Pennsylvania casinos had a bad month for revenue taken in from slot machines.
The top-line numbers for PA slot machines
The Pennsylvania Gaming Control Board recently released revenue figures for October at the state’s 12 casinos from slot machines.
Those numbers weren’t great, by and large, as revenue was down three percent — or about $6 million — over October of 2015.
This October, revenue came in at $191.9 million; last year, slots at PA casinos generated $197.9 million.
That still resulted in more than $102 million in tax revenue for the state.
Winners and losers at slots
Casinos almost across the board lost money, with the exception of SugarHouse Casino in Philadelphia. That casino saw an increase of $700,000 year over year to $14.9 million, up about five percent.
Sands Bethlehem was up about $500K YoY, or about two percent, to $25.1 million.
Beyond those two success stories, most casinos underperformed.
Lady Luck Casino Nemacolin (-11 percent) and Harrah’s Philadelphia (-9 percent) took the biggest hits in terms of decreases.
Why the dip in slot revenue?
The way the calendar fell for weekends isn’t really capable of explaining the dip on its own, as it was roughly similar in 2015. The presidential election cycle has been blamed for all manner of things this year, however, including a dip in NFL TV ratings.
Casino revenue in Pennsylvania has generally been on a steep incline in 2016. But some believe contraction is bound to happen eventually. New York, for instance, continues to grow revenue from its burgeoning casino industry and is set to pass Nevada in receipts from taxes.
On the good side of the ledger, PA casinos do not appear likely to get more competition from casinos in North Jersey, as a referendum on the subject is set to be defeated.
The dip in revenue comes even as the state tries to fix a tax law that benefits jurisdictions that host casinos; the law in question was deemed unconstitutional by the state Supreme Court. The impact of that law being struck down is in excess of $140 million.