Summary: As gaming revenues decline in Pennsylvania, the state is ready to add sports betting in the mix to see an overall increase.
The Pennsylvania Gaming Control Board has released the revenue numbers for the gambling industry in the state for October, revealing a significant drop in earnings from slots and table games. Overall, revenues are down, and operators are ready to get started with sports betting to see an increase in total gaming revenue numbers. Online gambling will soon be in the mix as well along with satellite gaming venues, so hopefully the future will signify a turnaround for the gambling industry as a whole.
October 2018 Totals
For the state, total gaming revenues came in at just over $252.7 million. This is a 3.49% decline when compared to the October 2017 totals. Slot machines dropped only 1.7% to $186 million while table games were down 8.12% at only $66 million earned for the month. Over the past year, slots have been on an increase, but have been unable to keep a steady incline for a several month time frame. The industry is up then down and back up again.
Breaking down the gains and losses individually, only four casinos out of the 12 operating venues in the state were able to see an increase in revenue numbers for October. The Valley Forge Casino Resort saw the largest gain, earning just over a 10% increase for the month. The Rivers Casino was up over 5% while the Parx Casino was up 4.16%. The Presque Isle Downs and Casino was up 3.16%.
The remaining casinos all saw declines. The largest was seen by the Lady Luck Casino Nemacolin, with an 11.56% decline in earnings. The Sands Casino Resort Bethlehem was not far behind with a loss of 11.30% when compared to October 2017.
As far as gains are concerned, the Valley Forge Casino continues to the be dominating venue. Month after month since November 2017, the casino has continually seen an increase in revenues when comparing the month from the previous year. It was only April that the venue saw a decrease in earnings, at just over 5.6%. Other than that, the casino has been quite successful, earning positive numbers for months on end.
Enter New Gaming Revenue Sources
For some time now, the state has suffered from losses, either in the slots or table games category. It is high time that additional sources of revenue are provided from the gaming industry. The state has somewhat launched sports betting as Penn National has already opened their sports book at the Hollywood Casino. Parx, Rivers and the SugarHouse Casino are all supposed to launch in December. Those should be followed by Harrah’s in Philadelphia and the South Philadelphia Turf Club.
On top of that, the state is preparing to launch online casino and poker gaming as well. These two options, along with sports betting should definitely increase the bottom line of gaming as a whole. Operators of land-based venues have been approved for online gaming, having obtained licensing and are setting up partnerships to get started.
By next year, several new aspects should be in full swing within the state regarding gaming additions. With the new options, the overall gambling revenues should increase significantly. There is a great need for online gaming as well as sports betting, and with the population size of the state, it should not take long before steady revenues should come rolling in.