{"id":311661,"date":"2024-02-22T11:45:37","date_gmt":"2024-02-22T17:45:37","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=311661"},"modified":"2024-02-22T12:02:22","modified_gmt":"2024-02-22T18:02:22","slug":"pennsylvania-casino-revenue-falls-12-percent","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/","title":{"rendered":"Pennsylvania Casino Revenue Falls 12%, Matches Nationwide Trend"},"content":{"rendered":"

Pennsylvania casinos won far less money on their brick-and-mortar floors in January 2024 than they did in January 2023. The Keystone State’s woes to begin the new year mirror much of the nation where retail play slowed.<\/p>\n

\"Pennsylvania
Hollywood Casino at Penn National Race Course. Pennsylvania casino win at the state’s 17 brick-and-mortar properties fell considerably in January 2024. The physical gaming losses were covered online. (Image: Wikimedia<\/em>)<\/figcaption><\/figure>\n

The Pennsylvania Gaming Control Board (PGCB) reported this week that retail slots at the state’s 17 physical casinos totaled $179.5 million, a more than 11% year-over-year plunge. Table games won $72.6 million, a 13% decline.<\/p>\n

Combined, the legacy gross gaming revenue<\/a> (GGR) of approximately $252.1 million was nearly 12% lower, or $33.9 million less than January 2023.<\/p>\n

iGaming, Sportsbook Wins<\/b><\/h2>\n

Pennsylvania’s other gaming verticals, specifically iGaming and sports betting, offset the land-based casino losses.<\/p>\n

\n

iGaming GGR continued to grow, with online slots and interactive tables winning $149.5 million — an increase of over 12%. Oddsmakers won 78% more money, with sportsbooks retaining nearly $70 million of the $858.1 million bet.<\/p>\n<\/div>\n

The Philadelphia Eagles<\/a>, once the Super Bowl favorite last season, lost twice in January, including an embarrassing 32-9 performance in the NFC wild-card game against the Tampa Bay Buccaneers. The Pittsburgh Steelers also made an early exit in the NFL Playoffs with a 31-17 loss at the Buffalo Bills.<\/p>\n

Total revenue from casinos, iGaming, and sports betting, plus $3 million from gaming machines inside truck stops and $2.5 million from fantasy sports, totaled $477.1 million. That’s a 2.8% year-over-year improvement.<\/p>\n

Economic Headwinds<\/b><\/h2>\n

Pennsylvania’s January gaming report provides further evidence that gamblers across the country<\/a> are reining in their in-person play. Along with Pennsylvania, in-person casino revenue in January was down from 2023 in New York, Mississippi, Louisiana, Indiana, Michigan, and Maryland.<\/p>\n

The $3 million in truck stop video gaming terminal revenue represents a 9% drop, and fantasy sports income dropped over 7%.<\/p>\n

Though iGaming and sports betting offset the losses elsewhere, the January filing demonstrates that gamblers aren’t risking as much money on legacy outlets. A host of reasons could explain why, including ongoing inflation, the end of government stimuli, and a tightening labor market.<\/p>\n

\n

Economic growth is likely to decelerate in 2024 as the effects of monetary policy take a broader toll and post-pandemic tailwinds fade,” JP Morgan’s 2024 Economic Outlook report read. “We expect real GDP growth to walk the line between a slight expansion and contraction for much of next year, also known as a soft landing. After tracking to a better-than-expected 2.8% real GDP growth in 2023, we forecast a below-trend 0.7% pace of expansion in 2024.”<\/p>\n<\/blockquote>\n

After three years of record growth in the US commercial industry<\/a>, 2024 could be the first brick-and-mortar casino revenue setback since the nation exited the COVID-19 pandemic.<\/p>\n

State Fines<\/b><\/h2>\n

In related news, the PGCB said it levied $212,500 in fines against gaming licensees for regulatory violations.<\/p>\n

\n

Penn Entertainment was fined $97,500 for allowing fraudulent online accounts to be created for iGaming and sports betting purposes. Penn’s Hollywood Casino York was also fined $50K for allowing underage people access to the gaming floor.<\/p>\n<\/div>\n

Rivers Philadelphia was fined $65K for failing to meet minimum staffing requirements and failing to notify the PGCB about a theft that occurred on the casino floor.<\/p>\n

The state additionally banned three more adults for leaving children unattended<\/a> in their vehicles outside casinos.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pennsylvania in-person casino revenue was down almost 12% in January 2024.<\/p>\n","protected":false},"author":25,"featured_media":311666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,19],"tags":[82315,82124,85044,81871,45,80968],"acf":[],"yoast_head":"\nPennsylvania Casino Revenue Falls 12 Percent<\/title>\n<meta name=\"description\" content=\"Pennsylvania casinos won far less money on their brick-and-mortar floors in January 2024 than they did in the prior January.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pennsylvania Casino Revenue Falls 12 Percent\" \/>\n<meta property=\"og:description\" content=\"Pennsylvania casinos won far less money on their brick-and-mortar floors in January 2024 than they did in the prior January.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T17:45:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T18:02:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/02\/Hollywood_Casino_at_Penn_National_Race_Course.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/\",\"url\":\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/\",\"name\":\"Pennsylvania Casino Revenue Falls 12 Percent\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/02\/Hollywood_Casino_at_Penn_National_Race_Course.jpg\",\"datePublished\":\"2024-02-22T17:45:37+00:00\",\"dateModified\":\"2024-02-22T18:02:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"Pennsylvania casinos won far less money on their brick-and-mortar floors in January 2024 than they did in the prior January.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/pennsylvania-casino-revenue-falls-12-percent\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/02\/Hollywood_Casino_at_Penn_National_Race_Course.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/02\/Hollywood_Casino_at_Penn_National_Race_Course.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Hollywood Casino at Penn National Race Course. 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