Pennsylvania Casino Revenue Down 7.7% To $251.3m In February

Pennsylvania Casino Revenue Down 7.7% To $251.3m In FebruaryThe Pennsylvania Gaming Control Board has released its casino results for February revealing a 7.7% fall in revenue to $251.3m compared to $272.2 million in February 2012.
Pennsylvania approved casino gambling back in 2004, but February’s figures represented only the third time its gambling market has experienced a decline in revenues, the other times coming in July 2006 (1.6% fall) and October 2012 (2.6% fall).
Breaking February’s figures down further, Pennsylvania table games  revenue fell by 2.1% to $55.3 million from $56.6 million in February 2012, while slot machine revenue plummeted by 9% to $195.9 million from $215.7 million a year earlier.
Pennsylvania operates 11 casinos across the state and in February just 4 of those casinos recorded increases in their table games revenues, headed by Sands Casino Resort Bethlehem up more than 12% to $12.1 million. Also posting gains was Rivers Casino in Pittsburgh and Mohegan Sun at Pocono Downs.
Leading the considerable list of decliners was Presque Isle Downs Casino down around 45% to $1.3 million, followed by The Meadows Racetrack & Casino down 35% to $1.9 million, and Parx Casino in Bensalem  down 17% to $8.2 million.
The gaming board partly attributed February’s decline in revenue on the same month last year being a leap year with an extra day. However, it is increased competition from nearby states which seem to be having the most profound affect on Pennsylvania’s gaming industry. Having initially wrestled market share away from Atlantic City, Pennsylvania is now finding its market share in turn diluted by such states as Maryland, New York, Ohio and Delaware.
Meanwhile, neighbouring Atlantic City’s gambling industry continues to bear the brunt of the general increase in competition and last month posted yet another decline in revenue, this time down by 12.5% to $212.3 million, from $242.7 million in February 2012.

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