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Pennsylvania Casinos post record $3.3B revenue for FY21-22; iGaming hikes 37% – Yogonet International
Casinos post record $3.3B revenue for FY21-22; iGaming hikes 37% ” />
The Pennsylvania Gaming Control Board (PGCB) has announced retail Casinos operating in the state collectively won a record $3.3 billion in revenue during the fiscal year 2021-2022, elapsing the previous high of $3.2 billion in FY 2018/2019. The PGCB broke down the Pennsylvania Gambling Industry‘s financial results for the period in the 17th edition of its Annual Report. Two new retail properties opened in FY 21-22, reaching a total of 16 facilities statewide.
As for gaming verticals, slot revenue at Pennsylvania Casinos reached $2.4 billion, generating tax revenue of $1.2 billion. Table games saw $1.01 billion in revenue, resulting in $163 in tax revenue.
In terms of iGaming, there are 19 active websites in the state that provide online gaming offerings, with Betway and PointsBet being the latest operators to join the internet wagering landscape in Pennsylvania.
During the 2021-2022 period, iGaming revenue increased by 37% to $1.2 billion, up from $897 million in the previous fiscal year; generating $861 million in tax revenue. iSlots saw $847 million, while iTables made $349 million. Ipoker raked in $35 million over the period.
Meanwhile, sports betting saw a handle of $7 billion through both its 18 retail locations and 14 online sites. Retail handle escalated to $532 million, while online made the difference with $6.5 billion in bets. This led to $315 million in revenue throughout the period, a rise of 2% compared to the previous fiscal year. When it comes to fantasy sports contests, DraftKings was in the lead with $15 million in revenue, out of a collectively reached total of $27 million.
In the report, Board Chair Denise J. Smyler said she remains “excited about what legal gaming is currently producing for the Commonwealth.”
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Smyler stated that the major goal of the 2017 Gaming Expansion act was to create tax revenue and jobs. “I am pleased to report that gaming is indeed fulfilling those promises,” she said. “During the 2021-2022 Fiscal Year, total tax revenue from gaming regulated by the PGCB reached $2 billion for the first time.”
Board Chair Denise J. Smyler
“Casinos and gaming are providing family-sustaining jobs at locations spread throughout the Commonwealth. At the end of the fiscal year, nearly 15,000 individuals were employed in the industry, 40% of which represent racial minorities. The industry also is responsible for sustaining revenue and jobs for many other companies through its purchase of goods and services,” Smyler further added.
Kevin O’Toole, Executive Director of the Board, kept count of the sector’s growth in the state, as the staff of the Gaming Control Board continued to “carry out its mission of oversight of Pennsylvania’s gaming industry.”
He pointed out that two Casinos were launched, as well as numerous video gaming terminal establishments and additional online sites for both sports wagering and casino-type games, “that provided the public with more choice in their gaming options,” he noted.
“The opening of Hollywood Casino York and Hollywood Casino Morgantown brings to 16 the number of Casinos operating in the Commonwealth. Additionally, there was growth in the number of internet sites for casino-type games and sports wagering bringing the total of sites to 19 and 14 respectively at the close of the fiscal year,” O’Toole stated.
Hollywood Casino York
The industry is expected to grow in the state, as expansion continues. Work is already underway in Cumberland County for the Commonwealth’s fourth Category 4 Mini-Casino. Parx Casino Shippensburg will be the third Mini-Casino to occupy repurposed retail space following a similar construction path of closed anchor stores in malls in Westmoreland and York Counties.
The Shippensburg project will locate in a vacant Lowe’s store and occupy 73,000 square feet and offer 500 parking spaces. The casino will open with approximately 500 slot machines and 48 electronic table game positions, along with a restaurant. The casino is expected to create 125 new permanent jobs once it opens.
At publication time, the Board was still considering a fifth Category 4 casino in Centre County to be Operated By Bally’s. If the license is approved, the plans are to also utilize vacant store space at a mall. In addition, there will be further growth in the options for the public for sports wagering and iGaming.
During Fiscal Year 2022/2023, two additional retail locations for sports wagering along with several online sports wagering sites are expected to launch. Also, PGCB staff will be working on the launch of up to ten additional online sites to offer casino-type games.
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