The state of Pennsylvania has seen a nice jump in revenue year over year in the month of February with an 8.6 percent spike in revenue. Posted on the Pennsylvania Gaming Control Board’s website, the report shows that this February’s gross table games revenue was $68,187,957 compared to $63,916,997 in revenue produced by the 12 Pennsylvania casinos during February 2015.
Gross table game revenue increase by casino:
- Valley Forge Casino Resort – $3,237,771: +31.25%
- SugarHouse Casino – $9,240,443: +23.78%+
- Presque Isle Downs and Casino – $1,195,639: +18.62%+
- Sands Casino Resort (Bethlehem, PA) – $17,504,519: +14.62%
- Parx Casino – $13,239,507: +13.19%
Not all PA casinos hit jackpot on revenue
However, not all of the casinos that offer table games have been able to line their pockets with fresh money. Three of the 12 casinos listed lost money in the month of February.
Average losses of those casinos was 12.65 percent. Two of the three casinos that lost money are located in the western side of the Keystone State (Rivers Casino/Pittsburgh and Meadows Casino/Washington).
Newer casinos not quite proving their worth
Since its inception, the Rivers Casino located in the center of Pittsburgh, PA has generated over $1.6 billion in revenue. However, not all goals are being met.
Some estimates that failed to become reality:
- $428 million in slot machine revenue versus $241 million actual
- $99 million in table game revenue versus $68 million actual
- 3.5 million annual visitors versus 2.9 million actual
In addition to revenue misses, the Rivers Casino must pay $20,550 a day or $7.5 million a year to the uptown Consol Energy Center over 30 years as part of its agreement to be able to operate in its current location.
Not everyone’s a loser – community has benefitted
When legalizing table games in 2010, lawmakers tapped part of Rivers’ revenue to provide consistent funding for Carnegie Library of Pittsburgh. The casino since has channeled more than $4.5 million to the library.
Community groups in the North Side and Hill District were promised a combined $6 million in the first two years of the casino’s existence. To date, the casino has provided more than $100,000 in direct funding to the Mario Lemieux Foundation, which addresses cancer research and patient care.
Through its “Community Champions” program, some of Rivers’ 1,800 employees volunteer with a food bank, Habitat for Humanity, Pittsburgh Parks Conservancy and Friends of the Riverfront.
“I can’t say that it has been a boom or a bust for Pittsburgh,” Allegheny Institute’s Frank Gamrat said of Rivers. “It’s just become part of the landscape.”