Slots games revenue growled quite a bit in Pennsylvania throughout 2012, making this increase the sixth over the last 6 years. This increase has become annual since the inception of the first state casino opening back in November 2006, shared different groups of investigators with the media.
State Slots on the rise
Pennsylvania currently houses 11 casinos, bringing around $2.5 billion in revenues in 2012. The Pennsylvania Gaming control Board announced that this growth marks an increase of 2.7% in 2011. The board also shared that one of the primary causes of this growth is the outstanding usage of slots throughout the 11 casinos.
Valley Forge Casino Resort, which opened in March 2012, in its first year of business grossed more than $36.5 million in just the slots department, which is seen by many as an incredible number. Of the announced 2.7% growth, it is approximated that 1.5 pertains to slots games revenue.
Bright Future according to William Ryan
William Ryan, head of the Gaming Board, shared with the media that because of the latest developments in the casino industry in Pennsylvania, the future definitely looking bright. He commented that with the sixth annual increase since the first casino opened back in November 2006, more opportunities will be seek to expand even more the casino industry in the state. Pennsylvania currently taxes slots games revenues in 55%. This alone, grossed more than $1.5 billion in 2012
Ryan commented to the media “While competition for gaming dollars from bordering states will continue to escalate, the revenue results from legalized casino gaming in Pennsylvania continue to be strong.”
Back in 2004, Pennsylvania officially legalized gambling, opening the first casino in 2006. The revenues made by the casino are utilized for the development of public schools, state affairs, firefighting squads and horse racing. Many citizens have expressed deep satisfaction with the legalization, as it has brought the state much more monetary power and at the same time entertainment for the public.
Investigators ponder on Possible Decline?
However, a common observation between many industry analysts do is that the slot revenues will ultimately begin to slow in their growth, as the competence in neighboring states is constantly increasing. New York and Ohio as seen as the two major states whose growth of casino industry could end up affecting Pennsylvania’s revenues.
Presque Isle Downs Casino comes as an example of this revenues loss, as its slots games activity showed a 10% decrease on its revenues last year. The casino is currently facing new competition in Ohio.
On the other hand, Sands Resort Betlehem shared that their gross from slots games had increased a solid 7.6% from the year before. The situation is quite tricky, as many casinos have shown increased revenue, while others have seen modest declines.