The surge in gambling revenue over the last two years has mostly been driven by new online forms of gaming, which have included games of chance like slot machines and blackjack, as well as sports betting. Many casinos, on the other hand, are experiencing financial difficulties. To play casino online, visit Pussy888 Malaysia.
A record $432.5 million in gambling income was recorded by the state of Pennsylvania in November, representing a 48 percent increase over pre-pandemic levels two years ago and the eighth consecutive month of increased revenue following the mass distribution of COVID-19 vaccine.
Almost all of the increase in the gaming industry over the previous two years has come from new online types of gambling, including casino games such as slots and blackjack, as well as sports betting. Online gaming and sports betting were made possible as a result of an expansion of Pennsylvania’s gaming law passed in 2017.
Sales of retail casino products such as slot machines, table games, and in-house sportsbooks have increased by only 3.6 percent in the 12 months since November of last year. Four new casinos have opened in the last two years, resulting in a modest increase in revenue divided across 16 establishments, including three mini-casinos, as opposed to the 12 casinos that operated in the previous year.
Customers from Harrah’s Philadelphia Casino & Racetrack in Chester, Rivers Casino in Philadelphia, and, to a lesser extent, Parx Casino in Bensalem have reportedly been driven away by the opening last year of the Live! Casino & Hotel Philadelphia in the city’s stadium district.
Slot machine revenue in Pennsylvania is down 2 percent from the same period the previous year. However, slot revenue at Harrah’s was down 32 percent from November 2019, and slot revenue at Rivers Philadelphia was down roughly 28 percent from the same month. Slot revenue at Parx was down 9 percent from the same month the previous year.
Since the beginning of 2019, revenue from table games such as blackjack, roulette, poker, and craps, which accounts for roughly half of total revenue from slot machines, has increased by 11 percent statewide. Harrah’s, on the other hand, saw a 25 percent decline. In the last two years, both Rivers Philadelphia and Parx Casinos have recorded gains in table games income.
The situation unfolding in Pennsylvania is not dissimilar to that in New Jersey, where total gaming revenues are increasing. However, casino operators in Atlantic City claim that the transition to internet gambling has primarily benefited online gaming operators and sportsbooks, rather than casinos themselves. They claim that their physical casino operations and its staff are suffering as a result of this.
The New Jersey Legislature hurried through tax relief for the casinos last week, which is now awaiting the signature of Gov. Phil Murphy, who has expressed support for the legislation in the past.
According to the Pennsylvania Gaming Control Board, in-person gaming at casinos accounted for 64 percent of overall gaming revenue in November, down from a 91 percent share two years earlier. According to Roger Gros, publisher of Global Gaming Business Magazine in Nevada, casino income appears to have been negatively impacted in some jurisdictions where internet gambling is authorized such as Pennsylvania, New Jersey, Delaware, and West Virginia, to name a few. This year, the state of Michigan also introduced internet gaming.