Pennsylvania Casinos Experience a Decrease of Almost 7.5% in Monthly Revenue
Pennsylvania Casinos Experience a Decrease of Almost 7.5% in Monthly Revenue
The Pennsylvania Gaming Control Board recently released its monthly revenue report for the state’s casinos, and the numbers were not encouraging. The report showed that the state’s casinos experienced a decrease of almost 7.5% in monthly revenue compared to the same period last year.
The report showed that the state’s casinos generated $281.5 million in revenue in August 2021, which is down from the $304 million generated in August 2020. This marks the third consecutive month that the state’s casinos have experienced a decline in revenue.
The decrease in revenue can be attributed to a number of factors, including the ongoing COVID-19 pandemic, which has led to reduced capacity limits and other restrictions at casinos. Additionally, the rise of online gambling and sports betting has also impacted the revenue of brick-and-mortar casinos.
Despite the decrease in revenue, some casinos in the state have fared better than others. The Parx Casino in Bensalem, for example, saw a 2.8% increase in revenue compared to August 2020. The Rivers Casino Philadelphia also saw a slight increase in revenue, with a 0.8% uptick.
However, other casinos in the state saw significant declines in revenue. The Mount Airy Casino Resort in the Poconos saw a 20.5% decrease in revenue compared to August 2020, while the Mohegan Sun Pocono saw a 15.6% decline.
The decline in revenue is concerning for both the state and the casinos themselves. Pennsylvania relies heavily on casino revenue to fund its budget, and any decrease in revenue could have a significant impact on the state’s finances.
Additionally, the decrease in revenue could lead to job losses at the state’s casinos. The casino industry is a major employer in Pennsylvania, and any decline in revenue could lead to layoffs and other job cuts.
Overall, the decrease in revenue at Pennsylvania’s casinos is a cause for concern. While some casinos have fared better than others, the industry as a whole is facing significant challenges due to the ongoing pandemic and the rise of online gambling. It remains to be seen how the industry will adapt and recover in the coming months and years.