AGA Survey Finds Executives Bullish on Gaming Industry
Senior gaming executives are increasingly confident about the industry’s short- and medium-term outlook, according to a new AGA survey by Oxford Economics.
LISTEN TO THIS ARTICLE:The AGA’s Gaming Industry Outlook, based on responses collected between August 26 and September 8 from 28 senior executives representing U.S. and international casino companies, tribal operators, equipment manufacturers, and online gaming and sports-betting firms, shows a notable uptick in business conditions. The report’s Gaming Conditions Index – a composite measure incorporating gaming revenue, employment, wages, executive sentiment and casino hotel event activity – rose 3.1% year-over-year in the third quarter, marking the first quarterly expansion since late 2024.
Overall executive sentiment moved into positive territory, reaching a net +7.1% in the third quarter – the strongest reading since the third quarter of 2022. Short-term expectations improved sharply as well: the near-term outlook climbed to a net +11%, reversing from a negative reading earlier this year. Longer-term optimism also increased, with 26% of respondents saying they expect stronger business conditions in the next six to 12 months – the most optimistic long-range view recorded in three years.
Following a strong summer that underscored the resilience of gaming consumers and the entertainment value of gaming products, the industry’s outlook is the most positive in years. While executives are increasingly concerned about regulatory and tax challenges, they plan to continue reinvesting in capital spending to provide players with compelling gaming options and amenities.
Regulation Tops Industry Challenges Despite Growth
Despite improving economic indicators, regulatory and tax concerns emerged as the top constraint on operations. Fifty percent of respondents identified state-level regulatory issues as a factor limiting business activity – the highest proportion since that metric began being tracked in early 2023. Nearly half (46%) of executives singled out tax or regulatory policy changes as squeezing margins, up from 36% earlier in the year.
Executives said they are balancing several priorities: sustaining investment in property upgrades and digital platforms, managing labor and wage pressures, and responding to evolving state regulatory frameworks for sports betting and iGaming. The survey suggests firms will continue capital expenditures to maintain customer experience and loyalty, even as they navigate a more complex regulatory environment across key markets.
The mix of respondents – which included traditional brick-and-mortar operators, tribal casino executives and suppliers to the gaming sector, alongside iGaming and sports-betting operators – underlines the industry-wide nature of the trend. Many operators have cited stronger summer visitation and event calendars as drivers of the quarter's improved numbers, while online and mobile channels have helped smooth seasonal volatility.
Analysts say the AGA findings align with broader indicators of leisure and tourism recovery across major gaming hubs such as Las Vegas and Atlantic City. Still, state-level developments remain a wildcard: tax increases, stricter advertising rules, and licensing changes in individual states could erode margins and slow expansion plans.
For investors and industry watchers, the survey offers a mixed but cautiously optimistic picture: operating metrics and executive sentiment point to recovery and reinvestment, yet near-term policy risks are elevated. How states choose to tax and regulate gaming – from sports betting to igaming — will play a pivotal role in shaping profitability and growth trajectories over the next 12 months.
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Key areas executives identified as priorities include: continued capital spending on resorts and digital platforms; monitoring state-level tax and regulatory proposals; recruitment and retention of skilled staff; and leveraging major events and convention calendars to drive visitation and spending.
The AGA report, prepared by Oxford Economics, provides a snapshot of sentiment across the sector and will be closely watched by operators, suppliers and state regulators as they prepare budgets and policy proposals heading into the next legislative cycles.
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