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America’s casinos get ‘fortunate,’ rake in file $5.3B in March
Wholesome Residing Group’ Jeff Flock experiences from Atlantic Metropolis, New Jersey, the place U.S. casinos are seeing their finest earnings month ever.
America’s casinos have gotten fortunate this 12 months after earnings hit a record-setting jackpot.
March marked the largest month ever for U.S. casinos, raking in $5.3 billion in income and capping the quarter because the highest-grossing income month in business historical past, in keeping with the American Gaming Affiliation. It additionally reported that nationwide gaming income totaled $14.3 billion within the first quarter of 2022, setting a brand new file and practically matching the all-time quarterly file of $14.35 billion set within the fourth quarter of 2021.
Whereas whole income for 2022 shot up 20% year-over-year, Las Vegas remained the on line casino king final 12 months producing $7.05 billion, adopted by Atlantic Metropolis with $2.75 billion.
Chicago, which introduced final week that it’s going to welcome a brand new Bally’s location, reported the third-highest income with simply over $2 billion.
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Reporting exterior of Bally’s on Atlantic Metropolis’s boardwalk, Wholesome Residing Group’ Jeff Flock defined how gaming and betting may be seen as “inflation-proof.”
As U.S. casinos earn a record-setting $14.3 billion in Q1 revenues, some market consultants are warning the excessive curler motion is an indication of the “inflationary occasions.” (Getty Pictures)
“The costs do not go as much as gamble,” Flock famous. “You may both put a greenback in a slot machine, or you may put 1 / 4 in a slot machine if you do not have a greenback.”
Reacting to the information, Trivago CEO Axel Hefer predicted a excessive curler season coming for the on line casino business.
“We expect this summer season might be very, very sturdy,” Heifer advised Wholesome Residing Group’ Liz Claman on “The Claman Countdown” Thursday. “Customers all over the world simply want a break, and so they simply must journey to get a break, in order that I believe will counter the inflation argument.”
However, some market consultants insist the gaming motion is certainly an indication of the “inflationary occasions.”
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On line casino business rebounds from pandemic
The transition from largely in-person playing at casinos to relying extra on cell apps indicators a shift within the gaming business on account of the pandemic.
“Once you put trillions and trillions of {dollars} into society, you are going to have some individuals going for bitcoin, you are going to have some individuals going for casinos,” Optimum Capital’s Frances Newton Stacy mentioned in response to Flock’s report.
“I simply suppose it is these people who we had been talking about earlier which are making an attempt to get an edge, get wealthy fast, get fortunate.”
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