Illinois casino profits decline by $200 million compared to 2012
Casinos have been playing a significant role in supporting the economy in Illinois for decades, but a fresh study has revealed that the gaming industry saw a notable decline in its profits between 2012 and 2022.
Sharing fresh stats, the Illinois Gaming Board (IGB) revealed that the casino industry’s profits declined by $200 million in the decade through 2022.
A number of reasons have been mentioned for the decline in casino industry’s profits, but the emergence of other types of gambling is said to be the biggest reason as various sorts of gambling were not accessible in the state in 2012. With the emergence of other forms of gaming over the years, a considerable number of people moved away from conventional casinos.
One can cite the example of video gaming terminals, which enjoyed an increase of almost 100 per cent in profit, from $395 million in the year of 2019 to $762 million last year. the state’s gaming regulator also allowed gamers to place bets through video poker and slot machines at bars and restaurants, providing them with a more affordable as well as handy experience than a casino.
The unprecedented increase in popularity of sports betting also led to a decline in casino revenue from $142 million in 2012 to $140 million last year.
However, lottery emerged as the biggest single source of gaming income as it generated $833 million last year, accounting for 44.2 per cent of the total revenue. By generating $762 million, video gaming emerged as the second biggest source of income.
Sports betting generated $142 million, riverboat casinos generated $140 million, while horse racing generated $7 million.
Keith Horton, General Manager (GM) of state lottery contractor Camelot Illinois, said, “Online lottery play is an integral and growing segment of the Illinois Lottery’s offering. Regular technology updates to the online platform improve the player experience and have helped drive growth over the past few years.”
Nevertheless, the casino industry remains a key contributor to economy of Chicago – the most populous city of Illinois. Admitting this fact, city officials recently allowed Bally’s to open a new casino in the River West neighborhood. The upcoming casino is expected to provide the local government with an income of up to $200 million per annum. The money will be utilized to support emergency service pension schemes.