Forest County Potawatomi Casino Reports $415 Million in Annual Losses Amidst Increased Competition
Gamblers at the Forest County Potawatomi Casino in Milwaukee experienced a loss of at least $415 million in the past fiscal year, marking a 1.7% increase compared to the previous year. Despite Wisconsin tribes’ casino revenue being kept confidential, the Milwaukee Journal Sentinel managed to calculate the figures as the Potawatomi tribe pays the city and county of Milwaukee 1.5% of its net win. In the year ending on June 30, the tribe paid approximately $5.9 million to each government entity, compared to $4.4 million in the previous year.
It’s important to note that the net win doesn’t account for revenue generated by the casino’s various amenities such as restaurants, concerts, and hotel services. Additionally, the tribe is obligated to pay the state $20 million as part of its gaming compact.
However, the Forest County Potawatomi tribe is bracing itself for intensified competition as new casinos are set to open in downtown Chicago, Waukegan (Illinois), and Beloit. To counter these challenges, the tribe unveiled plans last year for a $100 million renovation, including the addition of 1,800 new slot machines, along with a new bar and restaurant. The renovation will also provide space for high-limit gamblers and feature a craft bar, a kitchen equipped with a brick oven, and a stage for live performances.
Jeff Crawford, the tribe’s attorney general, expressed his concerns about growing revenue in this increasingly competitive market. The Forest County Potawatomi tribe is striving to maintain its position in the face of rising competition and evolving consumer demands.
On a larger scale, the National Indian Gaming Commission reported that Indian casinos across the country accumulated a revenue of $40.9 billion in their last fiscal year, representing a 4.9% increase compared to the previous year’s total of $39 billion.
Meanwhile, gaming revenue at Nevada casinos experienced a substantial increase of 10.5%, climbing from $13.4 billion in 2021 to $14.8 billion in 2022. The success of Nevada’s casinos stands in contrast to the challenges faced by the Forest County Potawatomi Casino and other establishments amidst growing competition.
The Forest County Potawatomi Casino’s struggle to maintain profitability in the face of intensified competition sheds light on the evolving landscape of the gaming industry. With new casinos on the horizon and changing consumer preferences, casinos must innovate and adapt to secure their position in the market. The Forest County Potawatomi tribe’s renovation plans signal their commitment to remaining a key player in the industry, but the true test lies in their ability to attract and retain customers amidst mounting competition.
