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Compliance Updates

Gaming CEOs Optimistic on Industry Outlook, Report Evolving Industry Challenges

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Amidst an evolving economic landscape, gaming executives report a positive outlook on future industry business conditions while remaining satisfied with the current business environment, according to the American Gaming Association’s (AGA) Gaming Industry Outlook.

Nearly all gaming executives surveyed characterized the current business environment as good (44%) or satisfactory (50%), mirroring similar sentiment from Q3 2023. Meanwhile, executives are more optimistic about future conditions, with 32 percent of CEOs expecting business conditions to improve over the next six months, up from 20 percent in Q3 2023.

“Gaming’s record-setting growth over the last three years has set a new standard for industry success,” said AGA President and CEO Bill Miller. “However, as we enter a period of market normalization, continued investment and innovation in offering world-class, responsible entertainment experiences will be required to maintain industry momentum.”

Gaming Executive Panel

Gaming executives have become more positive in their views that overall balance sheet health will improve over the next 6 months (42% net positive), but they expect the pace of revenue growth (13% net negative) and new hiring (22% net negative) to slow. These expectations for decelerating growth have influenced expectations for increases in capital investment and gaming units in operation, with smaller net positive sentiments than before.

  • In contrast to past Outlooks, gaming equipment suppliers are slightly pessimistic about the sale of gaming units for replacement use and new or expansion use (both 13% net negative). However, they remain optimistic about the pace of capital investment (38% net positive).
  • Half of operator CEOs expect capital investments in hotels over the next year to be higher than normal, and compared to last fall, more also expect higher than normal levels of capital investment in meetings and conventions and table games (28%). Meanwhile, 44 percent of CEOs expect increases in food and beverage investment, down from 67 percent in Q3 2023.

These expectations are also informed by evolving macroeconomic challenges. Executives report that inflationary or interest rate concerns continue to be a major factor limiting operations (28%), but these have been overtaken by geo-political risk (34%) and uncertainty of the economic environment (34%) as the biggest limiting factors in the most recent Gaming Executive Panel.

Current Conditions Index
The Current Conditions Index of 102.8 for Q1 indicates solid annualized real economic growth in the industry of 2.8%. This includes gaming revenue, employment and employee wages and salaries. Notably, the Current Conditions Index shows gaming expanding faster than the overall U.S. economy which last week reported 1.6 percent GDP growth in Q1 2024.

Future Conditions Index

The Future Conditions Index stands at 102.2, indicating annualized industry economic activity, after controlling for underlying inflation, is expected to moderately increase over the next six months. This outlook reflects Oxford Economics’ forecast that the U.S. economy will slow during 2024 but avoid recession. Despite a projected economic slowdown, consumer survey results continue to indicate that more than one-third of adults expect to visit a casino during the next 12 months, consistent with prior quarter results.

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 Q1 2024 survey was conducted between March 28 – April 10, 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.

 

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Canada

Court Decision Upholds iGaming Ontario’s Model

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iGaming Ontario has welcomed the decision of the Ontario Superior Court, which found that iGaming Ontario’s model is consistent with the Criminal Code and that iGaming Ontario is conducting and managing igaming in the province.

“We have always been confident in our model and are pleased that the court has ruled in our favour, and that Ontarians can continue to play with confidence in our regulated igaming market,” said Martha Otton, Executive Director of iGaming Ontario.

“Ontario’s model meets the requirements and contributes to the public good by protecting players, their data and their funds, while helping to fund priority public services in Ontario, and bringing well-paid, high-tech jobs and economic development to Ontario,” Otton added.

In dismissing the application brought forward by the Mohawk Council of Kahnawà:ke (MCK), the Superior Court found that iGaming Ontario is the “operating mind” behind Ontario’s competitive igaming market in accordance with the conduct and manage requirements of the Criminal Code.

iGaming Ontario will continue to conduct and manage igaming as it has since the launch of the regulated market on April 4, 2022.

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Compliance Updates

Supremeland Gaming Continues U.S. Expansion With Supplier License Approval In Michigan

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Supremeland Gaming Continues U.S. Expansion With Supplier License Approval In Michigan

 

Supremeland Gaming, Inc., the emerging brand in American iGaming, has gained approval for a Supplier License in Michigan, marking the company’s fourth U.S. state approval following the successful acquisition of interim approvals in Pennsylvania, New Jersey, and West Virginia.

Supremeland Gaming is approved to operate under this license and is now authorized to offer its cutting-edge innovation to the Great Lakes State. Their continued expansion underscores its commitment to pushing the boundaries of innovation in the iGaming industry.

Rickard Öhrn, CEO of Supremeland Gaming, said: “With approvals already in Pennsylvania, New Jersey, and West Virginia, our entry into Michigan underscores our dedication to serving players nationwide. We are excited about the opportunities this new market brings and look forward to delivering innovative, engaging, and responsible gaming solutions to the rapidly growing U.S. iGaming community.”

Supremeland’s game portfolio has garnered international appeal since its debut in November 2023. The innovative brand produces first-class games, including Red Panda Rising™ and its global debut, Munition Mine™, for which its subsidiary, Powderkeg Studios, is shortlisted at the CasinoBeats Game Developer Awards.

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Compliance Updates

Greyhound Advocates Applaud Gov. Ned Lamont for Signing Bill to Outlaw Dog Racing

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The largest greyhound protection group in the world thanked Connecticut Governor Ned Lamont for signing a bill to outlaw greyhound racing, calling the new law a victory for everyone who cares about dogs.

“The end of dog racing in Connecticut has finally come because of the hard work of dedicated lawmakers on both sides of the aisle. Greyhound advocates everywhere applaud Governor Lamont’s enthusiastic stand against this cruel industry. Connecticut now joins 42 other states that have already rejected this outdated and inhumane form of gambling,” said GREY2K USA President and General Counsel Christine A. Dorchak.

Greyhound racing is now illegal in 43 states, and only continues to exist at two tracks in West Virginia. After dog racing gradually declined for decades, Florida voters outlawed the activity in 2018 by a vote of 69% to 31%, closing twelve operational racetracks. A bill to prohibit gambling on greyhound racing nationwide was introduced in the 117th Congress and earned the support of 105 cosponsors and more than 250 humane groups, anti-gambling organizations, and local animal shelters.

All mainstream animal protection groups oppose greyhound racing due to animal welfare concerns. At the last two remaining dog tracks in West Virginia, state records indicate that 666 greyhounds were injured in 2022 including 218 dogs that suffered broken bones and five greyhounds that died. Thousands of dogs also endure lives of confinement at West Virginia tracks, kept in cages barely large enough for them to stand up or turn around for long hours each day.

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