Pennsylvania Casinos Earn a Record $3.3 billion in 2017

The Pennsylvania casino industry has been operating since 2006. And the latest fiscal year shows that the Keystone State’s gambling industry is just as strong as ever. Pennsylvania’s gaming markets generated a record $3.3 billion for the 2016/17 fiscal year ending on June 30. This amount broke the previous record, which was set in 2015/16, […]

The Pennsylvania casino industry has been operating since 2006. And the latest fiscal year shows that the Keystone State’s gambling industry is just as strong as ever.

Pennsylvania’s gaming markets generated a record $3.3 billion for the 2016/17 fiscal year ending on June 30. This amount broke the previous record, which was set in 2015/16, by $20 million.

The big winner for Pennsylvania casinos was table games, which grew 3.3% and made $895 million. Slot machine revenue was also up slightly by 0.7%, earning $2.35 billion on the year.

Pennsylvania Government Wins Big with Record Year

It’s obviously a good thing for the Quaker State’s 12 casinos that they earned a record $3.3 billion. But state politicians are also cheering, given that they collect a significant portion of gambling taxes.

Pennsylvania slot machines are taxed at a 54% rate, while table games are taxed at a 14% rate. All combined, the state government earned $1.44 billion in 2016/17.

The money goes to a variety of important projects, including infrastructure programs, the state’s General Fund, and property tax reduction for homeowners. Some of the money also goes to helping the horse racing industry, which employs hundreds of people around the state.

Sands Casino Bethlehem Leading the Way

Sands Casino Resort Bethlehem made the most money out of any casino in the state, collecting $235.7 million on the fiscal year. This was up 0.25% from the previous year.

Parx was the next-closest casino in terms of revenue, making $185.9 million in 2016/17. SugarHouse Casino finished third with $120.2 million.

Meadows Casino posted the largest percentage gain (22.18%) in the fiscal year. Luck Casino Nemacolin (14.7%), Valley Forge Casino Resort (10.3%), and Rivers Casino (10.2%) also had strong years.

Pennsylvania voted to expand gambling so that video lottery terminals (VLTs) are put at airports and truck stops across the state. That said, it’ll be interesting to see if this increases the industry further.

 

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