Pennsylvania's Casinos Experience Cool Play, Generating Retail Revenue of $292.5 Million
The Pennsylvania casinos witnessed a decrease in foot traffic in May with the 17 physical establishments reporting a total retail gross gaming revenue of around $292.5 million. In contrast to May 2022, the latest figure marks a $1.7 million decline or a 0.6% annual drop.
The table games experienced the brunt of the decline, contributing $81.6 million to the state's revenue, a 7.8% drop year-over-year. Slots attempted to make up for the losses with over $210.8 million in "coin-in hold" but weren't able to restore the 2.5% difference observed in May 2022.
Hollywood Casino at Penn National Race Course stood out as the market leader with revenue exceeding $74.3 million, an 18% increase from May 2022. Valley Forge Casino Resort, boasting a robust iGaming and sports wagering business, took the silver, earning more than $64.2 million, a near 22% improvement.
The remaining individual casino GGR includes money from physical play, iGaming, and sports betting.
Hollywood Penn National and Valley Forge were followed by Parx Casino near Philadelphia and Rivers Casino Philadelphia, bringing in $58.8 million and $50.2 million, respectively. Among them, only Wind Creek Bethlehem posted a 5% decline from May 2022.
An Online Upswing
As in-person play saw a slight dip in May, which unfortunately mirrored the trend in neighboring Atlantic City, the online casino and sports betting sector saw mixed results: profits increased.
iGaming that encompasses online slots, table games, and poker rake, raked in more than $140.9 million, a significant 24% rise compared to May 2022. Consequently, the industry experienced a hike of $27.7 million.
The income from online slots jumped by almost 29% to reach $100.6 million, while online table games generated $37.8 million, 17% higher than last year.
On the sports betting side, the oddsmakers retained $41.1 million of the $495.6 million wagered, exhibiting an annual increase of 17% and a slight 0.5% hike.
Exciting events in May included the Kentucky Derby, the PGA Championship, the Indianapolis 500, and the commencement of the French Open.
Video gaming terminals in truck stops generated $3.6 million in revenue, while daily fantasy sports operators collected $1.2 million in entry fees. Combining all verticals, the entire Pennsylvania gaming industry reported a revenue of about $479.37 million in May 2023, a 7% boost.
Braving the Bridge Concerns
Despite the decrease in in-person revenue in May, iGaming and sports betting displayed promising growth. They are anticipated to play a more significant role in June with the I-95 bridge tragedy in Philadelphia potentially delaying or deterring travelers from visiting the three nearby casinos, Parx, Rivers, and Live!
On June 11, a gasoline-carrying truck rammed and caught fire while trying to exit the highway at Route 73 in Northeast Philadelphia. The fire triggered the bridge to collapse. Authorities currently anticipate a reopening of I-95 by this weekend but expect congestion in the vicinity to scare potential gamblers away from these casinos.
Read also:
- Tanaka's stature in the midfield grows more prominent.
- "The state of our connection is suboptimal"
- Four-year-old boy with autism saved from pond.
- Unmarried Bachelorette Sharon returns.
Source: www.casino.org
