Potawatomi Casino reports $400M+ in net win for fiscal year 2023-24

The Potawatomi Casino in Milwaukee has reported recovery in its gaming revenues, achieving a net win of over $400 million for the first time since 2019. The casino's fiscal year, which concluded on June 30, 2024, saw a net win of approximately $430 million, marking a recovery from the pandemic's impact on the gaming industry.

The net win, which represents the amount the house gains from gamblers at table games, sports betting, and the casino’s 3,000 slot machines, reflects an improved performance similar to pre-pandemic levels. This financial resurgence is particularly significant given the increasing competition from Illinois, where a substantial expansion of legal gaming has taken place.

Illinois currently hosts about 45,000 slot machines and video gaming terminals, along with 15 casinos, some of which are located near the Wisconsin state line. The tribe has plans to open a $200 million concert venue as part of its efforts to maintain its competitive edge.

Gene Johnson, Executive Vice President at Victor Strategies, commented on the situation, noting that the Potawatomi casino has successfully expanded its property to defend its market share.

However, he cautioned that the tribe might face challenges as new competitors emerge. One potential competitor is the proposed Indian casino in Beloit, expected to open by 2026, along with ongoing efforts by the Menominee tribe to establish a gambling hall in Kenosha.

In response to these competitive pressures, the Potawatomi tribe is exploring various strategies to enhance its revenue streams, including the possibility of entering the online sports gambling market.

According to Jeff Crawford, the tribe's attorney general, they are in the early stages of evaluating the necessary technology and legal changes required to implement online sports betting. This move aligns with a broader trend in the gaming industry, where tribes across the country are considering the integration of mobile technology to offer sports betting options to their customers.