RubinBrown Gaming Stats 2012

National Indian Gaming Analysis

For the third consecutive year, tribal gaming revenues have remained relatively flat, indicating that Indian gaming has evolved into a mature market. In 2010, the 422 Indian casinos generated $26.5 billion, which matched the $26.5 billion generated by the 419 casinos operating in 2009. The evolution into a mature market is evident in the market saturation with both tribal and commercial casinos, which is fostering greater competition between the two sectors. Most recently, tribal casinos, which historically were the only source of gaming in states like New York and Kansas, are facing competition from state licensed casinos or slot-only racinos. To compete with the increased competition, tribal casinos are expanding their current properties and opening new casinos with the expectations that it will create gaming revenue growth in future years. Industry Analysis After reporting a decline in revenues in 2009, the first decline in over ten years, the industry stabilized in 2010, reporting flat revenue growth. Although national tribal gaming revenues did not increase from 2009 to 2010, revenues have increased 107.03% since 2001. However, since 2007, national tribal gaming revenues have only increased 1.53%.

Ten Year History of Indian Gaming Revenues

$30B

$23B

$26.7B

$26.5B

$26.5B

$26.1B

$24.9B

$22.6B

$15B

$19.5B

$16.8B

$14.7B

$8B

$12.8B

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 $0

Number of Casinos by Revenue Range

90

90

88

85

68

74

72

71

69

68

67

66

63

61

45

53

53

52

52

50

47

22

23

21

21

0

$250M & Over

Under $3M $3M-$10M $10M-$25M $25M-$50M $50-$100M $100M- $250M

FY 2008

FY 2009

FY 2010

15 RubinBrown - Commercial & Tribal Gaming Stats 2012