Pennsylvania has seen fewer gamers flock to the shopping windows of its casinos. But is this a reason to be worried? Not in the slightest if you consider the results and profits that casinos have been raking up. It seems that the temporary dead spell has had little to no effect on how businesses in the state are run.
Pennsylvania – Winter Coming but Things Are Warming Up
Pennsylvania only posted a modest increase in its gambling revenue, but it was revenue nonetheless and none of the dreaded decrease in the overall performance of the state. Besides, is there really a reason for concern? Of the state’s casinos, 9-odd have applied for an iGaming license in a bid to bring their operations online and entertain even larger crowds of gamblers.
As per the latest information posted by the Pennsylvania Gaming Control Board (PGCB) pertaining to the gaming revenue in the 12 land-based casinos in Pennsylvania, the cumulative increase in the profits was tantamount to $275 million or a 2.8% improvement year-on-year. However, slots revenue improved by 4.4% which was a rather strong indicator to consider.
Of course, comparing to sports betting operations which have been soaring through the roof, the casino industry is making modest headway, but it’s progress nonetheless. Even if the results managed to stay strong, seven casinos got hit by negative growth, which is not in itself a real issue and can be explained by the lack of customers.
The Bottom Performers Still Doing Well
It may have been harder for brands such as the Valley Forge Casino Resort in King of Prussia, as the casino posted $10.7 in profits, but it was still not a result to send business owners into despair. Especially in the case of the Valley Forge Casino Resort which was just snapped up by Boyd Gaming, and the company seems quite determined to keep the property up and running.
Lady Luck Casino Nemacolin’s profits dropped by 4.19% which was not such a bad estimate overall. Mount Airy Casino Resort staid strong over the period with profits going 2.39% up. The Meadows Casino, though, came tumbling with 4.91% down compared to a year before.
August table games revenue stood at $73,281,370, which was still a modest 1.3% increased given August 2017. The Pennsylvania Gaming Control Board did manage to wrap up the entire publication in a single press release, which clearly indicates how casino revenues did over the period.
Looking Ahead to a Vibrant Market
Casinos are just now starting to look into sports betting, which will allow them to expand their reach and add steadily to their player numbers. Sports betting activities are definitely the next field for growth in the industry. Overlooking them would be a gross mistake
That’s why the majority of gaming operators in the state are eyeing the opportunities for launching large-scale operations and start adding sports bettors. It’s a challenging task in itself, because the competition promises to be quite solid. However, with the offshore sports betting industry valued at $1.5 billion, everyone seems to have an honest shot at it. And that’s just good news.