Pennsylvania Sets New Gambling Revenue Record
LISTEN TO THIS ARTICLE:For June, according to the Pennsylvania Gaming Control Board (PGCB), the state had gambling revenue of $440.49 million. This marked a 13% rise compared to the previous year, signifying a full 10 months of consecutive gaming revenue exceeding $420 million. It also helped the state reach a new record in annual gaming revenue.
June Brings Windfall to Pennsylvania
Slot machine revenue experienced a decline of over $9 million compared to May's total, settling at $201.5 million. However, there was year-on-year growth of 4.4%. Within this period, Parx Casino observed a revenue drop of 1.94% compared to the corresponding period in 2022, amounting to $31.1 million.
On the other hand, Wind Creek Bethlehem witnessed a year-on-year revenue increase of 2.5%, reaching $23.1 million. Additionally, slot revenue at Rivers Casino Pittsburgh amounted to $20.9 million, a dip of 1.24%.
The revenue from iGaming, which includes online slots, table games and poker, experienced a significant increase of 31.6%, amounting to $135.4 million. Hollywood Casino at Penn National surpassed its closest competitor by more than doubling its gaming revenue, achieving $57.8 million compared to Valley Forge Casino Resort's $28.1 million.
Additionally, Rivers Casino Philadelphia recorded revenue of $26.9 million. The iGaming revenue of Harrah's Philadelphia, the only other casino in the state to earn more than $5 million, reached $5.9 million.
In the realm of sports betting, the revenue for June amounted to $23 million against a handle of $373.2 million. The Valley Forge Casino Resort reported $11.4 million in earnings from its handle of $139.6 million.
Hollywood Casino at the Meadows had revenue of $6 million and a handle of $133.3 million. Meadows Casino in the Meadowlands consecrated its presence with $6 million in revenue. Rivers Casino Pittsburgh came in last, recording revenue of $1.1 million on a handle of $18.4 million.
A Banner Year
In the fiscal year 2022-2023, the PGCB reported total tax revenue of $2.3 billion from the $5.5 billion in gaming revenue the state's casinos reported. This record-breaking figure surpasses any previous fiscal year since 2021-2022, when sports revenue reached $5.04 billion and delivered $2.16 billion in taxes to Pennsylvania.
In fiscal year 2022-2023, the casino deposits amounted to $2.5 billion. The unrivaled revenue generator among all the casinos in Philadelphia was Parx Casino, which brought in $389.9 million.
Table games alone amassed revenue of $974.0 million during this period. Wind Creek Bethlehem took the lead among all the casinos in Pennsylvania with $236.7 million in table game revenue.
The fiscal year's total revenue for iGaming reached an unprecedented milestone of $1.5 billion, setting yet another record in its success story. Raking in $648 million in gaming revenue, Hollywood Casino and Penn National in Grantsville outperformed Rivers Casino Philadelphia, which reported a mere $330.8 million.
As for sports betting, the revenue for the fiscal year soared to $491.9 million. Surpassing all others, Valley Forge Casino Resort in King of Prussia secured $255.4 million in sports betting revenue. In stark contrast, the second-largest contributor, Hollywood Casino in the Meadows at the Meadowlands, generated an inferior $109.9 million.
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