Pennsylvania casinos had a good year in terms of revenue, with gamblers leaving approximately $2.4 billion in gaming machines in 2015-16. Even though this number is below the record high slot revenue of $2.5 billion noted in 2011-12, it still highlights the good performance of The Keystone State casinos.
According to the report published by the Pennsylvania Gaming Control Board this Thursday, the jump, in comparison to last year’s results, was only 2.3%. Nevertheless, it’s still great news for regulators and operators after the casinos underperformed in both 2013-14 and 2014-15. At the time, the risk of competitors from other states keeping Pennsylvania’s casinos on the decline was high and therefore these latest reports are gladly welcomed by all concerned parties.
Gaming board spokesman, Richard McGarvey, commented on the numbers pointing out that 2.3% was “good, stable growth” considering the fact that there was a lot of new competition online. According to him, from a tax revenue standpoint, last year’s performance was good.
Pennsylvania started opening gaming properties back in 2006, but since that time, casinos were also opened in New York, Ohio and Maryland. Additionally, West Virginia and Delaware joined the competition by expanding and improving their gambling offerings.
In terms of slot machine revenues, nine out of 12 state casinos reported growth last year. The best performing establishment was Parx Casino with $388 million, whereas Sands Casino Resort Bethlehem ended second with $305 million. The list continues with Rivers Casino in Pittsburgh ($272 million), Meadows Casino ($226 million) and Mount Airy Casino Resort in Monroe County ($144 million).
Since November, 2006, when the first Pennsylvania slots casino was opened, the revenue scored from these games reached $20 billion. With the tax rate set at 54%, the state earned $11.3 billion; the total tax collected in 2015-16 was nearly $1.3 billion.