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Tribal casinos show resilience and improved profitability despite revenue challenges

Tribal gaming showed strength in 2025, maintaining profitability while adapting to competitive pressures and evolving customer preferences.

Wipfli surveyed a pool of casinos across the United States to inform our 27th annual Indian Gaming Cost of Doing Business Report. In this year’s research, tribal casino leaders shared their financial performance, operational strategies and future priorities. Sports betting expansion, technology investments and customer experience innovation were key themes.

We learned:

• Net profit margins improved from 25.94% to 26.12%, the first increase in three years.
• Slot win per machine per day increased from $155 to $170, showing better floor management.
• Urban casinos maintained strong performance with a 45% EBITDA margin compared to 31% for rural properties.
• Wage costs increased to 21.57% as casinos invested in employee benefits and competitive compensation.
• Sports betting continued steady expansion where legally permitted.

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