{"id":109628,"date":"2019-07-20T02:00:34","date_gmt":"2019-07-20T09:00:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=109628"},"modified":"2019-07-20T10:39:17","modified_gmt":"2019-07-20T17:39:17","slug":"pennsylvania-gaming-revenue-tops-3-3b-in-latest-fiscal-year-more-expansion-coming-to-keystone-state","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/pennsylvania-gaming-revenue-tops-3-3b-in-latest-fiscal-year-more-expansion-coming-to-keystone-state\/","title":{"rendered":"Pennsylvania Gaming Revenue Tops $3.3B in Latest Fiscal Year, More Expansion Coming to Keystone State"},"content":{"rendered":"

Pennsylvania gaming revenue topped $3.3 billion during the state’s 2018-19 fiscal year, which is a new record and a 1.8 percent premium on the previous high.<\/p>\n

\"Pennsylvania
Pennsylvania gaming revenue reached a new high over the last 12 months, and the inclusion of sports betting should help further grow the industry. (Image: Philly Ringer\/Twitter)<\/figcaption><\/figure>\n

Data from the Pennsylvania Gaming Control Board (PGCB) reveals that gross gaming revenue (GGR) from land-based casinos, sports betting, and online fantasy sports contests totaled $3,309,766,175. That is a more than $59 million bonus on top of the prior all-time record set in the 2017-18 fiscal year.<\/p>\n

Slot machine revenue accounted for the vast majority of the winnings, with the terminals delivering casinos more than $2.37 billion in revenue. Table games won $885.5 million, sports betting $21.7 million, and fantasy games $23.5 million.<\/p>\n

\n

Pennsylvania’s gaming industry is the second richest in the nation behind only Nevada. Las Vegas and the rest of the Silver State reported GGR of $11.9 billion in 2018.<\/p>\n<\/div>\n

However, due to Pennsylvania’s high gaming tax, the Keystone State is No. 1 in tax revenue generated from casino gambling. The PGCB says $1.39 billion in taxes were collected from gaming initiatives in 2018-19.<\/p>\n

More Where That Came From<\/b><\/h2>\n

Pennsylvania is hoping to become an even richer gaming state. Its 2017 Expanded Gaming Act set the regulatory framework for sports betting should a repeal to the federal ban come \u2013 which it did in May 2018 when the Supreme Court ruled the Professional and Amateur Sports Protection Act of 1992 was unconstitutional.<\/p>\n

The gaming package additionally legalized daily fantasy sports, online gambling<\/a> (which went live this week), airport gaming lounges, video gaming machines inside certain qualified truck stops, and as many as 10 land-based satellite casinos.<\/p>\n

Five of the so-called mini-casinos have already been auctioned off. The PGCB has another auction planned for September 4, with only the current casino licensees permitted to bid.<\/strong><\/p>\n

Each satellite is initially permitted to house up to 750 slot machines and 30 table games, the latter, however, comes with a $2.5 million add-on fee.<\/p>\n

Penn National Gaming won two of the satellite auctions and picked York and Berks counties for the venues. Cordish Companies’ Stadium Casino LLC subsidiary is building a mini-casino in Westmoreland County. Meanwhile, Mount Airy Casino won the satellite auction for Beaver County, and Parx Casino won the auction for a casino in Cumberland County.<\/p>\n

The satellite auctions delivered the state nearly $127 million in upfront licensing fees. Slot machine win will be taxed at an effective rate of 54 percent, and tables at 16 percent.<\/p>\n

Market Saturation<\/b><\/h2>\n

The Republican-controlled Pennsylvania General Assembly and Gov. Tom Wolf (D) signed off on the gaming legislation in an effort to help bridge a budget funding gap without raising taxes.<\/p>\n

\n

But the Democratic governor expressed concerns that he didn’t want to simply poach “from one bucket called gambling to another.”<\/p>\n<\/blockquote>\n

While sports betting and fantasy sports are new gaming revenues, the satellites could slow GGR at the state’s 12 current brick-and-mortar casinos<\/a>. Along with the mini-casinos, a $700 million casino resort is being built in Philadelphia next to the city’s sports stadiums.<\/p>\n

Can Pennsylvania support the new gaming options? The year ahead will answer that question.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pennsylvania gaming revenue topped $3.3 billion during the state’s 2018-19 fiscal year, which is a new record and a 1.8 percent premium on the previous high. Data from the Pennsylvania Gaming Control Board (PGCB) reveals that gross gaming revenue (GGR) from land-based casinos, sports betting, and online fantasy sports contests totaled $3,309,766,175. That is a […]<\/p>\n","protected":false},"author":25,"featured_media":109636,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nPennsylvania Gaming Revenue Tops $3.3B in Latest Fiscal Year, New Record<\/title>\n<meta name=\"description\" content=\"Pennsylvania gaming revenue topped $3.3 billion during the most recent fiscal year. 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