US Casino Industry: 2025 Movers and Shakers

The US casino industry has been thriving so far this year. To date, among the 43 states that offer tribal and commercial gaming, the industry has generated $57.4 billion in revenue from January to September, according to figures posted by the American Gaming Association (AGA).  

 With revenue from October through December currently unaccounted for, it’s safe to say that total 2025 revenue will knock the previous year’s figure of $72 billion out of the park. By the end of this year’s third quarter, traditional gambling revenue, sports betting revenue, and iGaming were all up year-on-year.  

 Traditional gambling raked in $12.8 billion, up 3.5%, sports betting recorded $3.5 billion, up 6.8%, and iGaming had the most staggering increase, with revenue up 29.6% to $2.7 billion.  

 If commercial gaming revenue can surpass the previous year’s figure, it would make it the fifth-straight year in which the AGA has reported a revenue increase. With the industry booming due to factors such as the addition of new casinos and a continuous stream of new regulations, it’s fair to assume that the sector's growth shows no signs of slowing down in the near future.  

 States Welcome New Casinos in 2025 

Illinois and Nebraska Standout with New Casino Additions 

As the US remains on track for another successful gambling year, many states have welcomed new additions to their industries. Standout cases come from Illinois, with Hollywood Casino in Joliet opening its doors as a land-based casino in August.  

 In September, the casino experienced a significant year-on-year revenue jump at its new permanent location, reporting the highest revenue change of that month with a 48% increase to $11.2 million. Overall revenue in the state increased 13.8% to $158.1 million in September, with October and November also reporting positive year-on-year increases.  

 Nebraska was another state to open a new location in August. Lake Mac Casino Resort & Racetrack opened its doors to patrons with a temporary casino that offered over 300 slot machines and electronic games. In September, with the casino only being open a couple of weeks, revenue was boosted to $23.6 million, up 47% year-on-year from $16 million. September and October also recorded revenue gains in the state.  

 Regulation 

Virginia Seeks to Create New Gaming Regulatory Body 

With the promise of added revenue, some states have even submitted new legislation in the fight to grant new casinos. In Virginia, lawmakers are prioritizing legislation that would see the state create a Gaming Commission that would combine current entities, the Virginia Lottery, the Virginia Racing Commission, and the Virginia Department of Agriculture and Consumer Services, under one regulatory body.   

 The push for a single commission comes as lawmakers attempt to secure a new casino in Fairfax County, which has faced some opposition lately. Lawmakers argue that a new casino would help raise revenue in the county. In October, revenue from the state’s three casinos generated $82 million, up 44% year-on-year. It can be no surprise that state lawmakers are looking to approve a fourth casino.  

 Florida Looks to Grant Seminole Tribe More Gambling Power 

Florida is another state looking to update its gambling laws. Lawmakers introduced House Bill 591 in December, which would effectively bring more gambling control to the Seminole Tribe (owners of Hard Rock) by revising slot machine laws, banning the operation and promotion of iGaming outside of the Seminole Tribe, and limiting gambling advertisements, among other measures.  

 The state also has eight commercial casinos regulated by the Florida Gaming Commission. These casinos are limited to offering slot-style games. It’s unclear how the bill, if passed, would impact Florida’s slot casinos, but October revenue showed a 7.5% year-on-year increase to $57.4 million.  

 October Sees Records Broken for iGaming 

Delaware Enjoys Successful 2025 

Seven US states have legalized iGaming, with Delaware being the first in 2012. In the 2025 fiscal year, the Delaware Lottery reported that revenue generated from iGaming topped $85.5 million. So far, in the 2026 fiscal year, the Delaware Lottery has recorded $50.4 million in total revenue and is on track to surpass the previous year’s figure with seven months left to go.  

 New Jersey, Pennsylvania, Michigan Tussle for Top iGaming Generator 

New Jersey was the second state to legalize iGaming in 2013 and has since grown to be one of the most popular iGaming states in the US, generating $260 million in revenue for October, a 22.3% increase compared to the previous year and the highest revenue the state has recorded since legalization.  

 Pennsylvania was the next state to legalize iGaming and has become synonymous with New Jersey, with the two states being the closest in revenue. In October, Pennsylvania narrowly missed surpassing New Jersey, recording $251.2 million, a 32.8% increase year-on-year, its highest amount so far.  

 Michigan also had a successful October. Following the legalization of iGaming in 2021, the state reported its highest revenue, surpassing both Pennsylvania and New Jersey, with a record $278.5 million in revenue.  West Virginia was the next state to break records in October, although not as high as the other three states, it reported $34.7 million in monthly revenue, up 44% year-over-year.  

 Connecticut, Rhode Island Round Out the Year with Revenue Growth 

Connecticut and Rhode Island are the latest states to launch iGaming, with Connecticut debuting in 2021 and Rhode Island in 2023. Connecticut recorded $55.6 million in October, its highest in 12 months, while Rhode Island generated $5.4 million in net gaming revenue, the highest figure to date since its launch.    

 Can Massachusetts be the Eighth iGaming State? 

Other states are also looking to expand into iGaming, including Massachusetts. Various legislation has been proposed in the state to accelerate the expansion, with lawmakers citing the need to protect residents from the dangers of illegal gambling and to ban sweepstakes casinos.  

 The state has three casinos: Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino. In October, the three generated $96.9 million in revenue, up 2.8% year-over-year from $94.2 million. If the iGaming legislation is passed, each casino would be able to partner with an iGaming operator to provide online gaming in the state.  

 Nevada in 2025 

The Silver State Finds Challenges in Tourism, Subpar Revenue 

While the US is on track to surpass last year’s total gambling revenue, Nevada has been one of the unluckier states. Home to the US’ gambling mecca, Las Vegas has experienced repeated declines in tourism that have impacted how much gambling revenue is being generated.  

 According to statistics reported by the UNLV Center for Gaming Research, total win for the Las Vegas Strip from May 2025 to October 2025 averaged only 1.65%, while statewide total win was reported at 2.18%.  

 Statewide total win from the past six months totaled $7.8 billion, with the Las Vegas Strip accounting for $4.3 billion of the total. Over the period, May and September were the only months to report a year-on-year decline, with total wins down 3.9% in May and 5.5% in September.  

 October ended up being a better month than others for Nevada, with the Las Vegas Strip experiencing an 8.2% year-on-year increase following the decline in September. The state also recorded $1.4 billion in overall revenue, representing a 5% year-on-year increase.  

 Yet, tourism continued to decline despite the steady flow of revenue. Statistics reported by the Las Vegas Convention and Visitors Authority showed that visitor volume was down 4.4% year-on-year in October.  

 With the state experiencing a continued visitor slump, it raises the question of just how much it will impact Nevada in the coming years.  

 Tribal Casinos 

The US’ commercial casinos may be having a successful year, but you can’t ignore the impact tribal gaming has had on the industry in 2025 as well.  

 According to the National Indian Gaming Commission, there are currently 523 tribal casinos in the US. For the 2024 fiscal year, these casinos generated $43.9 billion in gross gaming revenue, a $2 billion increase from the previous year.  

 Hard Rock Tejon to Boost California’s Tribal Gaming 

California is one of the biggest destinations for tribal gaming, being home to 86 casinos. Last month, it introduced Hard Rock Casino Tejon to its portfolio, with the casino opening its doors to patrons on November 13. The establishment is expected to bring more than 1,000 jobs to the area and is the largest private hospitality investment in Kern County.  

 According to the AGA, California casinos generate an estimated $34.6 billion annually, with $5.8 billion in tax revenue. With the addition of new casinos, these figures are expected to continue growing.  

 Casinos to Watch For in 2026 

New York City Prepares for Three New Casinos 

With states continually introducing new casinos, New York remains a key state to watch. The Empire State currently has four commercial casinos, which last month generated $58.3 million in revenue, a 2.5% increase year-on-year.  

 As of now, the total revenue for the fiscal year, spanning from April 2025 to November 2025, has reached $472.3 million, just surpassing last year's same-period total of $457.2 million.  

This figure is only set to rise in the coming years, with the New York State Gaming Commission awarding three downstate casino licenses to Bally’s in the Bronx, Hard Rock at Metropolitan Park in Queens, and Resorts World also in Queens.  

 Resorts World has announced that it will open in 2026, with the other two to follow four years later by 2030. According to the Gaming Facility Location Board, which oversaw the applicants, the casinos are expected to generate a combined $7 billion in gambling tax revenue from 2027 through 2036.  

Read our full guide to the best online casinos in Florida.