U.S. casino foot traffic declines 4.8% in December amid mixed regional trends

Casino foot traffic across the United States fell 4.8% in December compared to the previous year, continuing to trail pre-pandemic levels by 10.5%, according to a report by Jefferies Equities Research. Analysts attribute the dip to ongoing normalization post-COVID, reduced visitation days due to one fewer weekend, and rising operational costs.  

“Overall casino foot traffic in December, which included one less weekend relative to last year, was down 4.8% year-over-year,” said David Katz, a Jefferies analyst, in a note to investors. Despite lower volumes, revenue per visitor has increased compared to 2019, indicating higher spending among casino-goers.  

Traffic trends varied widely across key markets: 

• Ohio and Pennsylvania saw year-over-year declines of 6.9% and 6.8%, respectively.
• Atlantic City volumes dropped 19.2% compared to 2019 and 13.6% year-over-year, continuing to struggle with recovery.  
• Illinois remained 17.4% below 2019 levels and flat compared to the previous year. However, the analysis excluded the impact of the recently opened Wind Creek property in Chicago, which is expected to boost traffic.  
• Detroit experienced a 5.8% year-over-year increase, but traffic remained 21.6% below 2019 levels.  
• Kentucky reported a 4.1% year-over-year decline, with recent casino openings complicating comparisons to pre-pandemic figures.
• Black Hawk, Colorado, bucked the trend, recording a 3.7% year-over-year increase, driven by new entrants like Monarch Casino.  

Macroeconomic pressures, including rising costs for insurance, utilities, and labor, are weighing on operators’ earnings, according to Katz.  

“The monthly performance reflects the ongoing normalization of traffic trends post-COVID, where volatility remains, as well as from competition and renovations in specific locations,” he said.  

Operators with significant regional exposure are feeling the pinch. Boyd Gaming and Caesars Entertainment, which generate more than 50% of their property EBITDA from regional markets, are particularly vulnerable to fluctuations in these areas.

Penn Entertainment, operating seven casinos in Illinois and Ohio, faces intense competition in these regions. In contrast, Churchill Downs is positioned for growth, with new assets such as The Rose Gaming Resort in Virginia expected to contribute to its gains.  

Despite current challenges, analysts are optimistic about stabilization and potential improvement in 2025 as year-over-year comparisons ease.