LAS VEGAS – The American Gaming Association’s (AGA) newly launched Gaming CEO Outlook shows confidence in expanded industry growth, with almost half of AGA-member CEOs expecting improved business conditions into 2022. Participating CEO positivity is driven by anticipated increases in new hiring (71%), wage growth (63%), and capital investment (39%).

“AGA’s inaugural Gaming CEO Outlook reflects the strength of our recovery and consumer demand for our world-class entertainment offerings,” said Bill Miller, AGA president and CEO. “The promising outlook is built on our innovation, but like many industries, supply chain and worker shortages continue to slow our full recovery.”

While the overall outlook is positive, challenges remain. More than two-thirds (71%) of CEO respondents cited supply chain issues as a factor limiting operations. Labor force shortages (63%), consumer health concerns (46%), and lagging meetings and events demand (38%) are also widely cited as impeding short-term growth.

The Gaming CEO Outlook, prepared for the AGA by Oxford Economics, provides a snapshot of the current and future economic health of the industry based on executive sentiment, employment, casino visitation plans, gaming revenue, and other key economic indicators. The results are informed by a survey of AGA member CEOs and executives representing equipment suppliers, casinos operators, and sportsbooks.

“We are a more resilient industry because of the COVID-19 pandemic,” said Aristocrat Technologies CEO and AGA Chairman Trevor Croker. “As the gaming industry looks to 2022 and beyond, our impressive recovery will continue to create jobs, support communities, and generate needed taxes.”

The Gaming CEO Outlook includes two separate indices, the Current Conditions Index and the Future Conditions Index—both of which reflect strong business conditions.

Current Gaming Conditions
The Current Conditions Index of 115.1 reflects exceptionally strong growth in gaming revenue, employment, and employee wages and salaries over the past quarter. This represents one of the fastest periods of growth in the industry over the past 20 years. Notably, all CEO panel participants assessed the current gaming business climate as “good” (54%) or “satisfactory” (46%).

Looking Ahead: Expansion Continues
The Future Conditions Index, which provides a leading indicator of changes in industry conditions, also shows positive results at 102.7. Nearly half of gaming executives expect future business conditions to further improve from today’s already strong climate, and just nine percent expect conditions to deteriorate over the next six months.

Among gaming operators, half plan to increase hotel and food and beverage amenities, while 43 percent plan to increase capital investments in gaming machines.

Gaming suppliers are also optimistic: over the next six months, 75 percent expect sales of gaming units for replacement use to increase and 63 percent expect sales of new units to improve.

The gaming industry’s recovery, including a record-breaking second quarter, is well underway and current executive sentiment points to a robust end of the year and strong start to 2022.

Miller will deliver his annual State of the Industry update today at 11:45 ET/8:45 PT to kick off Global Gaming Expo (G2E) 2021—the premier event for commercial and tribal gaming professionals.

“Our industry’s return to Las Vegas for G2E is a milestone in our recovery,” Miller said. “G2E 2021 is providing an essential platform for gaming leaders to highlight their latest products, conduct business, and drive our recovery forward.”

About the Outlook
The Gaming Industry Outlook is prepared on the behalf of the American Gaming Association by Oxford Economics. It provides a timely measure of recent growth and future expectations. The Q3 2021 release is the first release of the index, with a planned bi-annual release schedule moving forward. As additional data become available, particularly for the Gaming Executive Panel, the Gaming Industry Outlook will be further refined.

The Q3 2021 survey was conducted between August 16 and September 14, 2021. A total of 24 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single unit casino operators, major gaming equipment suppliers, and major iGaming and/or sports betting operators.

Americans’ favorability toward gaming is growing as the industry expands to new geographies and verticals, according to AGA research.

On a community level, nearly 7 in 10 Americans believe the gaming industry behaves responsibly and a majority (57%) believe the industry gives back in the communities where it operates. And on an economic level, two-thirds of adults view the industry as a positive economic contributor that provides high-quality jobs.

Because of Americans’ positive perceptions of gaming, consumers are also in favor of gaming’s expansion, with 73 percent of adults supporting legalized sports betting in their state.

The gaming industry’s responsible gaming efforts are also continuing to resonate,  with the number of Americans who say the industry is committed to responsible gaming increasing by nearly 40 percent since 2018. Moreover, nearly 80 percent of past-year gamblers are aware of industry-provided responsible gaming resources, and of this group, three-quarters point to specific measures like deposit limits, casino employee training, and time limits as most effective.

Read the full American Attitudes 2021 factsheet.

With Missouri playing an important role in the 2016 presidential election, the state’s casinos today delivered a clear message to Republicans and Democrats alike: look no further than the gaming industry for examples of consistent job creation and robust economic development. The American Gaming Association (AGA) today convened a roundtable forum at Pinnacle’s River City Casino with Missouri gaming executives, St. Louis-area business and community leaders, and state and local elected officials to note the $8 billion in tax and admission revenue generated by the industry since the first casino’s doors opened in the state in 1994.

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Join us for a webinar exploring two timely topics: how gaming advertising evolved in 2024 and the release of the AGA’s new responsible gaming messaging framework. We’ll break down key shifts in industry ad spend and volume trends using Nielsen Ad Intel data and share the key findings and research driving our new responsible gaming messaging framework.

REGISTER FOR THE WEBINAR

March 16, 2018 

BMM Testlabs has entered into a strategic alliance with the American Gaming Association (AGA).

Under the multi-year agreement, BMM will share its expertise on gaming and regulatory issues with the AGA and its various members.

BMM and the AGA will work together on a co-piloted effort to drive regulatory reform, as well as collaborate on joint research, whitepapers and educational forums.

The gaming testing laboratory and technical consultancy will also take part in AGA committees and events, as well as join the AGA board of directors and its Public Policy Committee.

“BMM is a trusted partner in an industry that is in constant motion and a tremendous resource for the AGA as we gain traction on issues like sports betting and the next generation gaming policy,” AGA president and chief executive Geoff Freeman said.

Martin Storm, president and chief executive of BMM, added: “BMM is very pleased to partner with the AGA to help prioritise and drive an efficient regulatory reform process.

“It’s a significant reflection on our 36 years of dedication to integrity, innovation and quality within the global gaming industry and we look forward to developing relationships with and meeting the needs of the AGA and its members.”

WASHINGTON – American Gaming Association (AGA) President and CEO Bill Miller released the following statement on bipartisan legislation introduced Thursday by Reps. Dina Titus (D-Nev.) and Guy Reschenthaler (R-Pa.):

“While the federal excise tax’s original purpose was to punish illegal operators, this antiquated tax now aids the offshore, illegal market and disadvantages safe, legal and regulated sportsbooks nationwide. If Congress wants to position the legal sports betting market for success, it needs to eradicate this unnecessarily burdensome tax to level the playing field for legal sportsbooks.

“I’m grateful to Congressional Gaming Caucus Co-Chairs Reps. Titus and Reschenthaler for introducing this much-needed legislation that will continue fostering growth for the legal market and better protect customers.”

The AGA will host a major law enforcement summit in its Washington, D.C. office to examine sports betting and further strengthen the partnership between the gaming industry and the law enforcement community. For more information, contact Brian Cohen, director of strategic alliances. 

In the face of slowing revenue expansion, gaming industry leaders continue to hold an overall positive view of the current business situation, with a notable improvement in credit conditions, according to the latest American Gaming Association (AGA) Gaming Industry Outlook. 

The majority of respondents (88%) view the current state of the gaming industry as either good or satisfactory. Meanwhile, executives have a more conservative outlook on future business conditions, with respondents split on whether they expect conditions to improve over the next three-to-six months (3% net positive) and many expecting a decrease in customer activity (28% net negative). 

“After years of very strong consumer gaming spending growth, expectations around customer activity over the next three to six months have cooled considerably,” said AGA Vice President of Research David Forman. “Still, gaming businesses remain well positioned, with executives touting strong balance sheets and more viewing access to credit as easy than restrictive for the first time in two years.” 

Gaming Executive Panel 
Since Q1, gaming executives’ sentiment has shifted, with a greater number of respondents now expecting a decline in customer activity over the next three to six months (28% net negative, up from 4% net negative in Q1). Despite this, panelists foresee improvements in overall balance sheet health (34% net positive). 

Additionally, more executives reported access to credit as easy (19%) rather than restrictive (3%) for the first time in two years, and fewer cite interest rates as a major limiting factor than in the spring. 

• Hotel (56%) and food and beverage facilities (56%) continue to be the main and growing focus of capital investment among operators, followed by live entertainment (28%) and casino floor slots (22%).
• Meanwhile, gaming equipment suppliers now believe their pace of capital investment and game sales will decelerate (13% net negative). 

These expectations are impacted by evolving macroeconomic challenges, with uncertainty of the economic environment vaulting to the top of executive concerns (56%, up from 34% in Q1), followed by state regulatory concerns (31%), and inflationary or interest rate concerns and geopolitical risk (both 34%). 

The Current Conditions Index
The Current Conditions Index for Q3 2024 was 97.3, which is consistent with real annualized contraction of 2.7 percent. The Current Conditions Index measures real economic activity in the industry, as measured by gaming revenue, employment and employee wages and salaries. 

The Future Conditions Index 
The Future Conditions Index, a leading indicator of changes in industry conditions, measured 98.9 in Q3. This indicates an environment in which real economic activity in the gaming sector, after controlling for underlying inflation, is expected to moderately decrease over the next six months (1.1% annualized rate). 

About the Outlook
The AGA Gaming Industry Outlook is prepared biannually by Oxford Economics. It provides a timely measure of recent industry growth and future expectations. The Q3 2024 survey was conducted between August 21 and September 6, 2024. A total of 32 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single unit casino operators, major gaming equipment suppliers, and major iGaming and/or sports betting operators.  

Real economic activity in the gaming industry fell in Q1 at the fastest rate since the pandemic as executives’ views on the current business climate softened, according to the American Gaming Association’s Gaming Industry Outlook.  

Like others, AGA member companies face a landscape where consumers’ discretionary activities will be tested by tariffs on imported goods and stock market setbacks. 

However, even as near-term executive views have darkened, their longer-term outlook is more positive, reflecting hope that the current uncertainty will be resolved sooner than later. 

The Gaming Industry Outlook provides a snapshot of the industry’s current and future economic health based on executive sentiment, gaming activity and economic indicators. Key highlights include the following: 

• The Gaming Conditions Index (GCI or the Index) shows real economic activity in the industry contracting in Q1 relative to the prior year. The Index tracks real economic activity in the sector, measured by gaming revenue, employment, employee wages and salaries, gaming executive sentiment, and requests for proposal (RFP) activity for events at casino hotels.   
• Gaming executive sentiment improved slightly but remained marginally negative. Slightly more respondents gave negative responses (e.g., “expect decrease”) than positive ones (e.g., “expect increase”) across a range of questions pertaining to factors such as business situation, revenue growth and customer activity.
  
• The economic forecast is mixed but does not yet anticipate a recession. Tariffs are expected to increase the consumer price index to 3.6% this year from 3.0% last year. Combined with recent stock market declines, household sentiment is pulling back, likely presenting a headwind to discretionary spending. 

Gaming Conditions Index

The GCI indicates real economic activity in the industry, as measured by gaming revenue, employment, employee wages and salaries, executive sentiment and casino hotel RFP activity declined 0.9% in Q1 2025 relative to a year earlier, the largest contraction since the pandemic. The Index decline was primarily driven by weaker real wages, marginally negative sentiment, and real below average revenue growth. 

Because gaming revenues and employee wages are adjusted for inflation, the GCI was tempered by still-elevated inflation through Q1 2025.  

Executive Sentiment

Gaming executive sentiment was negative at -5.6% in Q1 2025, as more respondents continued to give negative responses than positive across a range of questions pertaining to factors such as their business situation, revenue growth and customer activity. For context, when the aggregate sentiment measure is equal to zero, it means that there was an equal number of positive responses and negative responses.  

The recent reading is an improvement relative to Q3 2024, as expectations around capital investment, revenue growth, and customer activity have improved. However, the score is worse than the sentiment one year ago, with the decline driven largely by negative views around the current business situation. 

Note: Gaming executive sentiment is measured through a survey every other quarter, as shown by the red columns. The blue columns show smoothed estimates for non-survey quarters. Responses to the current survey were received both before and after President Trump’s April 2 tariff announcement.  

Economic Outlook

The US economy is digesting multiple shocks, including tariffs, uncertainty, supply chain stress and tighter financial market conditions. Oxford Economics’ April baseline outlook assumes average tariff rates will remain at or near current levels, with an extension of the 90-day pause on certain April 2 tariff increases, resulting in a shock to the US economy, but not outright recession. In this outlook, real disposable income expands 2.4% year over year by Q1 2026, indicating household incomes outpacing stronger inflation, but household wealth declines 7.0% and real spending on services slows to just 1.4%.  

Casino Hotel Event Activity

Casino hotels continue to receive RFPs for events, such as business meetings and social events, at a pace that’s above pre-pandemic levels. Relative to a year ago, the number of RFPs received has increased by 0.3%, essentially maintaining the same level year-over-year. 

Gaming Executive Panel Highlights

Despite a slight improvement in aggregate sentiment, certain conditions are limiting executive optimism. More than half of gaming executives cited economic uncertainty, inflation/interest rate concerns and geo-political risk as factors limiting their operations in the U.S. This is notably higher than Q3, when only 28% of gaming executives cited the same factors.  

Rising uncertainty has driven a less positive near-term business outlook: for the first time since the survey began in 2021, more respondents indicated a negative present business situation than a positive one (36% negative, 46% neutral, 18% positive). 

 Despite current pessimism, executives’ longer-term outlook improved: 14% of executives responded with a positive future business outlook, 82% responded with a neutral outlook, and 4% responded with a negative outlook. This reflects expectations that revenue will grow more in the next six to 12 months than it did in the previous six to 12 months (46% positive, 28% neutral, 25% negative). 

 Expectations around capital investment were markedly higher: 41% of executives expect the pace of capital investment to increase, compared to 19% of gaming executives who expect a decrease. Gaming executives continued to identify hotel and food and beverage facilities as the most likely areas for investment, although the shares were lower than in 2024 Q3. (Hotel 56% in 2024 Q3, 40% in 2025 Q1; food and beverage 56% in 2024 Q3, 27% in 2025 Q1.) 

Executive sentiment around future customer activity improved to its highest level since 2022 Q1, with 29% of executives expecting an increase. Insufficient customer demand, which was chosen as a factor limiting operations by 22% of executives in 2024 Q3, was only chosen by 11% of executives in 2025 Q1. 

Although executives are bullish on capital investments, expectations around the pace of hiring and wage growth remain muted. Employee wages and benefits were selected along with tax or regulatory policy changes and data protection as the top areas placing additional pressure on profit margin over the next six to 12 months. 

On the supplier side, gaming equipment manufacturers indicated positive expectations for sales of gaming units for new or expansion use, sales of gaming units for replacement use, and pace of capital investment for the first time since 2023 Q3.  

Short-answer comments by executives on aspects of operations requiring greater than normal levels of management attention included the following examples: 

Financial
“Maintaining margins in an uncertain economic environment;” “economic uncertainty impacting capital spending;” “maintaining healthy top line revenue.”

Strategy
“Managing narrative around sector integrity;” “cyber security improvements;” “pivoting due to lack of expansion of mobile sports betting and iGaming;” “impact of grey markets;” “marketing and promotion.”

Political 
“Impact of tariffs on supply chain;” “state and federal regulations;” “monitoring and responding to changes from the administration.”