Annual study of 113 tribal casinos across 18 states finds strong revenue growth, healthy balance sheets and continued pressure from operating expenses
MILWAUKEE, Aug. 13, 2026 /PRNewswire/ — Tribal casinos generated strong revenue growth in 2025, with average casino revenue increasing by $14 million, or 16%, year over year. However, rising operating costs and ongoing inflationary pressures limited profitability gains, according to Wipfli’s 28th Annual Indian Gaming Cost of Doing Business Report.
Based on survey responses from 113 tribal casinos across 18 states, the report found that average operating expense margins increased from 73.59% to 74.50% of revenue, contributing to a decline in average net profit margins from 26.12% to 24.50%.
Despite margin compression, tribal gaming operations continued to outperform many sectors of the hospitality and entertainment industry. The report found that approximately 25 cents of every revenue dollar remains available to support tribal government programs, community services, infrastructure investments and economic development initiatives.
“Tribal gaming remains one of the strongest-performing sectors in hospitality and entertainment, but operators are facing a different challenge than they were a few years ago,” said Grant Eve, partner and leader of Wipfli’s tribal gaming practice. “Customer demand remains strong, yet rising costs continue to pressure margins. The operators that will thrive in the years ahead are those that actively manage expenses, invest strategically and protect the competitive advantages that have made tribal gaming so successful.”
The report identified several key trends shaping tribal gaming performance:
- Gaming revenue continued to grow, driven by strong customer demand and slot machine performance.
- Operating costs increased, putting pressure on profitability despite higher revenues.
- Performance gaps widened between urban and rural properties and among top-performing casinos.
- Marketing investments became more efficient, aided by data analytics and emerging AI capabilities.
- Balance sheets remained healthy, allowing many tribal casinos to continue reinvesting in their operations and communities.
The report also highlights several issues expected to influence the future of tribal gaming, including unregulated prediction markets, pressure on discretionary spending, strategic capital reinvestment decisions and the ongoing importance of balancing technology investments with high-touch guest experiences.
“Technology can help improve efficiency, but tribal gaming is fundamentally a people business,” Eve said. “The most successful properties are finding ways to automate routine tasks while preserving the personal interactions that create memorable guest experiences and long-term customer loyalty.”
The report concludes that the tribal gaming industry remains fundamentally strong, supported by loyal customer bases, healthy balance sheets and ongoing consumer demand. Properties that successfully manage expense growth, optimize gaming operations, defend compact exclusivity and make targeted investments in guest experiences are expected to continue generating strong returns for their tribal nations.
Download the Full Report
To explore additional benchmarking data, financial performance metrics and industry insights, download Wipfli’s 2026 Cost of Doing Business Report for Tribal Gaming.
About the Cost of Doing Business Report
Wipfli’s Indian Gaming Cost of Doing Business Report is one of the industry’s longest-running benchmarking studies. The 2026 report includes responses from 113 Native American casinos across 18 states and provides comparative financial and operational data to help tribal leaders and gaming operators improve performance, protect profitability and strengthen long-term economic outcomes.
About Wipfli
Wipfli is a leading national advisory and accounting firm with nearly 100 years of serving ambitious middle-market organizations. We understand our clients’ unique challenges and help them succeed on their terms through assurance, tax, advisory, outsourcing and technology services. With 2,900+ associates and global alliances, we combine national capabilities with local relationships. Wipfli operates under an alternative practice structure: Wipfli LLP, a licensed CPA firm, provides attest services, while Wipfli Advisory LLC, a non-CPA firm, delivers business advisory and non-attest services. Learn more at wipfli.com or contact Alicia O’Connell at alicia.oconnell@wipfli.com.
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SOURCE Wipfli
