Pennsylvania Slot Machine Revenues Fall For Tenth Straight Month
The Pennsylvania Gaming Control Board released its monthly report last week for total gross revenue and tax revenue generated from slot machines at the 12 operating casinos across the state during July.
According to the report, gross revenue from slot machines fell two percent from the same month last year. While none of the declines have been too dramatic, this was the tenth straight month of year-over-year declines in slot revenues.
In terms of real dollars, gross revenue from slot machines at Pennsylvania’s 12 casino properties hit $209,124,966 in July 2017 compared to the $213,423,774 in July 2016.
Pennsylvania still earns $102 million in taxes from slots
Thanks to the 54 percent tax rate the state charges on slot machine revenues, tax revenue from slot machines reached $102,916,410 last month. This tax rate is the highest on casino operations in the entire country.
Overall gaming revenues and tax revenues from gaming have pretty much held steady over the first nine months of the slot revenue slide. This is thanks to a slight uptick in table game revenues over the same period. Table game revenue numbers for July have yet to be released.
Hope lies in PA gambling expansion bill
Hopes for increased gaming revenue and the tax dollars it can provide still reside in a comprehensive gaming expansion bill.
The bill includes the authorization of online poker in PA and online casino operations within the state. It is still being considered by state lawmakers. Versions of the bill were passed separately by both the PA House and Senate. However, consensus has yet to be reached so the proposal remains in limbo.
The state has included $200 million from gambling expansion in its current budget. It is expected to pass some form of the gambling expansion bill in the fall.
Parx sets the slot machine pace
In the meantime, Parx Casino in the Philadelphia suburb of Bensalem, PA continued to set the pace for slot machine revenues across the state. In fact, while the overall numbers were down, Parx posted a little more than a two percent increase in slot revenues in July 2017. Parx’ slot machine revenue rose from $33,663,936.46 in the same month last year to $34,447,096.98.
However, the biggest increase in July slot revenue was posted by the much smaller Valley Forge Casino Resort. Valley Forge saw an almost 10 percent jump from $6,610,723.61 to $7,260,514.75.
The largest decline in July slot machine revenues was reported by the state’s smallest casino operation, Lady Luck Casino Nemacolin. The numbers at Lady Luck dipped 8.76 percent from $3,113,070.67 in July 2016 to $2,840,513.95 last month.
1,000 fewer slots
Nine of the state’s 12 casinos posted slot machine revenue declines for the month.
It is worth noting there were more than 1,000 fewer slot machines operating across the state last month. The average number of slot machines operating in Pennsylvania was 25,584 in July 2017 compared to 26,634 in the same month last year.