Indian gaming crosses $26 billion mark
This from the National Indian Gaming Commission:
Philip N. Hogen, chairman of the National Indian Gaming Commission, announced that net revenues from Indian gaming continue to grow, increasing 5% from 2006 and generating $26 billion in revenues in 2007."The continued growth is significant considering recent economic struggles throughout the country. Indian gaming continues to be an important factor in local economies by providing much needed jobs throughout Indian country and other economic development," Hogen said. "The Indian gaming industry has experienced tremendous growth since the inception of the Indian Gaming Regulatory Act (IGRA) twenty years ago in 1988 when the Indian gaming industry saw revenues of $200 million, to now over $26 billion in 2007."
NIGC Region V, which includes Kansas, Oklahoma and Texas, had the largest percentage increase in revenues. The region generated revenues of $2.6 billion in 2007, a 20% increase from the $2.1 billion generated in 2006. The region has experienced active growth, more than doubling revenues in the three-year period from 2004 to 2007, climbing from 83 operations generating $1.3 billion in 2004 to 100 operations generating $2.6 billion in 2007. Region II, consisting of California and northern Nevada, had only a 1.6% increase in revenue but still saw the biggest revenues of NIGC's six regions, increasing to $7.8 billion in 2007 from $7.7 billion in 2006.
Gaming revenues represent amounts wagered less prizes paid. Revenue calculations are based on the audit reports NIGC receives annually from tribes conducting gaming operations in accordance with IGRA. The 2007 revenue data was compiled from the audit reports of 382 Indian gaming operations received by the Commission through June 10, 2008. Because the fiscal year utilized by tribal operations vary, compilations of annual revenue totals are not finalized until June of the following year.
Hogen released not only regional revenue data, but also graphics analyzing the growth in Indian gaming.
The NIGC is an independent regulatory agency established within the Department of the Interior pursuant to the Indian Gaming Regulatory Act of 1988.
