Tribal gaming across the U.S. reached unprecedented heights in fiscal year 2024, pulling in $43.9 billion—a $2 billion increase over the previous year and a 4.6% rise overall. However, while experts lauded this milestone during a recent Indian Gaming Association (IGA) webinar, they also warned of mounting challenges that could slow future growth.
The recent webinar, hosted by IGA Conference Chair Victor Rocha and Executive Director Brian Giles, included insights from Gene Johnson of Victor Strategies and Jim Klas of KlasRobinson Q.E.D. Panelists highlighted the tribal gaming sector’s resilience compared to commercial gaming and Las Vegas, where foot traffic and tourism have recently declined.
“Everyone is talking about the death of Las Vegas,”Rocha noted. “The numbers are showing that tourism is down and people aren’t going to the Strip… But the world is changing and the economic headwinds we’re seeing are going to change the numbers next year.”
The revenue data, released by the National Indian Gaming Commission, includes 532 operations across 243 tribes in 29 states. Growth was largely “organic,” driven by existing casinos rather than expansion, with notable increases in regions like Oklahoma City (12.7%) and Washington, D.C. (11.2%), the latter boosted by online and mobile sports betting.
Digital Competition and Economic Slowdown
While revenues soared, Johnson cautioned that tribal gaming could soon encounter “a whole lot of speed bumps.” Slowing GDP growth, rising tariffs, reduced purchasing power, and low consumer confidence all pose potential threats.
“You’re starting to see a slowdown in the economy and commercial gaming,”Johnson said. He also noted increased competition from both legal and grey-market gaming, including sweepstakes and prediction markets, especially in tribal-heavy states without legal online sports betting.
According to Klas, while online options continue to grow—igaming jumped 25.9%, and sports betting rose 13%—brick-and-mortar facilities remain stable. “Even though there’s an impact on brick-and-mortar from online, brick-and-mortar isn’t going anywhere. It’s holding its hold,” he said.
Uneven Distribution of Revenue
While some tribal casinos are thriving, not all are experiencing equal success. Around 9% of tribal operations generated over $250 million in gross gaming revenue (GGR), contributing to 55% of total earnings. Conversely, more than 54% of facilities earned less than $25 million, collectively making up only about 5% of the total.
Regional performance varied widely. For instance, the Portland region grew by 3.6%, Phoenix by 1.9%, Sacramento by 1.4%, and Tulsa saw just a 0.1% increase.
Outlook: Optimism Tempered by Uncertainty
Despite the upbeat numbers, both Johnson and Klas expressed caution about the months ahead. Tariffs, regulatory uncertainty, and shrinking consumer spending could dampen momentum.
“The only thing worse than bad news is uncertainty,”Klas said. “If we could get a little more stability in the outlook that would help. I’m not confident that’s going to happen… I don’t expect next year’s growth to be as high as this year’s, but I do think it will still be a positive number.”
Johnson echoed that sentiment, predicting sluggish Las Vegas tourism in the near term. Still, both remained optimistic about tribal gaming’s ability to adapt.
Source:
“Tribal industry webinar lauds gaming revenue growth, sees continuing headwinds”, cdcgaming.com, August 24, 2025
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