The Potawatomi Tribe from Forest County runs the Potawatomi Hotel and Casino. Latest statistics indicate that the gaming property’s revenue rose by 1.7 percent in the June 2022 to June 2023 fiscal year.
Still, the Native Indian tribe is preparing to face competition from other casino operators on the Illinois-Wisconsin border. Jeff Crawford, the Potawatomi Tribe’s attorney general, stated that labor shortages, soaring expenses, more competition, and supply chain delays are increasing casinos’ operation costs.
How Much Profit Did the Casino Make?
The Potawatomi Hotel and Casino is located at 1721 Canal Street. The Journal Sentinel reported that it made at least $415 million in the last year. Still, it paid about $20 million in fees to the Milwaukee city and county.
The gaming venue made $395 million in winnings. Its net profit comprises money that players lose on slots and table games. It excludes the revenue it generated from hotels, restaurants, and concerts.
So, the Potawatomi Hotel and Casino paid almost $70,000 in dividends to its members in the past year. Victor Strategies’ Executive Vice President, Gene Johnson, stated that Milwaukee’s casino sector is rapidly growing.
Tribal gaming is gaining popularity in Wisconsin, and Johnson believes that the Potawatomi casino will continue attracting more players.
Wisconsin considers Indian casinos’ income as a private issue. However, it can access the Potawatomi Hotel and Casino’s revenue since it pays Milwaukee County and City 1.5 percent of its net revenue.
This was equivalent to $4.4 million in 2021. The casino paid more than $5.9 million to the government in the last year.
How Is the Potawatomi Hotel and Casino Fairing in Comparison With Other Tribal Gaming Sites?
One may consider the Potawatomi Casino’s growth as fast. However, it is relatively slow compared to that of other tribal casinos and gaming operators in Las Vegas.
For instance, the National Indian Gaming Commission recently released a report indicating that the 519 Indian casinos in the country generated $40.9 billion in the 2022-2023 period. The figure was 4.9 percent higher than the $39 billion they raked in in the previous period.
Nevada’s casinos’ revenue increased by 10.5 percent to $14.8 billion in 2022. Johnson stated that Vegas’ gaming industry is thriving while regional casinos are struggling.
The Potawatomi Casino might face other challenges as other companies will soon venture into Illinois, Waukegan, and Beloit’s markets.
Rocks & Brews launched in the casino in August. It is a rock music-themed restaurant that Paul Stanley and Gene Simmons from the KISS band run.
Crawford stated that the expansion of Illinois’ gaming market caught many people off guard. But the Potawatomi has been monitoring it keenly. Grant Eve from Wipfli added that the upcoming casino in Chicago will greatly boost Wisconsin’s gambling sector.
The Gaming Property’s Huge Upgrade
The Potawatomi tribe disclosed in 2022 that it will have a $100 million renovation project in the Potawatomi Hotel and Casino. It will include adding a restaurant, 1,800 slot machines, and a new bar with 28 slot seats.
The tribe will build a unique room for players who spend huge sums of money on games. It will constitute a gourmet kitchen with a brick oven, a craft bar, and a stage for shows. Besides, the casino launched its bookmaker earlier this year.
Eve stated that sports bets have a low margin for the operator but have a high revenue. Therefore, a property that can offer numerous gambling options on sports can attract many young players. Some of them will become regular clients and start playing table games or slots.
Last Updated on August 29, 2023 by Ryan