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And the profitability of a casino can drop even faster than its revenue does. That’s because these businesses require a high fixed-cost base to run. Workers have to staff the gaming tables whether customers come in or not, and extensive loans on the property (for example, for its hotel operations) mean that a casino always has bills to pay. On the flip side, when customers do return, the profits begin gushing, seemingly as if they’ll never stop.
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However, despite the competitive element, igaming in the state will in effect be a monopoly. In 2021, state legislators voted to approve a law that provided Bally’s and its IGT gaming supplier a 20-year no-bid contract to run both of the land-based casinos in the state: Bally’s Twin Rivers Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel.
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The casino industry has been hit by two major developments in the last few years, the advent of online gaming and the emergence of the COVID pandemic. Both created serious challenges for the industry, but the year 2022 has seen the industry bounce back after more than a year of subpar performance.
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The expansion of sports betting has been quick, and happened in just the last few years. Before 2018, the Professional and Amateur Sports Protection Act of 1992 restricted sports betting to just a few states. In May 2018, the U.S. Supreme Court struck down that law, allowing each state the opportunity to adjust its own laws and make sports betting legal in its jurisdiction if it desired.
Last month, Bally’s said growth within its interactive igaming business helped drive revenue up by 8.6% to $2.45bn in 2023. Interactive revenue in North America alone rocketed by 37.8% to $112.6m for the year, as igaming continues to grow in popularity.
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