Gaming Executives Report Renewed Optimism in Q3 2025

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WASHINGTON, D.C. - Executive sentiment across U.S. gaming industry strengthened in Q3 2025 as key performance indicators improved since the first quarter, according to the American Gaming Association's (AGA) latest Gaming Industry Outlook. Industry leaders cite rising revenues, stronger balance sheets, increasing consumer activity, and decreasing promotional spending in their optimistic view of the industry's health.

The Gaming Conditions Index indicates that real economic activity - measured by key indicators including gaming revenue, employment, wages, executive sentiment, and casino hotel event activity - increased 3.1% year-over-year in Q3 2025. This marks the first quarterly expansion since late 2024 and a reversal from the modest contractions seen earlier this year.

Key findings include:

• Overall gaming executive sentiment rose to a net positive 7.1% in Q3 2025, the highest since Q3 2022, with outlooks improving across nearly all business indicators.

• The near-term outlook shifted sharply to 11% net positive, up from -18% earlier this year

• 26% of respondents now expect stronger business conditions over the next 6-12 months - the most optimistic long-term view in three years.

"Following a strong summer that underscored the resilience of gaming consumers and the entertainment value of gaming products, the industry's outlook is the most positive in years," said AGA Vice President of Research David Forman. "While executives are increasingly concerned about regulatory and tax challenges, they plan to continue reinvesting in capital spending to provide players with compelling gaming options and amenities."

While overall economic uncertainty continues to be the primary factor limiting industry operations, executives expressed increasing concerns about state-level regulatory and tax pressures:

Half of respondents (50%) now cite state regulatory concerns as a factor limiting operations - the highest level since the measure was first tracked in early 2023.

• Specifically, 46% cited tax or regulatory policy changes as pressuring margins, up from 36% earlier this year.

As the industry navigates these challenges, executives remain confident in the long-term health of gaming in the U.S. and expect capital investment to remain steady over the coming 12 months.

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About the Outlook
The AGA Gaming Industry Outlook is prepared by Oxford Economics. It provides a timely measure of recent industry performance and future expectations. The Q3 2025 survey was conducted between August 26 and September 8, 2025, with responses from 28 senior executives representing international and domestic gaming companies, tribal operators, equipment suppliers, and iGaming and sports betting firms.