PA Casinos Report 3.44% Drop In Slots Revenue Last Month
December 07, 2014
In total, slot machines in Pennsylvania casinos took in $183 million last month, $7 million less than the same period last year. In terms of tax revenue, the state added a solid $98 million to government coffers.
Presque Isle Downs and Casino suffered the biggest drop in gross revenue, sliding from $10.1 million last November, to $8.2 million during the same period this year. The Meadows Racetrack and Casino took the second biggest hit, dipping 9.6% after taking $16.2 million this November, compared to $18 million last year.
Parx Casino consistently rakes in the highest revenue of all Pennsylvania casinos and actually saw a 3% growth in its slot take last month. The Bensalem casino raked in $29.6 million compared with the $28.7 million it made last year.
Sands Casino Resort Bethlehem took in the second largest haul, banking $22.9 million in gross slots revenue. The take, however, was 5.07% less than last year when the casino saw $24.2 million in gross revenue.
Lady Luck Casino Nemacolin virtually doubled its modest profits this November, earning $2.5 million over the $1.7 million it took in last year.
Recently state gaming regulators awarded yet another casino license to Live! Hotel and Casino, a joint venture run by Cordish Cos. and Greenwood Gaming and Entertainment. With slot revenues falling, many analysts believe that the Pennsylvania market is already saturated, and that adding another casino will only lead to cannibalization.