"gambling held up rather well in recessions".
Hmmmmmmm. Depends on what "rather" means. Total amount bet falls modestly in a recession as would be expected and recovery can be slow. Amount bet fell 7.8% in Australia from 2006 to 2009 as the GFC bit. The only casino listed on ASX during that time was SkyCity which fell in price from $4.40 in January 2006 to $2.40 in January 2009. A similar percent fall has happened since covid struck in early 2020 to about $2 now.
Ann: NSW Casino Duty Rates Update, page-166
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