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Slots Revenue in Pennsylvania Rises to $2.5 Billion

Gross income from slot machines in Pennsylvania rose slightly last year, marking the six straight annual raise since the state’s initially casino opened in November 2006, gambling regulators said Thursday.

The state’s 11 casinos brought in virtually $2.5 billion in gross slots income final year, according to the Pennsylvania Gaming Control Board, up 2.7 % from $2.4 billion in 2011.

The figures were boosted by play at the state’s 11th facility, Valley Forge Casino Resort, which opened in March and brought in $36.five million in gross slots income for the year. When comparing only the ten casinos open in both 2011 and 2012, the slots income only rose about 1.two %.

Gaming board chairman William Ryan stated the totals were the sixth straight raise in gross slots income considering the fact that the very first casino opened in November 2006. With the state facing enhanced competitors from new gambling facilities in bordering states, Ryan mentioned, the 2012 figures show Pennsylvania’s market is sturdy. The state, which taxes slots revenue at about 55 percent, brought in more than $1.3 billion from slots for the year.

“While competition for gaming dollars from bordering states will continue to escalate, the income results from legalized casino gaming in Pennsylvania continue to be strong,” Ryan said in a statement.

Pennsylvania legalized gambling in 2004 and opened its first casino two years later. It makes use of casino revenue to support the state budget, public schools, civic development tasks, volunteer firefighting squads, neighborhood governments along with the horse racing sector.

The state didn’t legalize table games until 2010. Even though revenue from the newer table games is still increasing at a more quickly pace, the 2012 slots figures show that the once-rapid degree of slots revenue development is beginning to level off. The effects of elevated competition in Ohio, New York and also other neighboring states – at the same time as internal competitors within the crowded Philadelphia region industry – has shown inside the income figures.

In Erie, for instance, Presque Isle Downs Casino reported gross slots revenues were down nearly ten % last year, to $151.three million. That facility is facing new competition from across the state line in Ohio, exactly where Horseshoe Casino Cleveland opened in May perhaps.

Harrah’s Philadelphia Casino and Racetrack, which is within the struggling city of Chester outside of Philadelphia, saw a three.1 % decline. Philadelphia’s Sugarhouse Casino continued to show robust development, major all of the state’s casinos with an increase of a lot more than 11 percent last year.

Elsewhere in eastern Pennsylvania, Sands Casino Resort Bethlehem reported gross slots revenues that had been up 7.six percent, going from practically $271 million in 2011 to $291.5 million final year. Other casinos saw an assortment of far more modest gains, or slight declines.

 
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