Haven’t been to a casino in a while? Here’s something from your local Hard Rock Casino! Reports suggest cool-downs in revenue across the country as casinos are seeing fewer customers. In Indiana, for example, revenue reports from the Gary Hard Rock reveal some empty slot machines-not all is lost though, keep trying and you’ll find wild success! Gaming revenue is cooling in some commercial casino states, which could hint at a revenue pullback for the industry. After several months of robust action, with a number of states reporting unprecedented casino revenue, recent numbers are. New Jersey casinos are not the only ones concerned about a decline in gambling revenue. Maryland and Detroit both relayed concern after last week reporting lower GGRs this September than during the same month last year.
In the past, people going to MGM Grand in Detroit could be sure to get their money’s worth. However, the most recent statistics show that last month $100-million was lost at casinos across Michigan. This is almost 6% less than last year. September marked the fifth consecutive month that Detroit GGR was lower in 2022 than in 2021. However the trend this year has been a little different because the beginning of the year benefited from pent-up demand. So Detroit casino revenue through nine months on higher than it is in 20221. It’s now at $948 million, compared with its $940 million earnings during the last three quarters of 2021.
Economic Worries
Wall Street has been experiencing substantial losses, with retirement and pension funds declining. Luckily, more positive news came on Thursday with the US Department of Labor reporting that the Consumer Price Index rose 0.4% from the previous month and climbed by 8.2% annually. As it is widely believed, the US economy seems to be having problems. The recent Gallup polling results strengthened that theory by showing that most Americans picked the issue of a struggling economy as the country’s biggest problem today. Robert Frick, a corporate economist with Navy Federal Credit Union, said the September Consumer Price Index “virtually guarantees” that the Fed will increase interest rates by another 75 basis points in November and likely another 50 basis points in. According to Joe Biden, the current recession feels like a “bump in the road” and is nothing the country can’t overcome.
I don’t think there will be a recession,” Biden said. “If it is, it will be a very slight recession. Look, it’s possible. I don’t anticipate it.
However, there are some Americans who may be predicting this, and it might be showing on casino gaming revenue numbers. Nevada will provide more insight into the matter once we see September casino figures out of the state.
Some Play Moving Online
Though Detroit casino revenue has decreased from last year in the past five months, there’s a bit more to the brick-and-mortar GGR story. Michigan legalized iGaming – online slots and table games – in 2019. Legal internet casino gambling went live beginning. And with gamblers no longer required to travel to downtown Detroit to play a regulated commercial slot machine or table game, it’s believed that some of the former retail play has migrated online. Gaming has been strong throughout the pandemic and in. It’s coming up soon, but September numbers are on their way! The latest data shows that online gambling made $130.9 million in August this year, which is 3.4% more than last month and 34% higher than August last year.
