2022 was an excellent year for many gaming properties making 2023 projections show a flatter trend due to the harder comparisons to the prior year. For 2022, we were under (national gaming grew about +6%) as we forecasted growth of +3%. 2022 also set records for best year ever as new jurisdictions, sports betting and iGaming became more mainstream. In the final quarter of 2022, gaming results did weaken due to inflation from increased food and fuel costs. These specific items are whittling consumer’s discretionary income and lowering spending confidence as savings rates have moved from more than 7% to 2.5% over the previous year. This lower savings is significant in that it means consumers will have much less cash to draw down to cover expenses. Additionally, rising interest rates on debt create additional disruption as consumers begin to tap credit cards on which the debt will cost consumers more to service.
READ THE FULL ARTICLE BY JAY SARNO IN THE 2023 SUMMER EDITION OF GAMING & LEISURE MAGAZINE.