Pennsylvania Gaming Revenue Surges to Over $477 Million in January
The Pennsylvania Gaming Control Board has reported a significant increase in gaming revenue for January, with earnings reaching over $477 million. This marks a 2.7% growth compared to the previous year, signaling a positive start to 2022.
Internet casino slots and sports betting were the primary drivers behind this growth, compensating for declines in other gaming areas. Internet casino gaming in Pennsylvania saw a remarkable surge of 12.4% from the previous year, totaling $149.6 million. Slot winnings contributed significantly to this increase, with a surge of 22% to $110 million. However, table games revenue experienced a 7.9% drop to $36.9 million.
Tax receipts were also impressive, with the state collecting more than $196.2 million. Internet casino gaming and sports betting played a substantial role in generating these receipts.
Sportsbook operators had a fantastic month, recording their second-best month with $69.9 million in adjusted gross revenue, marking a substantial 78.1% increase year-over-year. However, table games revenue suffered a double-digit decline, dropping 13.4% to $72.7 million. Additionally, video gaming terminal revenue decreased by 9.2% to $3 million, while online poker rake and fantasy sports contest revenue also saw declines.
Among the operators, Hollywood Casino took the lead in revenue, despite experiencing an 8.3% decrease from the start of the year, with total earnings of $50.5 million. Valley Forge Casino saw significant gains in both slots and table games, recording total winnings of $41.6 million, representing a 40.2% increase compared to the previous year. Other casinos, such as Harrah’s Philadelphia, Caesars Palace, and BetPARX, also posted notable revenue increases.
While the total internet casino handle reached $5.82 billion, an 11.8% increase from the previous year, it did not reach the impressive $6 billion mark achieved in December.
In the brick-and-mortar segment, PARX Casino remained the leading venue despite experiencing double-digit declines in both table and slot revenue. Wind Creek Casino, however, closed the gap, achieving $40.8 million in winnings for January, despite a decline in slot revenue.
Overall, January proved to be a robust month for Pennsylvania’s gaming industry, with internet casino gaming and sports betting driving significant revenue growth. As the industry continues to evolve and adapt, it will be interesting to see if this positive trend can be sustained throughout the year.
Analyst comment
Positive news. Pennsylvania Gaming Revenue surges to over $477 million in January, marking a 2.7% YoY growth. Internet casino gaming and sports betting are the main drivers, compensating for declines in other areas. The industry is expected to continue growing as it evolves and adapts throughout the year.
