The PA 2017/2018 fiscal year was especially fruitful for the state’s 12 land-based casinos, which raked in a total of $3,247,599,744 during the timeframe, breaking their all-time revenue record by nearly $20 million.
The statistics were compiled by the Pennsylvania Gaming Control Board (PGCB) in a report which also broke down the table game revenue for the month of June. During the month, casinos banked $73,513,798 at the tables, a 5.09% year-over-year gain. With slots included, gambling venues took in a total of $271,277,471 for a 4.95% Y/Y increase, the biggest of such gains in more than a year.
Table games winners and losers
Fiscal year overacheivers
Sands Bethlehem blew away the competition in terms of table games in FY 2017/2018 with a total take of $235,716,102. However, the number was essentially flat with the previous fiscal year.
The casino boasting the biggest Y/Y growth was The Meadows, which banked over $7 million more than it did in 2016/2017 for a 22.18% increase. While on the bottom of the totem pole in terms of revenue, Lady Luck casino experienced a nice gain as well, taking in over $600,000 more than it did the previous year for a 14.7% bump.
All told, state casinos enjoyed revenues of $895,278,807 during the most recent fiscal year (+3.32% Y/Y).
The Meadows and Rivers excel in June
Growth at The Meadows was also highlighted in June, when it took in nearly 50% more than it did during the same month last year for a total of $3,937,248. Rivers was next in terms of upward trend, banking 30.18% more than it did in June 2017 for $6,236,201. Lady Luck and Valley Forge also had stellar months, boasting Y/Y growth of 25.65% and 20.22% respectively.
The biggest total winner was the usual suspect, Sands Bethlehem, which raked in $18,688,718. Parx and SugarHouse took the second and third spots with $16,058,397 and $9,429,053 respectively.
Six casinos lost ground last month, with Presque Isle taking the biggest hit (-18.67%). Hollywood, Mohegan Sun, Mount Airy, Harrah’s and SugarHouse where the other losers.
Online casinos/sports betting on the way
It was up in the air how many of the state’s 12 casinos would take the plunge and pay the massive fees required to open their own online casinos. Some believed the $10 million price tag to offer slots, table games and online poker, plus a 54% tax on slots, would scare away many potential iGaming operators. But the state held its ground, and has appeared to come out on top in the battle. Earlier this week, we learned that nine casinos have already submitted applications to offer all three online gambling verticals. View the list below:
- Live! Hotel and casino Philadelphia
- Mount Airy Casino
- Parx Casino
- Hollywood Casino at Penn National Race Course
- Valley Forge Casino Resort
- Harrah’s Philadelphia Casino & Racetrack
- Rivers Casino
- SugarHouse Casino
- Sands Casino Resort Bethlehem
Although marketing efforts may be somewhat hampered by the high licensing fees and oppressive tax rate on online slots (54%), proceeds from iGaming should have a significant impact on PA casino revenue in the next fiscal year — assuming a launch either later this year or in early 2019. Earnings might further be padded by both brick-and-mortar and online sports betting, which is slated to come to the state at some point this winter.
Unfortunately, casinos will receive no reprieve in purchasing sports wagering licenses either. Operating a sportsbook in the state will cost an extra $10 million, with properties required to pay an absurd 41% effective tax rate on gross gaming revenue.
Fiscal year breakdown
|State Fiscal Year||Slot Rev||Table Games Rev||Total Gaming Rev||% Change|
June 2018 table game numbers
|Casino||June 2018 Table Games Rev||June 2017 Table Games Rev||% Change|
|Sands Casino Resort Bethlehem||$18,688,718||$17,569,463||6.37%|
|Harrah's Philadelphia Casino and Racetrack||$4,605,459||$5,531,640||-16.74%|
|The Meadows Casino||$3,937,248||$2,647,382||48.72%|
|Mount Airy Casino Resort||$3,697,522||$4,141,890||-10.73%|
|Valley Forge Casino Resort||$3,675,806||$3,057,518||20.22%|
|Mohegan Sun Pocono||$2,991,511||$3,470,592||-13.80%|
|Hollywood Casino at Penn National Race Course||$2,731,234||$3,164,439||-13.69%|
|Presque Isle Downs and Casino||$1,091,121||$1,341,612||-18.67%|
|Lady Luck Casino Nemacolin||$371,528||$295,673||25.65%|
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