A new study presented to the Washington State Gambling Commission shows that gross gaming revenue in the state will increase by over a third in the coming years.
It also took a look at the potential impact of online gambling legalization.
The top-level look at Washington state gambling revenue
The Spectrum Gaming Group conducted a study for the WSGC forecasting that revenue for the gambling industry will increase 37 percent by 2020 to $3.5 billion.
Here is a look at Spectrum’s projections for revenue, which is led by growth for Class III Indian casinos:
Why the growth? Several factors are at play beyond just inflation:
- Washington state population is expected to grow by a significant margin, 5.3 percent, over the next five years.
- A greater percentage of the population is projected to be “within a reasonable one-hour drive of a Washington Class III casino.”
- Casinos can harness emergent technologies to attract the sought-after Millennialcrowd.
But the biggest factor is increased access to gaming. Two new hotel casinos — Legends Casino in Yakima County and The Point Casino in Kitsap County — will open next year. The growth in available casino games will increase from 31,505 gaming positions (slot machines and table games) in 2016 to 35,081 next year.
From the report:
However, with the addition of two new casinos in 2017, along with population and inflationary growth, we project 28 Class III casinos will generate $2.75 billion in 2017, which would be 18.4 percent growth from 2015. Extending our projections through 2020 (i.e., a five-year projection period), we project total GGR for 28 Class III casinos in Washington to surpass $3.3 billion, which equates to 42.3 percent growth from 2015.
Washington eyes future of gambling (online)
The report also looked at forms of gambling that are presently not offered in Washington state, including two forms that are currently illegal.
Online poker and casino games could create significant gaming revenue, according to Spectrum. Online poker legislation has cropped up in recent years but has not gainedserious traction. Currently only New Jersey, Nevada and Delaware have legal online gambling in the US. Read More