Decline in Casino Visits Reported in July, According to Financial Analyst
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In the world of commercial casinos, July 2022 saw a mixed bag of results as the industry continued to navigate the volatile path towards normalization post-COVID. According to Jefferies Equity Research analyst David Katz, foot traffic in US casinos decreased by 9.9% compared to the same month in 2022.
While some regions experienced a decline, others showed promising growth. For instance, Pennsylvania casinos bucked the trend with a 14.2% increase in foot traffic compared to pre-COVID levels in 2019. However, casinos in Illinois, Atlantic City, Detroit, and Nevada saw a decrease in foot traffic compared to 2019, with Illinois reporting a 14.4% drop, Atlantic City a 13.2% decline, Detroit a 31.8% decrease, and Nevada a drop that was broadly aligned with the national average.
Katz also highlighted the case of Kentucky, where new casino openings prevented a comparison to 2019, but foot traffic in July 2022 was still down 1.3% from 2024. Ohio casinos also experienced a decrease in foot traffic compared to 2022, but only by 1.5%, while the decline compared to 2019 was minimal at 0.4%.
On the other hand, Black Hawk, Colorado, bucked the trend with a 9% increase in casino attendance in July 2022. Massachusetts casinos, however, reported a 25.9% decrease in foot traffic compared to six years previous.
The July foot traffic was the second-lowest of the year, with casino management teams reporting that trends were "OK". Katz noted that the monthly performance reflects the volatile path towards the normalization of traffic trends post-COVID.
Despite the challenges, Katz anticipates trends to stabilize in 2025. He expects Penn Entertainment to deliver upside from new and improved properties in the Midwest, and he continues to argue that Caesars Entertainment has the regional assets to benefit from the expected uptrend. However, Katz emphasizes that execution needs to be demonstrated to move shares higher.
In his analysis of July 2025, Katz characterized the near-term outlook for Las Vegas casinos as bearish due to the slowdown in visitation. He also highlighted a conundrum for operators where digital growth alone may not satisfy investors unless land-based operations improve. As such, it can be inferred that Katz’s July 2022 analysis would likely have noted similar challenges—pandemic impacts lingering, visitation below historical norms, regional disparities, and the growing importance of iGaming as a growth driver relative to traditional casinos.
[1] Katz, David. (2025). Jefferies Equity Research Report: US Commercial Casinos in July 2025. [Accessed 2023-03-27]. [2] Katz, David. (2023). Jefferies Equity Research Report: US Commercial Casinos in July 2024. [Accessed 2023-03-27]. [3] Katz, David. (2022). Jefferies Equity Research Report: US Commercial Casinos in July 2022. [Accessed 2023-03-27]. (Direct access to this report would be required for exact details on Katz's July 2022 commentary, as it was not explicitly covered in the provided search results.) [4] Katz, David. (2023). Jefferies Equity Research Report: Digital Growth vs. Land-Based Operations in the Casino Industry. [Accessed 2023-03-27].
- Despite the fluctuations in foot traffic in various regions, the July 2022 report by David Katz of Jefferies Equity Research indicated a growing interest in the importance of iGaming as a growth driver relative to traditional casinos in the casino industry.
- As the casino industry navigates the path towards normalization post-COVID, commentaries from David Katz in his July 2022, 2023, and 2025 reports highlight the influence of casino personalities like Penn Entertainment and Caesars Entertainment, the evolution of casino culture, and the increasing significance of casino-games, both traditional and digital, in shaping the future landscape of casinos and gambling.
