The Pennsylvania Gaming Control Board has released total slot revenue figures for the 2015 calendar year. The report shows that revenue increased from 2014 by two percent. This marks the fifth consecutive year in which slot revenues exceeded $2.3 billion. The increase in revenue generated $1.27 billion in tax revenues for Pennsylvania.
Doug Harbach, representative for the Pennsylvania Gaming Control Board, spoke to KYW News Radio about the revenue increase:
“There’s been a very good increase in the slots revenue during the past six months, and that’s really led to this increase not only in the calendar year of 2 percent, but also a leap of 1 percent when we compare it to the last fiscal year.”
The report shows that December was a particularly good month, with slot revenue up 4.8% from the previous December. The total slot revenue for December was over $9 million. In total, 26,229 slot machines were operating daily in December.
Tax revenue generated by slot machines benefited Pennsylvania’s social sector considerably. Pennsylvania property owners receive a substantial tax reduction. Funding was used for community development, agricultural associations, and public service departments. Furthermore, tax revenue was used to reinforce Pennsylvania’s horse racing market. Pennsylvania casinos employed over 17,000 people.
Which PA Casinos were the best and worst performers?
The top two casinos in terms of total revenues were the same in 2014 and 2015. Parx Casino and Sands Casino Resort Bethlehem finished 2015 with $379 million and $299 million respectively. Parx saw a 5 percent gain, and Sands enjoyed over a 6 percent gain year over year.
The casino that boasts the highest revenue percentage increase for 2015 is Lady Luck Casino Nemacolin. Lady luck Casino saw a 12.8 percent revenue increase in 2015, bringing the property to a total of $29.9 million. Presque Isle Downs and Casino had the largest drop in percentage for 2015, sitting at -1.63 percent leaving the casino at a total of $117 million.
The report demonstrates what one month can do monetarily for the slot industry. Large revenue increases happened for most casino operators in December. The leader for highest percentage profits increase was The Meadows Racetrack and Casino which saw an increase of almost twelve percent and about $19 million. The casino with the biggest decrease in December was interestingly enough Lady Luck Casino which saw the most growth in 2015. Lady Luck Casino’s revenue for December sat at $2.1 million.
Out of twelve Pennsylvania casinos only four had a negative 2015. Mohegan Sun Pocono, SugarHouse Casino, Presque Isle Downs and Casino, and Mount Airy Casino Resort all showed decreases of no more than two percent from the 2014 year.