August revenue numbers are in for the state of Pennsylvania when it comes to casino gaming, showing a decline of 4.3%.
The state of Pennsylvania has been one to watch over the past few years as it seems to be the contender for the next state to begin offering online casino and poker gaming. The twelve casinos in the state continue to perform well, earning nice revenues and seemingly prepared to begin online gaming services, if legislation were to be passed. The Gaming Control Board of the state recently announced the latest revenue totals, which shows August seeing a decline of 4.3%.
August Creates a Slight Downslide
From September of last year until May of this year, the casino gaming market of Pennsylvania saw a nice growth when compared to year on year. However, since June, the state has continued to see a decline in revenues. The declines are small but still are considerable, with August seeing the biggest decline as of yet with 4.3% decrease in earnings. The actual amount of loss is $12.7 million when compared to the same month in August.
The twelve casinos in the state were able to generate revenues of just over $260 million for the month of August which included table games and slot machines. Table gaming revenues were down by almost 4% at 3.73% with $66,995,105 in earnings. Slot machines were own to $193,949,366 in earnings which is a decline of 4.47%. The state was able to receive about $115 million tax revenues from these earnings.
Sole Earner in the Plus Category
For August, only one casino in the state was able to see a higher number in revenues when compared to August of last year. The SugarHouse Casino of Philadelphia saw a nice 7% increase in earnings, bringing in $1.5 million.
Falling flat was the Parx Casino with the remaining casinos seeing a decrease when considering year on year totals. However, despite the shrinkage in revenues for the past few months, the state is still on track to earn more revenues for 2016 than in 2015. Last year, the state earned a record $3.173 billion and the state is on pace to beat this record for 2016.
Analysts also agree that the lower earnings for August of this year can be attributed by the one less weekend than last year during the same month. Without the weekend days, the casinos would most likely have been able to push forward and not see such a decrease in earnings.
2016 Monthly Revenues for the State:
While the land based casino industry seems to be doing well, all eyes are on online gambling and if Pennsylvania will finally pass legislation. Today a hearing is taking place in which the industry in the United States will be reviewed. Legislators will be meeting to look at states that offer online gambling currently including New Jersey, Nevada and Delaware.
Legislators want to be able to discuss how these states go about offering such services and figure out how they can create legislation that will be successful for Pennsylvania. So far, there is one piece of legislation on the table that has already been passed by the House. The measure must now be passed by the Senate to move forward to the Governor’s desk and be signed into law.
It will be interesting to see what happens as the hearing takes place today and if the state will be one step closer to legalizing online gambling and beginning their own marketplace within the US.