The United States’ Gaming Industry Outlook has a sense of renewed optimism in Q3 of 2025, as industry leaders are citing rising revenues and stronger balance sheets.

“The Gaming Conditions Index indicates that real economic activity – measured by key indicators including gaming revenue, employment, wages, executive sentiment, and casino hotel event activity – increased 3.1% year-over-year in Q3 2025,” the American Gaming Association has said.

The AGA’s Gaming Industry Outlook shows executive sentiment about the current and future state of the industry is now positive – as key indicators including revenue, consumer activity, and future event projections grew YOY for the first time since Q4 2024.

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— American Gaming Association (@AmericanGaming) November 6, 2025

This marks the first quarterly expansion since late 2024 and is noted as being a reversal from the modest contractions which were seen earlier this year. Other findings from the quarter include a rise in overall gaming executive sentiment to a net positive of 7.1% which is the highest since Q3 2022.

Q3: Respondents offer an optimistic long-term view of gaming industry

Also in the report, the near-term outlook has shifted up an 11% net positive which is up from the bleak -18% earlier this year. Further to this, 26% of respondents said in this quarter they now expect stronger business conditions over the next 6 – 12 months which is the most optimistic long-term view in three years.

“Following a strong summer that underscored the resilience of gaming consumers and the entertainment value of gaming products, the industry’s outlook is the most positive in years,” said AGA Vice President of Research David Forman.

“While executives are increasingly concerned about regulatory and tax challenges, they plan to continue reinvesting in capital spending to provide players with compelling gaming options and amenities.”

It’s not all positive though, as AGA explained how overall economic uncertainty continues to be the primary factor limiting industry operations. Industry executives have also expressed increasing concerns about state-level regulatory and tax pressures.

Half of the respondents, in Q3, now cite state regulatory concerns as a factor limiting operations which is at its highest level since the measure was first tracked in early 2023. “Specifically, 46% cited tax or regulatory policy changes as pressuring margins, up from 36% earlier this year.”

While this is clearly a growing concern, the executives in the research remain confident in the long-term health of gaming in the U.S. and expect capital investment to remain steady over the coming 12 months.

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