In the Know: market updates, insights and more
US Market Monitor
In 2024, domestic gaming revenue increased by nearly $4.9bn year-over-year (6.8%), fueled largely by meaningful growth across sports betting and iGaming markets. For the full-year period, US domestic commercial casino and VGT distributed gaming markets experienced modest growth (.7% and 3.7% respectively) alongside meaningful growth in the sports betting and iGaming segments (24.1% and 29.4% respectively).
The December 2024 performance of commercial casinos was marginally higher (0.7%) than that of December 2023, and growth across all segments over the last three months increased by 5.7%
Are We Out of the Woods?
Through much of 2022 and 2023, the US economy lived in perpetual fear of a recession that never came. Now, nearly one-quarter into 2024, economists are singing a different tune: a recent NABE report expects the US economy to grow 2.2% this year (figure adjusted for inflation), US household and government spending is expected to remain resilient, and economists have more than doubled their estimates for the number of jobs that will be gained during 2024. With such optimistic outlooks for 2024, how does the gaming industry best position itself for the future?
GGHM Expertise
It’s hard to find a tribal casino without a convenience store or travel center nearby, and it’s even more difficult to differentiate them from other similar options. Although most tribal stores are conveniently located for their casino consumers and leverage this proximity with loyalty programs and even tax savings, not all stores are profitable and most have no significant differentiating appeal for the customers they serve. This suggests that a new approach to the tribal convenience store concept that increases appeal, builds customer loyalty and supports profitability is worth considering.