Pennsylvania Slots Casino Revenue Climbs Nearly 25% In Fiscal Year
8 Casinos return $964,701,535 in tax revenues to Pennsylvanians
HARRISBURG, PA: The amount of tax revenue generated through the play of slot machines in fiscal year 2008/09 rose 24.86% over the previous fiscal year, according to figures released today by the Pennsylvania Gaming Control Board. The state fiscal year ended June 30th.
In the 2008/09 fiscal year, tax revenues from slots play at the eight operating casinos was $964,701,535.35. That compares to $772,614,292.75 that was generated in the 2007/08 fiscal year which ended with seven facilities operating.
Revenue for June 2009 also shows increases over the same period in 2008. In June of this year, the eight casinos generated $165,094,862.68 in gross terminal revenues compared to $135,473,212.15 in June 2008 or an increase of 21.87%. When comparing only facilities that were open in June of both years the increase is 7.37%.
Tax collections by the Commonwealth on that amount last month were $90,802,174.60, an average of $3.02 million per day. The casinos’ collective take of the gross terminal revenues for the month was $74,292,688.08. Pennsylvania collects taxes based on a 55% rate of gross terminal revenue.
Gaming Control Board Chairman Gregory C. Fajt, PGCB says the overall growth by the facilities in generating this level of revenue is a bright spot in the Commonwealth as other streams of tax dollars has dropped during the current economic struggle.
“Five years ago, with the Legislature’s passage of the Gaming Act, this Board was directed to create an industry that would provide a significant source of new revenue to the Commonwealth,” Fajt said. “Today, the work of this agency is meeting that goal and assisting our citizens to reduce property taxes, keep horse racing facilities and its associated jobs intact, strengthen Pennsylvanian’s important agriculture industry, and pump dollars into local communities.”
Fajt added that the success of gaming goes beyond the measurable dollars and cents since casinos are also generating new family-sustaining jobs.
“More than 14,000 persons, the vast majority Pennsylvanians, have benefited from this new industry through employment opportunities either at the casinos or with construction firms,” Fajt said. “And, with four more licensed casinos scheduled to come on line during the next couple of years, both revenue and job numbers will continue to significantly grow.”
In fiscal year 2008/09, an eighth casino came on line in May with the opening of the Sands Casino Resort Bethlehem, adding 3,000 slot machines. In addition, two casinos that were previously located in temporary facilities moved into new facilities and added a combined total of 3,188 slot machines. Those casinos were Mohegan Sun at Pocono Downs in Luzerne County which moved into its new facility in July 2008 and the Meadows Racetrack and Casino in Washington County which moved in April, 2009.
Comparative gross terminal revenues for each of the casinos in Fiscal year 2007/08 and fiscal year 2008/09 are as follows:
|Casino ||2008/2009 ||2007/2008 ||% change |
|Philadelphia Park Casino and Racetrack||$356,255,718.80||$325,168,058.60||9.56%|
|Harrah's Chester Casino and Racetrack||$319,601,304.40||$332,785,935.18||-3.96%|
|The Meadows Racetrack and Casino||$264,489,169.20||$231,203,754.80||14.40%|
|Hollywood Casino at Penn National Racecourse||$219,229,940.27||$72,682,055.77|
|Mohegan Sun at Pocono Downs||$216,041,734.99||$170,647,898.99 ||26.60%|
|Mount Airy Resort and Casino||$180,210,946.78||$110,592,025.26|
|Presque Isle Downs and Casino||$167,849,999.39||$161,673,530.44||3.82%|
|Sands Casino Resort Bethlehem||$30,323,976.63||-----||-----|
Comparative gross terminal revenues for each of the casinos operating in both June 2008 and June 2009 are as follows:
|Casino ||June 2009 *||June 2008 *||% change |
|Philadelphia Park Casino and Racetrack||$29,229,525.99||$28,088,852.51||4.06%|
|Harrah's Chester Casino and Racetrack||$25,130,946.20||$26,859,995.66||-6.44%|
|The Meadows Racetrack and Casino||$26,120,173.68||$21,919,406.95||19.16%|
|Hollywood Casino at Penn National Racecourse||$19,815,738.60||$15,679,810.10||26.38%|
|Mohegan Sun at Pocono Downs||$18,209,095.80||$13,228,881.77||37.65%|
|Mount Airy Resort and Casino||$12,699,384.80||$14,860,841.02||-14.54%|
|Presque Isle Downs and Casino||$14,255,869.13||$14,835,424.14||-3.91%|
|Sands Casino Resort Bethlehem||$19,634,128.48||-----||-----|
*The average number of operating slot machines at these facilities was 15,354 in June 2008 and 21,718 in June 2009.
Executive Director Kevin F. O’Toole said that while the Gaming Control Board’s strict oversight keeps the public interests protected, the agency’s fiduciary responsibility to generate maximum revenues from this industry are also essential.
"As we turn our attention to the next fiscal year, the Board continues to refine its regulatory structure to both improve oversight of the industry while at the same time encouraging dynamic growth in this industry. All of this is done to benefit the citizens of the Commonwealth,” O’Toole said.
The Gaming Control Board provides weekly updates of casino revenue on its web site, www.pgcb.state.pa.us. In addition, videos and information on the operation of the PGCB, problem gambling efforts and assistance, future meeting schedules and past meeting transcripts, and a link to request a speaker are among the many items available to the public on the web site.
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