During this fiscal year, Puerto Rican casinos recorded a significant increase

The Puerto Rico Government Gaming Commission reported that the total revenue generated by casinos in Puerto Rico was greater than $355.8 million. The reported earnings have shown a gain of 38.89% compared to the previous fiscal year, indicating that this endeavor has been a tremendous success. In the previous year, the total amount of money collected was greater than $256 million.

This is really monumental information for the economy of Puerto Rico as a whole. The rise was 14.4% during the preceding year, and it has doubled during the current year.

The consequences of the pandemic are as follows:

Miguel Vega, the president of the Casino Committee of the Puerto Rico Hotel and Tourism Association (PRHTA), noted that this considerable rise might occur as a result of a wide variety of variables, one of which is the stabilization of the business. As a result of the COVID pandemic, many firms have begun the process of gradually disintegrating, but it appears that things are now moving in the right way.

Vega continued by saying, "The reason why revenues have risen is because the casinos have now stabilized, and there are not as many limitations as there used to be." We had a more stable year operationally, and although we have the challenges of employment, we do have operations with regular schedules, which has helped us to reclaim ground that we had lost.

There were increases in population in a number of countries in addition to Puerto Rico. The exact same thing took place in the United States: the gambling business in the United States posted its biggest quarterly earnings to yet, totaling more than $15 billion. According to the information provided by the AP, the previously reported sum was $14 billion, which indicates that the earnings have increased by 2% this year.

The Puerto Rican gaming industry stayed in the red throughout the calendar year, as opposed to the fiscal year, and this was due to the fact that gaming revenues decreased. The time period from May to September was the reason of this, and when compared to the results of the previous year, the drop that was the most substantial was 3.04%. The casinos achieved 15.14% more than they did in October of the previous year, which is equivalent to $5,251.240 more than they did in 2021.

According to Idalynn Ortiz Rivera, who works as the Communications Director for the Casino Commission, "In effect, there was a big increase in the month of October in relation to previous months." To put it another way, things started to calm down in May and June, but by October, they were back up to their previous frenetic pace.

She went on to say the following in regard to the rise in price: "This year, based on the average, we could have an increase, but we could also end up with the opposite result."

"We are in positive terrain, and we definitely anticipate to finish both this fiscal year and next year positively," said the head of the Casino Committee, who is confident that the industry will achieve the same results at the end of the next fiscal year as it did at the end of this one.

The enormous advantage:

There are currently just 17 casinos operating across the island of Puerto Rico, and those casinos collectively have approximately five thousand slot machines. The annual revenue generated by casinos as a result of them is greater than $300 million. Not only do casinos generate a significant amount of revenue, but they also directly employ more than three thousand people.

The government receives more than fifty percent of the earnings made by the casinos. In addition, the money was distributed between the General Fund, the Puerto Rico Tourism Company, and the University of Puerto Rico.

Additionally, wagering on sporting events is going to become legal in this country, which is expected to add approximately $18 million to the Treasury.