US casinos hit historic jackpot with record revenues

US casinos got lucky this year after profits hit a record jackpot.

According to the American Gaming Association, March was the biggest month in US casino history, recording $5.3 billion in revenue and capping the quarter as the highest-grossing month in casino history. ‘industry. It also reported that nationwide gaming revenue totaled $14.3 billion in the first quarter of 2022, setting a new record and nearly matching the all-time quarterly record of $14.35 billion set. in the fourth quarter of 2021.

While total revenue for 2022 increased 20% year over year, Las Vegas remained the king of casinos last year, generating $7.05 billion, followed by Atlantic City with 2, $75 billion.

Chicago, which announced last week that it will host a new Bally’s location, had the third-highest revenue at just over $2 billion.

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Reporting outside Bally’s on the Atlantic City Boardwalk, FOX Business’ Jeff Flock explained how gambling and betting can be considered “inflation-proof”.

As U.S. casinos earn a record $14.3 billion in first-quarter revenue, some market pundits are warning high-roller action is a sign of “inflationary times.” (Getty Images)

“Prices don’t go up to play,” Flock noted. “You can either put a dollar in a slot machine or put a quarter in a slot machine if you don’t have a dollar.”

Reacting to the news, the CEO of Trivago Axel Hefer predicted a big roll season ahead for the casino industry.

“We think this summer is going to be very, very strong,” Heifer told FOX Business’ Liz Claman on “The Claman Countdown” on Thursday. “Consumers around the world just need a break, and they just need to travel to take a break, which I think will defeat the inflation argument.”

But, some market pundits insist that the gambling action is indeed a sign of “inflationary times”.

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“When you put billions and billions of dollars into society, you’re going to have people going for bitcoin, you’re going to have people going for casinos,” Optimal Capital’s Frances Newton Stacy said in response to the Flock’s report.

“I just think it’s those people we were talking about earlier who are trying to get an edge, get rich quick, get lucky.”

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