Pennsylvania Announces Record-Breaking Casino Revenue
Pennsylvania started the year very strongly after the opening of Live! Casino Philadelphia. According to information issued by the state itself, its gaming revenue for the month of January was $311 million. This is good news for the state since it experienced some significant losses in the past year.
The new Live! Casino Philadelphia alone generated nearly $4.3 million in revenue after its opening for the general public. Meanwhile Rivers Casino Philadelphia brought revenue of $36.8 million, which is 15% more than last year.
Internet casino gaming was also strong last month as it generated more than $80.4 million in revenue. This is a new record compared to December 2020 when it was $71.6 million. The Internet gaming segment did good especially compared to last year’s $14 million in revenue.
However, not all gambling options were operating in the month of January. Retail slots, table games and sports wagering were slightly stunted in Pennsylvania, since those offerings were available only for 28 out of 31 days because some casinos remained shut in the state, due to the coronavirus pandemic. They opened on January 4.
Meanwhile, all forms of gaming and fantasy contests generated $127.1 million in tax revenue.
Hollywood Casino at Penn National led the charge in the popular internet gaming segment (generating almost $27.6 million in revenue), followed by Rivers Casino Philadelphia (nearly $21 million) and Valley Forge Casino Resort (about $14.7 million).
The Sports Betting Segment
The sports betting segment generated almost $615.2 million in handle in January. This is another record for the state, which announced the record-breaking amount of $548.6 million for the last month.
Sports betting in the state seems to be evolving since every month it generates a record amount of revenue. After the announcement from last month, Pennsylvania climbed to the third place of sports betting, led only by New Jersey and Nevada.
The revenue from sports betting in January is higher, but in December, the taxable revenue was almost $34.06 million, compared to $34 million in the next month.
If the revenue continues to be this high, projections of trade publication PlayPennsylvania show that Pennsylvania sportsbooks are expected to bring in nearly $6 billion in 2021, preparing the ground for a potential $800 million in taxable revenue.
Currently Valley Forge Casino Resorts is the leader in the sports wagering segment by having generated $14.5 million in January revenue, an almost 80% increase year over year.
Live! Casino Philadelphia is expected to bring even more profit to the state. It opened doors for the general public only recently but it already showed a big potential.
Source: “Pennsylvania casinos haul in $311M in January as Live! Casino Philadelphia joins the club”, Biz Journals, February 17, 2021
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