within the NIGC’s

Portland

Sacramento

Phoenix

Washington D.C. Region have seen revenues increase by an estimated

Tulsa

Oklahoma City

St. Paul

10.6% since 2007. While the region has enjoyed strong growth, it has varied

Washington D. C.

by tribal nation. The Mohegan and the Mashantucket Pequot Tribes have
seen annual gaming machine revenues drop by more than 35% or $700
million since 2007. Conversely, the Seminole Nation in Florida has enjoyed
a rapid increase in gaming revenues. In 2015, the Florida tribal gaming
market produced an estimated $2.2 billion in gaming revenues.
Looking to 2016 and beyond, tribal gaming will continue to see growth
and expansion. The expansion will come from the reinvestment in
existing gaming facilities, developing resort-destination casinos and
tribal nations not currently involved in gaming entering the market. While
there are more than 240 tribes offering gaming, less than 45% of federally
recognized tribes offer gaming.

†

see statistical note on page 29

Tribal Gaming   21

 PORTLAND REGION†
$3.20B

54 OPS

$3.10B

$2.90B

49

51

49

50 OPS

47

46

52 OPS

48 OPS

36 OPS

$2.20B

34OPS

GAMING REVENUE

10.3%
4.2% OF ALL 2014 GAMING REVENUES

1.9% THREE YEAR COMPOUND ANNUAL GROWTH RATE
3.0% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

32 OPS

14

30 OPS

FY

20

13
FY

20

12
FY

20

11
20

10

FY

TRIBAL GAMING REVENUES

FY

0.8%

20

09
20
FY

20
FY

$2.93B

FY

20

07

$2.00B

08

$2.10B

$2.93B

38 OPS

$2.30B

$2.90B

$2.40B

$2.87B

40 OPS

$2.76B

42 OPS

$2.50B

$2.66B

$2.60B

$2.52B

44 OPS

$2.38B

46 OPS

$2.70B

$2.26B

$2.80B

NO. CASINO OPERATIONS

GAMING REVENUES

50

49

$3.00B

51

51

CASINO
OPERATIONS

$57.39M

The Portland Region is one of two regions that has never
experienced a year of declining revenues. In 2014, the trend did
not change as the region generated revenue growth of 0.8%, the
smallest growth rate in over a decade. Overall, the Portland region
represents 10.3% of the tribal gaming revenues. Since 2007, the
region has grown by $663.0 million or 29.3%.
•  The region continues to see the opportunity for future growth,
as multiple new casino projects are underway. The Spokane
Tribe is working to build a $400 million casino near Spokane,
Washington. The Cowlitz Tribe is currently constructing a $510
million casino near Ridgefield, Washington, 25 miles north of
Portland, Oregon. And the Coos, Lower Umpqua and Siuslaw
Indians opened a second casino, Three Rivers Casino in Coos
Bay, Oregon.
•  Oregon tribes face increased competition from "illegal"
casinos linked to limited stakes gaming. In Oregon, casino
operations are limited to tribal nations; however, the state
allows limited stakes gaming establishments so long as they do
not generate more than 50% of their revenue from gaming.
During a recent audit by the state auditor, more than half
of the establishments did not comply with the 50% revenue
limitation making them "illegal" casinos. The report claimed
the lottery has backed away from enforcing their own
regulations, while accepting more than $550 million in annual
tax revenues.

22   RubinBrown 2016 Gaming Stats

†

$7.30B

AVERAGE REVENUE
PER CASINO
GAMING

see statistical note on page 29

REVE

  

SACRAMENTO REGION†
$7.80B

74 OPS

$7.70B

72 OPS

$7.60B

68

$7.30B

62

64 OPS
62 OPS

$7.10B

59

58

60 OPS

25.6%
10.6% OF ALL 2014 GAMING REVENUES

1.9% THREE YEAR COMPOUND ANNUAL GROWTH RATE
0.9% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

$7.30B

$6.99B

52 OPS
50 OPS

FY

FY

20

20

14

13

$6.96B
FY

20

12

$6.90B
11
20

10

FY

TRIBAL GAMING REVENUES

FY

4.4%

20

09
20
FY

08
FY

20

07
20

REVENUE

FY

$7.30B

$6.79B

54 OPS

$6.97B

56 OPS

$6.80B

$7.36B

58 OPS

$6.90B

$7.80B

$7.00B

$6.60B

$57.39M

62

66 OPS

64

63

$7.20B

$6.70B

AVERAGE REVENUE
PER CASINO
GAMING

68 OPS

66

$7.40B

NO. CASINO OPERATIONS

GAMING REVENUES

$7.50B

70 OPS

68

CASINO
OPERATIONS

$107.32M

The Sacramento Region continues to serve as the largest region,
generating 25.6% of all Indian gaming revenues. During 2014,
the region produced the second highest growth rate (4.4%),
only trailing the Oklahoma City Region (at 11.0%). The growth
experienced in 2014 is a welcomed change for the region, which
continues to operate 6.4% (or $498.4 million) below the peak
established in 2007. While revenues continue to be less than the
pre-recession peak, the region has seen a 17.2% increase in the
number of casino operations.
•  iGaming continues to be a looming legislative battle. Since
iGaming was legalized in Nevada and New Jersey, there has
been much optimism for the California iGaming expansion.
However, passage of the legislation has proven difficult with
competing interest between state legislators, card clubs and
tribal casinos. While previous efforts have not been successful,
law makers are optimistic 2016 will be the year of iGaming
expansion.
•  California tribe renegotiates gaming compact, receiving
more favorable terms for tribal nations. The United Auburn
Indian Community signed an amended state-tribal gaming
compact in August 2015. Under the amended deal, the tribe’s
annual revenue share payments to California's general fund
will be reduced by $25 million, while providing more revenue
to tribal nations that do not offer gaming. The amended
gaming compact terms has sparked the interest of other tribes
operating under the 2004 California gaming compact.

†

see statistical note on page 29

$2.71B

AVERAGE REVENUE
PER CASINO
GAMING

Tribal Gaming   23

REVE

 PHOENIX REGION†
$3.20B

54 OPS

$3.10B

52 OPS

$3.00B

46

48

48

50 OPS
48 OPS
46 OPS

46

$2.70B

44 OPS

REVENUE

9.5%

-1.1%

TRIBAL GAMING REVENUES
3.9% OF ALL 2014 GAMING REVENUES

1.2% THREE YEAR COMPOUND ANNUAL GROWTH RATE
0.8% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

30 OPS

14

$2.71B

32 OPS

FY

20

13
FY

20

12
FY

20

11
FY

20

10
FY

20

09
FY

20

08
FY

20

07
20
FY

$2.71B

$2.74B

34 OPS

$2.72B

36 OPS

$2.20B

$2.61B

38 OPS

$2.30B

$2.54B

$2.40B

$2.60B

40 OPS

$2.77B

42 OPS

$2.50B

$2.87B

$2.60B

$2.00B

$107.32M

48

$2.80B

$2.10B

AVERAGE REVENUE
PER CASINO
GAMING

48

NO. CASINO OPERATIONS

GAMING REVENUES

$2.90B

48

47

48

CASINO
OPERATIONS

$56.41M

In 2014, the Phoenix Region's gaming revenues declined by 1.1%.
The decline in revenues is a setback for the region which continues
to operate below the peak established in 2006, when the region
generated $2.9 billion in gaming revenues. When compared to the
other regions, the Phoenix Region has seen the slowest growth rates
since the Great Recession. During this time, the number of casinos
within the region has only expanded by two (net growth, factoring
in both closures and openings).
•  Tribal nations reach an agreement with the State of New
Mexico. In April 2015, New Mexico Governor Susana Martinez
finally agreed to terms with five Pueblos that previously
operated under the 2001 compact. The new compact is more
favorable to the Pueblos, allowing the issuance of credit,
resolving the free-play revenue share debate and extending
gaming hours of operation to 24 hours a day. The new
compact will be in effect until 2037.
•  Glendale casino opens, but controversy remains. In December
2015, the Tohono O’odham opened their long awaited casino
near Glendale, Arizona. The casino development has become
a political hot button for local, state and federal officials.
In 2014, the Department of Interior approved the Tohono
O’odham’s request to place the land into trust; however,
local, state and federal officials continue efforts to block the
casino development.

24   RubinBrown 2016 Gaming Stats

†

$4.68B

AVERAGE REVENUE
PER CASINO
GAMING

see statistical note on page 29

REVE

  

ST. PAUL REGION†
$5.20B

134 OPS

$5.10B

130

$4.90B

128 OPS

$4.80B

126 OPS

$4.70B

124 OPS

$4.60B

122 OPS

120

119

$4.50B

REVENUE

16.4%
TRIBAL GAMING REVENUES
6.8% OF ALL 2014 GAMING REVENUES

0.8% THREE YEAR COMPOUND ANNUAL GROWTH RATE
1.3% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

$4.68B

114 OPS
112 OPS
110 OPS

FY

20

14

$4.75B
FY

20

13

$4.80B
FY

20

12

$4.57B
FY

20

11

$4.45B
FY

20

10

$4.38B
20

08
FY

20

07
20
FY

-1.5%

09

111

$4.00B

$4.68B

118 OPS
116 OPS

$4.40B

$4.10B

120 OPS

115

FY

$4.22B

$4.40B

119
120

$4.20B

$56.41M

130 OPS

128

$4.30B

AVERAGE REVENUE
PER CASINO
GAMING

132 OPS

NO. CASINO OPERATIONS

GAMING REVENUES

$5.00B

130

CASINO
OPERATIONS

$35.96M

In 2014, the St. Paul Region experienced a 1.5% decline in gaming
revenue. While the decline only amounted to a $69.7 million spread
across 130 gaming operations, it marked the largest percentage
decline for any tribal gaming region since 2010. Overall, the region
continues to operate above the pre-recession revenues generated
in 2007. Since 2007, the region has seen the number of gaming
operations increase by 19 casinos and revenue increase by 10.7%,
or $450.5 million.
•  Casino expansion continues in the St. Paul Region. In
Michigan, the Little River Band of Ottawa Indians began its
first casino expansion project since 2007, while the tribe is also
seeking approval to build a $180 million casino approximately
30 miles outside of Grand Rapids, Michigan. In Minnesota,
the Shakopee Mdewakanton Sioux Community announced
a 180 room hotel-tower expansion at its Mystic Lake
Casino. Additional expansion efforts are underway by the
Confederated Salish and Kootenai Tribes in Montana and the
Menominee Tribe in Wisconsin.
•  Michigan’s online lottery games create new competition for
tribal nations. In August 2014, the Michigan lottery began
offering instant lottery games online. This move has created
new competition for tribal nations and called into question
the gaming exclusivity (outside of Detroit) provided to tribal
nations under the current Michigan gaming compact. In
July 2015, the Gun Lake Tribe suspended its revenue sharing
payments, claiming the lottery games violated the gaming
compact provisions.

†

see statistical note on page 29

$2.07B

AVERAGE REVENUE
PER CASINO
GAMING

Tribal Gaming   25

REVE

 OKLAHOMA CITY REGION†
67

66 OPS

$2.00B

64 OPS

$1.90B

62 OPS

$1.80B

60 OPS

60

$1.70B

56 OPS

$1.50B

54 OPS

51

REVENUE

7.3%
11.0%

TRIBAL GAMING REVENUES
3.0% OF ALL 2014 GAMING REVENUES

6.8% THREE YEAR COMPOUND ANNUAL GROWTH RATE
6.5% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

$2.07B

48 OPS
46 OPS
44 OPS

FY

20

14

$1.87B
FY

20

13

$1.80B
FY

20

12

$1.70B
11
20
FY

FY

20

10

$1.58B

50 OPS

09
20

08
FY

20

07
20
FY

$2.07B

52 OPS

53

$1.51B

48

FY

$1.10B

45

51

49

$1.35B

$1.20B

$1.15B

$1.40B

$1.00B

$35.96M

58 OPS

$1.60B

$1.30B

AVERAGE REVENUE
PER CASINO
GAMING

68 OPS

$2.10B

NO. CASINO OPERATIONS

GAMING REVENUES

$2.20B

67

CASINO
OPERATIONS

$30.91M

The Oklahoma City Region continues to be the fastest growing
region in tribal gaming, as overall gaming revenues increased by
11.1% in 2014. The region has outpaced other regions four out of
the last seven years. The growth in gaming revenues is attributed
to market expansion, as the number of casinos has increased by
48.9% since 2007, a total increase of 22 casinos. While the growth
for the Oklahoma City Region continues, the growth in 2014
marked a shift in gaming revenues across the State of Oklahoma,
as the casinos within the neighboring Tulsa Region saw revenues
decline.
•  Tribal nations partner for future casino developments. In August
2015, the Shawnee and Chickasaw Nation announced their
partnership in developing a new casino in Western Oklahoma.
The casino development is in the initial phases, as the land
targeted for development must first be placed into trust.
•  Oklahoma tribal nations generate more than $1 billion for
education. In an economic impact analysis, funded by the
Oklahoma Indian Gaming Association, tribal nations in the
Oklahoma City and Tulsa Regions have generated more
than $1 billion for education since the state permitted Class
III gaming in 2005. Under the current Oklahoma gaming
compact, tribal nations share 4-6% of Class III gaming machine
revenues and 10% of table game revenues.

26   RubinBrown 2016 Gaming Stats

†

$2.01B

AVERAGE REVENUE
PER CASINO
GAMING

see statistical note on page 29

REVE

  

TULSA REGION†
$2.20B

74 OPS

$2.10B

72 OPS

$2.00B

70 OPS

68

68 OPS

$1.80B

64

$1.70B

64

66 OPS
64 OPS

$1.60B

62 OPS

$1.50B

60 OPS

$1.40B

58 OPS
56 OPS

$2.01B

-1.2%

REVENUE

7.1%
TRIBAL GAMING REVENUES
2.9% OF ALL 2014 GAMING REVENUES

2.0% THREE YEAR COMPOUND ANNUAL GROWTH RATE
3.2% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

$2.01B

54 OPS
52 OPS
50 OPS

FY

20

14

$2.03B
FY

20

13

$2.01B
FY

20

12

$1.89B
FY

20

11

$1.77B
FY

20

10

$1.72B
09
20
FY

20
FY

FY

20

07

$1.00B

08

$1.44B

$1.10B

$1.70B

57

$1.20B

$30.91M

64

65

62

$1.30B

AVERAGE REVENUE
PER CASINO
GAMING

65

NO. CASINO OPERATIONS

GAMING REVENUES

$1.90B

65

CASINO
OPERATIONS

$30.88M

In 2014, the Tulsa Region experienced a 1.2% decline in annual
gaming revenues. The decline in annual revenues is a first for a
region that has enjoyed rapid expansion and growth for more than
a decade. The decline in the region’s revenues also marks a shift
in gaming activity within the State of Oklahoma. The casinos within
the neighboring Oklahoma City Region enjoyed revenue growth
of 11.1%. Since 2007, the Tulsa Region has seen annual gaming
revenues increase by $569.1 million or 39.6%.
•  Amidst a year of declining revenues, expansion continues.
In May 2015, the Cherokee Nation completed the $80 million
Cherokee Casino & Hotel in Roland, Oklahoma. Soon after the
casino opening in Roland, the Cherokee Nation announced
it will be constructing its tenth casino, to be built near Grand
Lake. Additional expansion efforts are underway by the
Muscogee Creek and Osage Nations. The Muscogee Creek
are building a new 27-story hotel at its River Spirit Casino in
South Tulsa, while the Osage Nation is evaluating a six-story
hotel addition at its Osage Casino in North Tulsa.
•  Prairie Band Potawatomi Nations looks to expand outside the
State of Kansas. The nation is looking to build a Class II gaming
facility on the ancestral Shab-eh-nay reservation located in
Dekalb County, Illinois. If the land is successfully placed into
trust, the tribe will be able to build a resort casino on the
outskirts of the Chicago suburbs, marking the first tribal casino
development in the State of Illinois.

†

see statistical note on page 29

$6.77B

AVERAGE REVENUE
PER CASINO
GAMING

Tribal Gaming   27

REVE

 WASHINGTON D.C. REGION†
$7.20B

34 OPS

$7.10B

30

$7.00B

28

28

28

27

14 OPS

23.8%
9.8% OF ALL 2014 GAMING REVENUES

0.3% THREE YEAR COMPOUND ANNUAL GROWTH RATE
0.0% FIVE YEAR COMPOUND ANNUAL GROWTH RATE

12 OPS

14

10 OPS

FY

20

13
FY

20

12
FY

20

11
20

10

FY

TRIBAL GAMING REVENUES

FY

0.2%

20

09
FY

20

08
FY

20

07
20

REVENUE

FY

$6.77B

$6.77B

16 OPS

$6.20B

$6.76B

18 OPS

$6.30B

$6.74B

$6.40B

$6.72B

20 OPS

$6.71B

22 OPS

$6.50B

$6.78B

$6.60B

$6.78B

24 OPS

$6.40B

26 OPS

$6.70B

$6.00B

$30.88M

28 OPS

$6.80B

$6.10B

AVERAGE REVENUE
PER CASINO
GAMING

30 OPS

28

27

NO. CASINO OPERATIONS

GAMING REVENUES

$6.90B

27

32 OPS

30

CASINO
OPERATIONS

$225.76M

AVERAGE REVENUE
PER CASINO

The Washington D.C. Region continues to see gaming revenue
remain relatively flat, as revenues increased by 0.2% in 2014. The
region’s overall gaming revenues have remained unchanged
since the $6.8 billion peak established in 2009; however, the source
of gaming revenues continues to shift across the region.
•  Competing tribal nations partner ahead of increased
commercial gaming competition. The Mohegan and
Mashantucket Pequot nations have competed for decades,
as they enjoyed gaming exclusivity in the New England
states. However, with the emergence of commercial gaming
and future Massachusetts expansion, the two tribes struck a
partnership in 2015 to protect their gaming interests going
forward. The tribes are looking to build a casino north of
Hartford, Connecticut that would compete against the
$800 million MGM casino development in Springfield,
Massachusetts.
•  Gaming negotiations continue in Florida. In 2015, the Seminole
Nation successfully negotiated a new gaming compact with
Florida Governor Rick Scott. Under the new compact terms,
the state would be guaranteed $3 billion over a seven-year
period, while the Seminole Nation would be permitted to
offer craps and roulette and receive gaming exclusivity rights
(outside Miami Dade and Broward Counties). While the deal
is advantageous for both parties, state legislators debate
the future of gaming in Florida as both anti-gaming and
commercial gaming interests continue to influence the State's
legislature.

28   RubinBrown 2016 Gaming Stats

†

see statistical note on page 29

 NOTES, SOURCES & ACKNOWLEDGMENTS
Statistical Definitions

Statistical Notes

Gaming Revenue – For purposes of this report, the term
gaming revenue is intended to be an all-encompassing

Commercial Casinos – The 514 casinos noted in the 2015 Gaming Statistics
excluded Nevada casinos generating less than $1 million.

term for the various definitions of gaming proceeds

iGaming Operators – Caesar's Interactive operates in both NV and NJ.

as defined by the individual regulatory authorities (e.g.
AGR, AGP and Net Win) and should not be interpreted
to equal the American Institute of Certified Public
Accountants definition of revenue.
Commercial Gaming – Encompasses traditional
brick-and-mortar casinos, racinos and slot parlors
regulated by state gaming boards or state lotteries.
Within this segment, the revenues reported include
amounts generated from gaming machines, table
games, poker and sport books. We have excluded

Limited Stakes States – Revenues generated by Nevada’s restricted licenses
have been incorporated into Nevada's commercial gaming revenues. In
2015, the state had approximately 1,900 restricted license locations.
Large Casinos – Annualized revenues in excess of $100 million.
Louisiana – Casinos include riverboat and land-based operations. The
latter are subject to a minimum tax of $60 million, regardless of revenues.
Tribal Gaming Regions – The data presented is limited to information
made available through the NIGC’s annual statistical release and
represents data for the year ended December 31, 2014.

revenues from pari-mutual racing activities.
•  Electronic Gaming Devices (EGDs) – Includes
both the traditional slot machines and video
lottery terminals (VLTs) located inside a brickand-mortar casino. VLTs differ from traditional
slot machines, as they are connected to a
network overseen by the respective state’s

Sources
Colorado Department of
Revenue – Division of Gaming

Montana Department of Justice
– Gambling Control Division

Delaware Lottery

National Indian Gaming Commission

Florida Division of
Pari-Mutuel Wagering

Nevada Gaming Control Board

lottery commission. The connection to the lottery
commission’s network does not impact the

Illinois Gaming Board

game performance or patron experience.

Indiana Gaming Commission

•  Table Games – Defined as live table games that
require casino personnel to conduct the game.

Iowa Racing & Gaming Commission

New Jersey Gaming Control Board
New Mexico Gaming Control Board
New York Lottery
Ohio Casino Control Commission

Kansas Racing & Gaming
Commission

Ohio Lottery

table games revenue, we have included both

Louisiana Gaming Control Board

Oklahoma Horse Racing Commission

house-banked (when a player bets against the

Maine Gambling Control Board

Oregon Lottery

Maryland Lottery

Pennsylvania Gaming Control Board

Massachusetts Gaming Commission

Rhode Island Lottery

Michigan Gaming Control Board

South Dakota Gaming Commission

Mississippi Gaming Commission

South Dakota Lottery

Missouri Gaming Commission

West Virginia Lottery

Electronic table games are included in the
electronic gaming machines. When reporting on

casino) and player-banked (when the players
bets against an opposing patron) games. For
the win per table and table game hold statistics,
we excluded player-banked games from the
analysis.
iGaming – Includes Interactive Gaming, as defined
under Nevada law, iGaming as reported by the
Delaware Lottery and Internet Gaming as defined
under New Jersey law.

Acknowledgments

Limited Stakes Gaming – Includes video gaming,

Contributing Team Members

Senior Data Analyst

Jonathan Ahrens

Kathy Lee

video lottery terminals and limited gaming operations
offered in restaurants, travel centers and taverns. The
revenues exclude amounts generated from ‘grey

Tim Fedder
Dan Hartzke

markets.’

Samantha Huff-Schlueter

Tribal Gaming – Includes Class II and Class III casinos

Shaun O’Rourke

built and regulated by tribal nations, operating in

Laura Strick

accordance with the Indian Gaming Regulatory Act

Ryan Tkach

(IGRA) or a tribal-state gaming compact.

Brent Wartick

Creative Director
Jen Chapman

Josh Leesmann

RubinBrown 2016 Gaming Stats   29

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