Number of the Day
The Collapse of Casinos, by the Numbers
DraftKings is eating Caesar’s lunch
35%: That’s how much the market for casino hotels in the United States has declined in 2020, according to data from the market research firm IBISWorld. According to the same report, the U.S. casino hotel sector currently has a market size of around $44 billion, down from around $68 billion in 2019.
The year 2020 has been a brutal one for casinos, which have been hit by the collapse in tourism and travel that has affected all hotels during the pandemic, as well as the rise in alternative avenues for those with a penchant for gambling. The fantasy sports betting site DraftKings has seen its revenues and usage climb steeply over the past couple quarters, and the stock trading app Robinhood may have just introduced a new class of amateur investors to the thrills of gambling on the stock market.
While it appears that some sectors of the tourism and hospitality industry — like cruise lines — are poised for a comeback, the shift toward online gambling this…
