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The Fiscal Year Casino Revenue Numbers Were Good, But July? Not So Much

The Pennsylvania Gaming Control Board (PGCB) released its July slots revenue totals, noting that the state’s 12 casinos saw a 2.6 percent drop over the same time in 2017.

The drop is by no means a drastic one, as PGCB Communications Director Doug Harbach told PlayPennsylvania that increases and decreases of 2-3 percent are within the normal range of variation.

Parx was once again the top slots revenue earner, pulling in more than $34.7 million.

Valley Forge leads the way in revenue gains

Often we see slots numbers go up year-on-year because at least one of the big three casinos — Parx, Sands, and Rivers — experience a spike in revenue.

That wasn’t the case this month, as two of the top three properties failed to increase revenue by more than 0.77 percent.

Valley Forge posted the most positive numbers, logging 4.91 percent growth. Here is a list of the other casinos who saw gains:

By contrast, the PGCB’s June report revealed a 4.9 percent overall increase in slots revenue. This was due, in large part, to the fact that the top-three revenue earners all reported gains, with Parx posting a formidable 10.37 percent gain. Sands had a 2.84 percent increase and Rivers saw their slots revenue jump 7.13 percent over the previous year.

The month was so profitable, in fact, that all but two casinos (Mohegan Sun, Lady Luck Nemacolin) reported losses over the previous year.

The comparison of July and June show that as the state’s top revenue earners go, so goes the overall slots totals.

Seven casinos reported revenue drops

Whereas June was a fantastic month for the state, July was tough. Not only did the top casinos experience minimal growth, but seven casinos reported drops in revenue. Here are casinos and their reported losses:

Along with the sluggish growth from Parx, Sands, and Rivers, the fact that The Meadows, Hollywood Casino and Mohegan Sun experienced revenue dips ranging from 3.02 percent to 8.84 percent didn’t help the overall numbers, either.

Mohegan Sun and Lady Luck were the only two casinos to see year-on-year drops in both June and July.

The PGCB noted that there were 57 more slot machines operating in July 2018 than in July 2017.

2017-2018 fiscal year a win for casinos

July marked the first month of the 2018-2019 fiscal year and, while the numbers certainly weren’t what casinos were looking for, they did have the consolation of knowing that the 2018-2017 fiscal year was a success.

According to numbers from the PGCB, PA casinos reported $16 million more in gross revenue in 2018 than they did in 2017: $2.35 billion to $2.33 billion.

Overall revenue from table games and slots increased 0.69 percent from fiscal year 2016-2017 to 2017-2018.

The post The Fiscal Year Casino Revenue Numbers Were Good, But July? Not So Much appeared first on Play Pennsylvania.