Pennsylvania Casino Revenue Falls 12%, Matches Nationwide Trend
Pennsylvania casinos won far less money on their brick-and-mortar floors in Jan 2024 than they did inwards Jan 2023. The Keystone State’s woes to lead off the young twelvemonth mirror much of the country where retail romp slowed.
The Keystone State Gaming Control Board (PGCB) reported this hebdomad that retail slots at the state’s 17 physical casinos totaled $179.5 million, a more than 11% year-over-year plunge. Table games won $72.6 million, a 13% decline.
Combined, the legacy gross gaming revenue (GGR) of around $252.1 trillion was nearly 12% lower, or $33.9 zillion to a lesser extent than Jan 2023.
iGaming, Sportsbook Wins
Pennsylvania’s other gaming verticals, specifically iGaming and sports betting, countervail the land-based gambling casino losses.
iGaming GGR continued to grow, with online slots and interactive tables winning $149.5 gazillion — an growth of over 12%. Oddsmakers won 78% to a greater extent money, with sportsbooks retaining nearly $70 gazillion of the $858.1 meg bet.
The Philadelphia Eagles, one time the Super Bowl favourite lastly season, lost twice inward January, including an embarrassing 32-9 carrying out in the NFC wild-card gritty against the Tampa Bay Buccaneers. The Pittsburgh Steelers also made an early exit inwards the NFL Playoffs with a 31-17 red ink at the Buffalo Bills.
Total revenue from casinos, iGaming, and sports betting, positive $3 1000000 from gaming machines interior truck stops and $2.5 trillion from fantasise sports, totaled $477.1 million. That’s a 2.8% year-over-year improvement.
Economic Headwinds
Pennsylvania’s January gaming written report provides further grounds that gamblers crosswise the country are reining inwards their in-person play. Along with Pennsylvania, in-person gambling casino revenue inwards Jan was knock down from 2023 inwards New York, Mississippi, Louisiana, Indiana, Michigan, and Maryland.
The $3 trillion in motortruck stoppage video gaming terminus revenue represents a 9% drop, and fantasy sports income dropped over 7%.
Though iGaming and sports betting offset printing the losses elsewhere, the January filing demonstrates that gamblers aren’t risking as much money on legacy outlets. group A boniface of reasons could explain why, including on-going inflation, the finish of governing stimuli, and a tightening drudge market.
Economic maturation is likely to slow inwards 2024 as the personal effects of monetary policy accept a broader toll and post-pandemic tailwinds fade,” JP Morgan’s 2024 Economic Outlook report read. “We anticipate real GDP growing to walk the business line betwixt a slight elaboration and muscular contraction for a great deal of next year, also known as a diffused landing. After tracking to a better-than-expected 2.8% tangible GDP ontogenesis inward 2023, we calculate a below-trend 0.7% gait of enlargement in 2024.”
After ternary years of enter growing inwards the US commercial message industry, 2024 could follow the first off brick-and-mortar cassino revenue setback since the land exited the COVID-19 pandemic.
State Fines
In related news, the PGCB said it levied $212,500 inwards fines against gaming licensees for regulatory violations.
Penn Entertainment was fined $97,500 for allowing fraudulent online accounts to follow created for iGaming and sports betting purposes. Penn’s Hollywood Casino York was also fined $50K for allowing underage people get at to the gaming floor.
Rivers Philadelphia was fined $65K for flunk to forgather minimum staffing requirements and flunk to notify the PGCB around a theft that occurred on the cassino floor.
The nation to boot banned trey to a greater extent adults for leaving children unattended inwards their vehicles exterior casinos.