The tribal gaming industry reached a record-breaking $41.9 billion in revenue in 2023, according to the 26th Annual Indian Gaming Cost of Doing Business Report. Released late last month, the report includes data from 132 tribal casinos across 18 states in the U.S.

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Despite the new record, profit margins did shrink a bit, falling from 30% in 2022 to 26% in 2023.

Wipfli, a business and consulting firm, conducted the report.

“The data in this year’s report underscores the resilience of the tribal gaming industry,” Grant Eve, Wipfli’s leader for the tribal gaming and government industry, said in a press release. “While profit margins have narrowed, the overall financial health remains strong.”