Summary:
- 2022/2023 fiscal earnings hit $5,513,729,520.
- This is the second time the state reached the $5bn mark.
- The total is an increase of 9% from the previous fiscal year.
The gambling industry in Pennsylvania is booming.
The state Gaming Control Board revealed the 2022/2023 fiscal year totals this week, showcasing a brand-new record for the year. Gross gaming revenues from every vertical brought in over $5.5 billion. The total places the state in the second position within the US when it comes to gaming earnings, just behind Nevada.
A Successful Fiscal Year
In total, the state generated $5,513,729,520 for the year. This was more than 9% higher than the previous fiscal year. The record-breaking earnings helped bring more tax benefits to the state and local governments. Over $2 billion in taxes were paid.
Most verticals in the gaming sector showed quality growth for the year. Slot machine gross revenues came in at $2.4 billion, which was a 1.7% increase. Table games, unfortunately, saw a decline, earning only $974 million. This was more than a 4% drop from the previous year.
Online gaming strongly contributed to the overall total, bringing in $1.5 billion for the year. This was an increase of over 24%. Sports betting saw an even bigger increase of over 55%, with $315.7 million. Video gaming terminals contributed to the overall total, bringing in over $42 million.
Expansion Leads to Growth
The huge growth that the industry has seen in Pennsylvania is attributed to the expansion of gaming that the state has allowed over the past few years. A huge stepping stone was legislation passed in 2017. This bill allowed the state to offer online gambling, video gaming terminals, daily fantasy sports, and satellite casinos.
The industries took a few years to set up, but now the state is reaping the spoils. Individual companies are doing quite well, thanks to their operations in PA. Penn Entertainment was the top earner in the state, bringing in over $1.36 billion in the fiscal year. Penn generated the bulk of its earnings from its online gaming sector at over $648 million.
When it comes to individual casino operators and slot earnings, it was Parx Casino that led the pack. The casino earned over $389 million for the year. For table games, Wind Creek Bethlehem came out on top. The provider brought in over $236 million. The top online gaming revenue earner was Hollywood Casino, generating over $648 million.
Over the next fiscal year, it is expected that more growth will occur in the state and higher revenues could be reached. A fifth satellite casino will open soon, and more truck stops will begin offering the video lottery terminals.
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