According to the most recent figures from the National Indian Gaming Commission ( NIGC ), Indian gaming generated $ 40.9 billion in gross revenue in fiscal year 2022 across the U . S ., an all-time record and a 4.9 percent increase over the previous record of $ 39 billion from 2021 .
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Bets and Futures
Gaming has built a foundation for tribes to explore other investments and business ventures
BY JESS MARQUEZ
Economists and investors alike may have differing opinions and forecasts , but they all share a love for a good chart — two points in time with a steadily upward-trending line between them is all too rare to find , hence the ever-growing appetite for researchers , brokers and pundits .
One of the best examples of this sustained success is the U . S . tribal gaming industry , which has experienced meteoric growth since the enactment of the Indian Gaming Regulatory Act ( IGRA ) in October 1988 . The subsequent 35 years since IGRA ’ s passage — which , for context , would still firmly classify the industry as a millennial — have been defined largely by prudent business decisions , which is to be expected from sovereign nations making investments for the good of their people rather than the price of their stock .
According to the most recent figures from the National Indian Gaming Commission ( NIGC ), Indian gaming generated $ 40.9 billion in gross revenue in fiscal year 2022 across the U . S ., an all-time record and a 4.9 percent increase over the previous record of $ 39 billion from 2021 . Impressively , those back-to-back highs directly followed the Covid-impacted total of $ 27.8 billion from 2020 , which was the lowest year-end figure since 2012 , per Statista . Aside from pretty charts , this level of resilience is also universally beloved by the financial intelligentsia .
The number of tribal operators has grown tremendously over the years , with more petitioning for federal recognition every year . Per the NIGC , there are currently more than 200 recognized tribes with gaming operations , across a total of 29 states .
Thus , as with any maturing industry , there is now an impetus on tribes to diversify their holdings in the name of long-term sustainability , which has always been a hallmark of the tribal decision-making process .
Playing the Board
The economic foundation built by successful land-based gaming has given many tribes a favorable bankroll with which they can now get a little creative and explore new opportunities . According to James Siva , chairman of the California Nations Indian Gaming Association ( CNIGA ) and vice chairman of the Morongo Band of Mission Indians , one such avenue that has become increasingly attractive is the energy project that can limit tribes ’ dependency on traditional infrastructure while also providing steady streams of income .
Siva explains that his tribe has successfully taken its flagship Morongo Casino Resort & Spa off the grid with the help of “ a cogeneration plant , which provides all of the power needs for our casino as well as some of
“ I think the intention of tribes is always to do anything well , but also not to skip any steps . We ’ re willing to make some mistakes along the way so that we can learn how to do things right . I think that kind of humble approach lends itself to any industry .”
— James Siva , Chairman , California Nations Indian Gaming Association ; Vice Chairman , Morongo Band of Mission Indians
According to the most recent figures from the National Indian Gaming Commission ( NIGC ), Indian gaming generated $ 40.9 billion in gross revenue in fiscal year 2022 across the U . S ., an all-time record and a 4.9 percent increase over the previous record of $ 39 billion from 2021 .
14 TRIBAL GOVERNMENT GAMING 2024