In January, Pennsylvania held a second license auction, which turned out to be quite lucrative. The state recently published their yearly earnings for tax revenue from casinos. The slots have generated over 2 billion USD.
Pennsylvania stated the gross revenues from the casinos slot machines was up .7 percent. The state said it is for the current fiscal year. The numbers come from the Pennsylvania Gaming Control Board.
Financial date shows the state gambling regulator’s combined revenue from the 12 casinos was $2.35 billion, which is for the fiscal year that ended June 3o, 2018. It is up from $2.33 billion which was for last years fiscal year. The fiscal year, is 2017-2018 and 2016-2017, respectively.
The total slot machine revenue for the fiscal year was not near the $2.5 billion peak that Pennsylvania saw in 2011-2012.
The tax revenue from the slot machine dropped for the second consecutive year, by 3.5 percent. It was down to $1.19 billion, when it reached $1.23 billion in the previous year.
For five of the twelve casinos, the most gains came from Valley Forge Casino, which gained 8.05 percent, which meant an earnings of $86.67.
The perennial slot champ is Parx Casino, near Philadelphia. They posted sales revenue of $400.73 million, which was a 3.66 percent jump. Rivers Casino was also a big earner for the year at a 3.35 percent jump and earnings up to $274.24 million.
Lady Luck Casino Nemacolin did not gain much at all. In fact, their slot revenue plunged 4.29 percent dropping to $28.86 million for the fiscal year. Meadows Casino also saw a drop of 3.85 percent, with earnings of only $209.52 million.
Pennsylvania does not have the table games date yet. It will most likely be available towards the end of July. Among other things the state is considering is changes to their gaming regulations.
Pennsylvania Sports Betting
Pennsylvania is also considering sports betting regulations.
Regulations are meant to protect gamblers from addiction and make it a fair market. It would certainly help increase the taxable revenue if sports wagering were added.
Sports betting became legal in any state as long as the state laws allow it. Nevada was the only state that was legally allowed to have sports wagering until a repeal of a Federal law just recently. Pennsylvania like many states now has to decide to amend their laws in favor or against sports wagering to make it clear for casinos whether they can offer it or not.