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Behind the numbers: Why did Tribal revenue rise in 2025, but profitability fall?

Tribal casinos delivered strong revenue growth in fiscal 2025, but inflation, higher operating costs and depreciation weighed on profitability.

4 min read
Marieta Lezaic avatar
Tribal Analysis
Key Points
Average casino revenue increased 16% year-over-year to $101.2m
The median net profit margin fell to 24.50% from 26.12%
Balance sheets remained healthy – the median debt-to-equity ratio was 0.36, while ROA stood at 27.17% and ROE at 39.22%

Wipfli, accounting and advisory firm, has published its 28th annual Cost of Doing Business report centered on Native American gaming. It features analysis and insights sourced from 113 Tribal casinos in 18 states. In total, the National Indian Gaming Commission (NIGC) reports 545 operations across 29 US states. The figures collected relate to each casino’s operations during the 2025 fiscal year.  

Unless otherwise stated, the financial results outlined are median values and reflect the performance of the typical Native American casino included in the study.  

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