Nationwide gambling a $42B economic sector, study finds.

Byline: Daniel J. Munoz

The country's gambling industry is looking to be a cash cow for local and regional businesses, with commercial casino revenue nationwide reaching nearly $42 billion last year.

That is according to a recent study by the American Gaming Association, which counted how much money came in for the 465 casinos across the United States. Nationwide the industry generated $9.7 billion in state and local taxes last year, according to the study.

The report comes as most insiders and observers of New Jersey's gambling industry argue the economic sector is booming in the state, following a low point between 2014 and 2017 when nearly half of the state's casinos shuttered their windows.

"The rapid expansion of legalized sports wagering following the Supreme Court decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in May 2018 played a role in the industry's record year," reads a Tuesday statement from the AGA. "Total industry-wide revenue from sports betting grew to $430.2 million in 2018, up from $261.3 million in 2017."

New Jersey's nine casinos took home $2.9 billion last year, thanks in part to the addition of the Hard Rock Hotel Casino...