Pennsylvania Gaming Revenue Hits $496.6M in October 2024

PGCB) announced that the state’s gaming industry achieved a total revenue of $496,585,461 in October 2024. This marks a 2.81% increase compared to the same period in 2023, signaling steady growth across various gaming categories, including slot machines, table games, internet gaming, sports wagering, fantasy contests, and video gaming terminals (VGTs). The detailed breakdown of revenue figures can be found on the PGCB’s official website.

Tax revenue from all gaming formats and fantasy contests during October amounted to $209,157,522.

Slot Machines See Moderate Revenue Boost

Revenue from retail slot machines reached $200,625,182 in October 2024, reflecting a 4.21% increase from the $192,519,568 reported in October 2023. The number of active slot machines saw a slight reduction, with 24,485 units in operation compared to 24,794 the previous year. Slot machines collectively contributed $101,088,035* in tax revenue.

Retail table games generated $73,900,826 in October 2024, representing a 9.28% decrease from the $81,458,654 recorded in October 2023. The tax revenue from table games totaled $12,288,059.

Online casino gaming (iGaming) proved to be a major growth driver, with gross revenue reaching $189,027,924 in October 2024, up 22.10% from $154,818,943 in October 2023. Tax revenue generated through iGaming activities was $83,762,432*.

The total handle for sports wagering in October 2024 was $858,148,994, a 3.52% increase compared to $829,002,595 in October 2023. However, taxable revenue from sports betting dropped significantly, declining by 43.15% to $27,373,043 from $48,150,055 the previous year.

Video gaming terminals (VGTs) generated $3,556,562 in adjusted revenue during October 2024, marking a 4.42% increase over October 2023’s total of $3,406,170. By the end of October, 74 truck stop establishments hosted the maximum permitted five machines each, compared to 71 establishments at the same time last year. VGT tax revenue amounted to $1,849,412.

Key Casino Performances

Valley Forge Casino Resort demonstrated impressive growth, with revenue rising 25.6% from $64.4 million in October 2023 to $80.9 million. Online platforms also recorded notable gains, with Golden Nugget increasing by 109.6% to $6.2 million and Bally’s Pennsylvania surging 102.9% to $3.8 million.

Conversely, Hollywood Casino at the Meadows reported a 37.0% drop in revenue, totaling $21.5 million. Despite this, Hollywood Casino at Penn National Race Course maintained its position as the top earner in the state, generating $82.5 million—an increase of 6.9% from October 2023. Valley Forge followed closely at $80.9 million, while Rivers Casino Philadelphia saw an 11.4% year-over-year growth, reaching $53.0 million.

The Pennsylvania gaming industry continues to show resilience and growth, with October 2024 marking a 2.8% increase in total revenue compared to the same month in 2023. While certain segments like iGaming and slot machines experienced notable gains, others, such as retail table games and sports wagering taxable revenue, faced challenges.

As the gaming industry adapts to shifting trends and demands, Pennsylvania’s diverse offerings, spanning traditional casinos, online platforms, and VGTs, position it for sustained performance in the coming months. With strong contributions to state tax revenue, the sector remains a vital component of Pennsylvania’s economic framework.

Source:

”Gaming Control Board Reports October Revenue”, gamingcontrolboard.pa.gov, November 20, 2024.