From Vegas Strip Shocks to iGaming Booms: How 2025 Reshaped US Casino Revenue
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The 2025 US Casino Revenue Landscape: Key Takeaways
- 2025 was anything but boring for US gambling. US Casino revenue surged to $64.3B across the first 10 months (+8.7% YoY), keeping the industry on pace to topple 2024’s $72B haul and extend the record-setting run.
- iGaming stole the show and lawmakers noticed. With just seven legal online-casino states, the vertical still delivered monster growth ($968.7M in October, +27.3% YoY; $8.8B Jan–Oct, +29.4% YoY), making it the “new” tax-and-regulation prize that more states want in on.
- Maine and Massachusetts are the next dominoes, maybe. Maine’s push hit the brakes after Gov. Janet Mills tabled the bill, and insiders aren’t betting on a quick comeback. Massachusetts remains in the mix, but the headwinds are real, including Treasurer Deb Goldberg’s warning that iGaming could undercut the state’s iLottery and shrink local-aid benefits.
- The iGaming podium is crowded, but the leaders are clear. New Jersey, Pennsylvania, and Michigan kept trading haymakers, each clearing $200M+ in iGaming revenue in November. NJ led the month at $253M (+18.2% YoY), PA wasn’t far behind at $242.7M (+21% YoY), while Michigan cooled to $233.3M (-10.9% YoY) after topping October.
- New properties are coming online while Las Vegas looked oddly mortal. New York’s downstate licensing drama is turning into real projects in Queens and the Bronx, while Louisiana and Virginia logged meaningful openings and strong early returns. Meanwhile, Las Vegas tourism fell (-5.2% in November; -7.4% YTD), and Strip gaming growth stayed muted, a reminder that 2025’s momentum came from expansion markets and digital, not just America’s gambling capital.
As we begin 2026, the casino industry has left many in awe over the past year, with states introducing new casinos, surprise revenue generators, especially from the rise of the iGaming industry, and a lackluster performance from the country’s gambling mecca. It’s safe to say that 2025 has not been a boring year.
The US gambling industry body, the American Gaming Association, has rounded up the last 10 months of US casino revenue with optimism. Commercial casinos have so far generated $64.3 billion in combined revenue, up 8.7% from the same period the previous year. Increases have appeared across the board, with traditional gambling, sports betting, and iGaming all experiencing year-on-year growth.
While some states have had a more turbulent year compared to others, the industry is definitely on track to surpass 2024’s combined revenue total of $72 billion, ushering in another positive year for the gambling industry.
How Online Casinos Stole the Spotlight in 2025
Online gaming has been somewhat the standout for 2025 in terms of growth in the industry. So far, seven states have legalized iGaming: Delaware, New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, and Rhode Island.
With Delaware being the first state to legalize iGaming in 2012 and Rhode Island being the latest in 2023, other states have also put forward legislation to legalize online gambling, most notably Massachusetts and Maine.
The increasing number of states seeking to legalize online casinos comes as no surprise. According to the American Gaming Association, iGaming gross gaming revenue rose 27.3% year-on-year in October to $968.7 million. From January to October 2025, this figure was also up 29.4% year-on-year, generating $8.8 billion.
With the significant rise in US casino revenue, it’s clear why more states may view it as a new revenue stream. Various lawmakers have also argued that legalizing iGaming can make gambling safer for residents, introducing safer gambling measures and giving more protection from illegal gambling operators.
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Maine and Massachusetts Weigh the Future of iGaming
The two New England states introduced legislation in 2025 that would pave the way for iGaming’s introduction, potentially increasing the number of iGaming states to nine.
Unfortunately for residents in Maine, they will have to wait until at least later this year for a possible gambling expansion. The state’s Governor, Janet Mills, tabled the bill in April of 2025, which would have seen the state’s four federally recognized tribes offer online casinos.
The stalling of the bill did not surprise Maine lawmakers, with Governor Mills being an outspoken critic of the legislation’s progress. Maine Gambling Control Board Chair Steve Silver even said that he was not optimistic that the Governor would actually sign the bill if it reached her desk.
Massachusetts iGaming Bill on the Horizon
While Maine must patiently wait for any word on the bill’s progress in the coming year, Massachusetts’s iGaming bill may still have a chance. State lawmakers introduced various pieces of legislation last year aimed at speeding up the process, with many arguing that iGaming would protect residents from illegal gaming while also boosting the economy.
However, the bills have faced some pushback in the last few months, with Massachusetts Treasurer Deb Goldberg opposing an online casino expansion, stating at a Greater Boston Chamber of Commerce event that it would undermine the state’s iLottery and reduce any local-aid contributions that may result from it.
That being said, although the legislation has yet to officially stall, Massachusetts may be on the verge of becoming the eighth state to offer iGaming.
Top iGaming States: New Jersey, Pennsylvania, and Michigan Lead the Way
Three of the seven iGaming states have had a standout year in 2025, with New Jersey, Pennsylvania, and Michigan all fighting for the spot of best iGaming state. Each one has reported record-breaking revenue throughout the year, solidifying the industry’s spot as a surprise revenue generator for 2025.
Each state reported upwards of $200 million in iGaming revenue for November, with all three previously breaking records in October, with each state recording the highest iGaming revenue since its respective legalization.
Although November was not as successful, coming off the back of a triumphant October, New Jersey and Pennsylvania both produced year-on-year revenue increases for the month. Pennsylvania was up 21% to $242.7 million in November, while New Jersey recorded an 18.2% increase to $253 million, becoming the highest generator of the three for November.
Michigan, which reported the highest US casino revenue of all states in October at $278.5 million, had a less impressive month, generating only $233.3 million, down 10.9% year-on-year. Despite this, iGaming has proved a significant success for the three states, cementing itself as a major US casino revenue generator.
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New Casinos Make Their Mark Across the US in 2025
As iGaming proves that it’s a force to be reckoned with for the 2025 year, other standouts have come in the form of new casinos. New York, Virginia, and Louisiana are just a few of the states with highly anticipated casino launches ahead.
New York City Casino Race Comes to a Close Finish
Some of the biggest news in the casino world this past year revolved around the Downstate New York casino license race, which was jam-packed with controversy and competition. The license process began with eight applications, which were eventually narrowed down to just three, and these three ultimately received approval from the New York State Gaming Commission in December.
The license race came with star-studded support from some celebrities, including Jay-Z, who made one of the earliest bids for Caesars Entertainment’s proposal in Times Square. However, he also received sharp criticism from New York residents.
Despite three of the biggest bids for casinos being made for Manhattan, the borough will ultimately not be getting a new casino for now, after the Avenir, Caesars Palace, and Freedom Plaza casinos were the first to be eliminated from the race, facing strong opposition from locals and business groups.
The only proposal for Brooklyn, the Coney Casino, also faced defeat after a vote from the Local Advisory Committee halted the application’s progress due to strong community opposition, leaving only four casinos in the race.
Controversy in the Bronx: Casino Backlash and MGM Exit
The Bally’s Bronx casino was another proposal that brought intense controversy to the race. Proposed to be built on Trump Golf Links at Ferry Point, which Bally’s purchased for $60 million in 2023, its land use application was initially rejected by the council.
However, Mayor Adams used his veto to reverse this decision, allowing the casino to remain in the running. The decision faced controversy after it was revealed that the Trump Organization would receive $115 million if the proposal were to receive a gaming license.
With only three licenses, the race was coming to a close until Bet MGM Yonkers dropped out of the license race, citing changes in its return projections for a $2.3 billion investment due to the economic climate.
Additionally, it placed blame on the state for its withdrawal, stating that after receiving new guidance from New York State, the casino would only accept a 15-year licence, instead of the preferred 30-year one they initially wanted.
New Casinos Get the Green Light in Queens and the Bronx
Three casinos have now officially been approved for New York City, including the controversial Bally’s Bronx, which now owes the Trump Organization $115 million, Resorts Worlds in Queens, which is currently the city’s only racino which will be refurbished and expanded to include a 7,000 feet entertainment venue and a 500,000 square foot casino, and Hard Rock’s Metropolitan Park also in Queens, backed by Mets owner Steve Cohen.
All proposals have included community commitments and job creation; however, the full impact of the new licenses will not be felt until all have opened between 2026 and 2030.
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Louisiana Casinos Jump Ashore
Louisiana is another prominent state that has welcomed new casinos in 2025, following a 2018 law change that allowed riverboat casinos in the state to relocate.
In February, the Live! Casino & Hotel Louisiana celebrated the opening of its new land-based casino, the first in the Shreveport-Bossier market. Built on the site of the Diamond Jack’s Riverboat casino, which closed in March 2020 due to impacts from the Covid-19 pandemic, the site was purchased by the Cordish Companies Live! brand.
The casino opened with a 47,000-square-foot gaming space, hotel accommodations, and dining and entertainment venues. With over 800 new staff members, the casino is expected to generate $35 million in gaming tax revenues for Bossier City, $168 million for the state of Louisiana, and $34 million in salaries in the first five years of operation.
Temporary Venues Pave the Way for Virginia’s Casino Openings
Virginia will be expecting an exciting year in 2026, with the recent opening of Boyd Gaming’s Interim Gaming Hall in Norfolk and the upcoming opening of the Live! Casino Virginia, with a temporary casino set to open in January, is likely to have a significant impact on the state, which currently has three fully operational commercial casinos, excluding Norfolk’s temporary casino.
After opening on November 7, in its first 23 days of operation, the Norfolk Casino reported a profit of approximately $1.4 million, boosting the state’s overall casino revenue to $84.7 million and contributing to a year-on-year revenue increase of 29.7%.
The Norfolk Casino is expected to open its doors to patrons in 2027, along with Live! Casino Virginia.
Nevada’s Unexpected Year in Casinos and Tourism
While the casino industry in states like New York and Virginia has been booming with the arrival of new casinos and the anticipated launch of others, the US gambling mecca of Las Vegas has had a profound impact on the industry, but not in the way some might think.
Plagued with repeated tourism declines throughout the year, Las Vegas has been a shocking surprise to many, with rising prices due to inflation, and President Donald Trump’s tough stance on immigration and claims of Canada being the 51st state, which has deterred many visitors.
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Declines Across the Board in November
November showed mixed results for Las Vegas. On average, visitors declined 5.2% with the city only welcoming 3.14 million tourists for that month, according to statistics from the Las Vegas Convention and Visitors Authority.
Year-to-date figures from January 2025 to November 2025 show that visitor volume has decreased 7.4% compared to the previous year, with each month sporting a year-on-year decrease. July 2025 saw the largest year-on-year drop in visitors, with a 12% decrease, while January experienced the lowest decline, at 1.1%.
Despite a positive turnout at big events in November, including the Formula One Grand Prix, which, according to Reuters, drew more than 300,000 to the three-day spectacle, hotel occupancy was down 2%, marking a recurring decline since February 2025. On the other hand, convention attendance stayed relatively the same, slightly dropping by 0.2% year-on-year. Year-to-date, attendance has declined 0.6%.
US casino Revenue numbers have also been relatively minor this past year, with the Strip year-to-date revenue averaging only a 0.7% increase compared to last year. For November, revenue on the Strip declined 0.6% following a decent comeback in October, which saw Strip revenue rise 8.2% year-on-year. From February to March, the Strip experienced repeated revenue declines, while from June to August, there was a bounce back, which ultimately sank again in September.
Missouri Sports Betting Launch Takes State by Storm
Major news for the gambling industry in 2025 also came in the form of Missouri’s sports betting launch on December 1. The launch followed a 2024 voter referendum, with a little more than 50% of voters voting in favor of the act.
In the first 24 hours since the sports betting debut, geolocation firm GeoComply recorded more than 2.6 million geolocation checks and reported over 250,000 active sports betting accounts. In the first week, these numbers shot up to 18.5 million location checks and more than 520,000 active sports betting accounts. The state is also predicted to generate $4 billion in revenue from sports betting in its first year.
Prior to the launch, Missouri’s riverboat casinos had also been looking forward to the December 1 debut, with each casino allowing retail sports betting at its locations. Casino managers also noted that the addition of sports betting would increase foot traffic at the casinos, noting that previously, residents had to drive to Kansas to place wagers on sports.
Ameristar is one casino operator that welcomed the launch with open arms, adding a Fanatics Sportsbook lounge to entice bettors, which includes two betting windows, 12 self-service kiosks, 10 TV monitors, and an LED sports wall.
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Are Kansas Casinos at Risk From Missouri’s Sports Betting?
As Missouri casinos begin to thrive with a new source of US casino revenue, Kansas casinos may be affected by the resulting decline in revenue. Data shared by GeoComply showed that, before Missouri’s sports betting launch, between September and October 2024, over 3,700 Missourians had crossed state lines into Kansas to bet on sports.
“It’d be foolish to say that there’s not going to be some sort of impact,” said Cory Thone, communications director for the Kansas Lottery Commission, as reported by the Topeka Capital-Journal. “We know there are people that were coming from the KC metro to KCK to place bets on Sundays.”
The state’s four commercial casinos offer retail sports to patrons, with the state collecting $0.7 million in sports betting taxes from these casinos. On top of that, the Sunflower State also has a sports betting fund, dubbed the Attracting Professional Sports to Kansas Fund. Since its creation, the fund has amassed over $26 million, which it will use to woo professional sports betting teams into crossing the state border from Missouri.
This fund has all but played into the favor of Kansas, with the NFL side, the Kansas City Chiefs, announcing in December that they would be relocating from Arrowhead Stadium in Kansas City across state lines to Kansas.
With the Chiefs set to move on from Missouri, some question the possible impact that this would have on Missouri’s growing sports betting industry, but with Kansas and Missouri being so close, some industry leaders expect no change to occur between the states, with Thone describing Kansas’ gambling relationship with Missouri as “organic.”
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