Pennsylvania Casinos Decline 0.9% in October

In October, Pennsylvania’s 12 casinos generated $263 million in revenues, representing a 0.9% decrease compared to the same month in 2015. While table games posted a 5.4% improvement in business at $71.2 million, slot machine revenues weighed heavily on the finacial results, having fallen by 3% to $191.9 million last month.
The Keystone State subsequently collected $114 million by way of gambling taxes in October.
Philadelphia’s SugarHouse Casino reported the highest growth in October, with revenues higher by 18.7% at $25.6 million versus the $21.5 million collected last October. Just three other venues also posted year-on-year growth, albeit at more minimal levels, including Parx Casino up 2.1% at $44.6 million, which made it the state’s top revenue generator for the month.
Out of the eight casinos which saw their business contract in October, Harrah’s Philadelphia took the biggest hit with its revenues plummeting by 11% to $22.2 million.
Pennsylvania’s casino market has been on a rollercoaster ride for most of this year, and the latest results continue the trend, with the finacial figures over the last five months as follows:
June: $258.4m (-0.2%)
July: $288.4m (+2.95%)
August: $261m (-4.28%)
September: $261m (+2.9%)
October: $263m (0.9%)
One good piece of news for the state’s gambling industry, however, was the news that residents in neighboring New Jersey chose to vote down a referendum which would have paved the way for two new casinos to be built in the nothern part of the state. Up until now, Atlantic City has enjoyed a monopoly on New Jersey’s casino industry, but if the referendum had succeeded, then Pennsylvania’s casino market could have come under increasing competition from casinos located closer to its eastern border.
For its part, Pennsylvania failed to advance legislation that would have paved the way for regulated online gambling in the state, although the issue is expected to come back onto the agenda in 2017, where the introduction of slot machines at airports will also be considered.
Annual Casino Revenues in Pennsylvania
2006: $31.56m
2007: $1.039bn
2008: $1.615bn
2009: $1.964bn
2010: $2.48bn (table games added)
2011: $3.024bn
2012: $3.158bn
2013: $3.113bn
2014: $3.069bn
2015: $3.173bn

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