Indian Casinos: 23 Billion Dollar Industry
Accounting for nearly a third of all casino money, California tribes are really bringing in the dough, following a comprehensive report on Indian casinos and gambling that will be released this Wednesday.
Indian gambling revenue grew by 15.6 percent in 2005 nationwide, without opening any new major casinos, according to an Indian Gaming Industry Report, which was compiled for the past five years by Southern California economist. For 10 consecutive years the revenues increased by nearly 15 percent.
By expanded offerings at the existing casinos and pepped up marketing by tribes that are trying to add Las Vegas style amenities to entice more visitors to visit, this is what the growth can be attributed to.
Non Indian casinos had a 29.6 billion dollar in revenue in 2005, a 4.6 percent rise from last year, and it shows that tribal casinos are closing in on the level of profits taken in by other land based casinos.
In a state where 55 tribes operate 57 casinos, Californias tribes watched revenues climb by nearly 24 percent, to 7.2 billion. This kind of rate of growth is not likely to slow in the near future, said an economist with a group in Los Angeles.
One of the most comprehensive reports for the gaming industry, he used data from government agencies, the Indian tribes and casinos, gambling associations and other forms of information, and some financial data that tribes are not publicly required to report.
