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Tribal casino revenues and taxes from racetrack gambling in New Mexico have shown that the industry is contracting in the area. The annual revenues that are shared by tribal casinos within the state declined 10% from 2012 to 2018, shrinking from $69.7 million to $62.8 million.
The state tax income from the nontribal gambling, which is dominated by racetrack casinos, declined by 3% for the same period to $61.6 million, down from $63.4 million.
The briefing from the Legislative Finance Committee notes that growth in the online gambling industry, which is not authorised in New Mexico, may be drawing a share of the market away from New Mexico casinos.
Population demographics also rein in the industry. New Mexico saw just 1% population growth during the six-year period.
Sports betting operations are illegal by statute in New Mexico, but the tribal-state gambling compacts do not specifically prohibit it, leaving an opening for native American casino operators.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Gambling Income in New Mexico Declines Over Six-year Period
