The National Indian Gaming Commission (NIGC) recently released its fiscal year 2023 report, revealing a significant milestone in the tribal gaming industry. Chairwoman Sharon M Avery and Vice Chair Jeannie Hovland announced the findings at the Wisconsin Gaming Regulators Association Summer Conference, highlighting a steady growth trajectory across all NIGC regions.
Overview of Fiscal Performance
In FY23, tribal gaming enterprises amassed a gross gaming revenue (GGR) of $41.9 billion, marking a 2.4% increase from the previous fiscal year’s $40.9 billion. This growth underscores the resilience and innovation within the industry, despite ongoing challenges and shifts in the gaming landscape. The data, derived from audited financial statements of 519 gaming operations owned by 244 federally recognized tribes across 29 states, reflects a continued recovery from the downturn experienced during the COVID-19 pandemic.
Historical Context and Trends
The FY23 results continue a positive trend observed in recent years. FY22 had seen a notable 5% increase over FY21, with GGR climbing to $40.9 billion from $39.0 billion. This resurgence follows a stark decline in 2020 when GGR plummeted to $27.8 billion due to pandemic-related closures and restrictions. The subsequent recovery underscores the sector’s adaptability and strategic resilience.
Regional Growth and Regulatory Impact
All eight NIGC regions reported growth in FY23, demonstrating the widespread economic impact of tribal gaming initiatives. Chairwoman Avery emphasized the role of a robust regulatory framework in fostering this growth. She praised tribal gaming operators and regulators for their ingenuity and tenacity, which have proven instrumental in navigating challenges and leveraging opportunities within the evolving gaming industry landscape.
Leadership and Regulatory Developments
The NIGC has also witnessed leadership changes, notably with the departure of Michael Hoenig, its longest-serving General Counsel, in January 2023. Hoenig’s tenure was characterized by significant regulatory advancements, including responses to emerging issues such as the expansion of sports betting and cybersecurity threats. His departure marks a transition period for the agency, as it continues to uphold regulatory standards and support industry growth.
The FY23 report from the NIGC highlights a resilient tribal gaming industry that has rebounded from adversity to achieve continued growth. With strategic leadership, regulatory diligence, and ongoing innovation, tribal gaming enterprises have positioned themselves as key players in the broader gaming economy. Looking ahead, these trends underscore the importance of adaptive strategies and collaborative approaches in sustaining momentum and navigating future challenges.