August 22, 2018 / 11:01 AM / 3 months ago

U.S. casino industry revenue hits record $40.28 bln in 2017

NEW YORK, Aug 22 (Reuters) - U.S. commercial gaming revenue topped $40 billion for the first time ever in 2017 at $40.28 billion, with states receiving a record $9.23 billion from gaming taxes alone, according to a report released on Wednesday.

Those figures were 3.4 percent and 3.1 percent higher than in 2016, respectively, the American Gaming Association (AGA) said in its annual report on the industry and states.

Twenty of the 24 states with commercial casinos reported gains in revenue over the previous year due to strong macroeconomic trends, job growth and stable operating conditions.

But as it has in the past, growth varied from place to place and was slower in areas with increased competition, according to the AGA, a Washington-based trade group representing the casino industry.

Revenue grew 34 percent in Maryland casinos and more than 16 percent in New York, where three new commercial properties opened in 2017.

But revenue fell by nearly 5 percent in West Virginia because of increasing competition from neighboring states. It was also 2.1 percent lower in New Mexico, where towns were hit by a slowdown in the energy industry in 2017. (Reporting by Hilary Russ Editing by Chris Reese)

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