In March, Pennsylvania’s gaming and fantasy contests industry achieved a remarkable milestone, recording a revenue of $515.2 million, marking an 11.35% increase compared to March 2022. This achievement represents the first time the state’s gaming revenue has surpassed half a billion dollars since the inception of legalized gambling in 2006. Let’s delve deeper into the various sources of this revenue and the key players in the Pennsylvania gaming landscape.
Diverse Revenue Streams:
Pennsylvania’s regulated gaming industry encompasses various revenue sources, including:
Slot machines
Table games
Internet gaming
Sports wagering
Fantasy contests
Video gaming terminals (VGTs)
Retail Casino Performance:
A. Slot Machines:
– Retail slots revenue increased by 4.9% year-on-year to reach $225.4 million.
B. Table Games:
– Retail table games revenue declined by 8.9% to $85.8 million.
Leading Land-Based Casinos:
A. Hollywood Casino at Penn National:
– Led the state’s land-based casino revenue with an impressive $80.9 million, signifying a remarkable 27% increase from March 2022.
B. Valley Forge Casino Resort:
– Generated $68.5 million in revenue, showcasing a substantial year-over-year growth of 32%.
C. Parx Casino in Philadelphia:
– Reported $60.4 million in revenue, maintaining its position among Pennsylvania’s top performers.
Online Gaming Soars:
Revenue from online gaming experienced a substantial 25.4% growth, reaching $148.1 million.
Notable contributors to this surge included Hollywood Casino at Penn National ($62.3 million), Valley Forge Casino Resort ($31.8 million), and Rivers Casino Philadelphia ($30.5 million).
Tax revenue generated from internet gaming amounted to $63.5 million.
Thriving Sports Betting:
The sports betting handle totaled an impressive $723.5 million, up 1.2% from March 2022’s figure of $714.9 million.
Valley Forge, in partnership with FanDuel, achieved $23.8 million in revenue from $280.7 million in bets.
Hollywood Casino at the Meadows’ Barstool Sportsbook generated $12.3 million from a handle of $187.8 million.
Other noteworthy contributors included Hollywood Casino Morgantown ($56.4 million) and Hollywood Casino at Penn National in collaboration with DraftKings ($36.9 million).
Tax Contribution:
The gaming and fantasy contests industry contributed significantly to the state’s coffers, with tax revenue amounting to $212.3 million in March.
Pennsylvania’s gaming and fantasy contests industry has reached a historic milestone by surpassing $515.2 million in revenue for March 2023. With diverse revenue streams, thriving online gaming, and a vibrant sports betting sector, the industry is demonstrating robust growth. The success of leading land-based casinos, such as Hollywood Casino at Penn National and Valley Forge Casino Resort, has played a pivotal role in achieving this remarkable milestone. Additionally, the substantial tax contributions underline the industry’s significance to the state’s financial health.