In what is swiftly becoming an annus mirabilis for the American gaming industry, Pennsylvania has proudly taken its place at the victory podium, claiming 2023 as one of its most lucrative years on record. This stellar acknowledgment came in close succession to New Jersey’s own announcement of a year steeped in financial triumph.
Topping the charts as Pennsylvania’s premier revenue-generating entity was the Parx Casino, which masterfully ushered in a stellar performance for the state’s gaming sector. With a staggering nearly $5.7 billion in revenue, the casino’s success illuminated the strength and diversity of the industry’s offerings.
The Keystone State’s wealth of gaming avenues—which includes brick-and-mortar establishments, interactive online gaming platforms, both in-person and online sports wagering, as well as video gaming terminals at truck stops and fantasy sports ventures—coalesced to reap a groundbreaking $5.697 billion. This figure marked a robust 9.3% increase from the previous year.
According to the annual report released by the Pennsylvania Gaming Control Board, the surge in revenues can largely be attributed to the online gambling sector. Virtual slot machines and table games proved formidable, netting $1.74 billion—a leap of 28% over the previous year’s takings.
Not to be outdone, the state’s physical slot machines also saw a surge in popularity, with earnings from these terminals hitting an all-time high of $2.46 billion, reflecting a 3% increase. Sports betting also saw gains, with operators observing a 14% rise in revenues, topping out at an impressive $458.6 million.
However, not all sections of the industry witnessed similar upswings. Traditional table games reported a slight 2% dip in revenue, totaling $990.5 million. Similarly, Video Gaming Terminals (VGTs) saw revenues falling by 2% to $42 million, and fantasy sports contests took a 10% decline, culminating in a $20 million revenue.
Despite the shadow cast by the global pandemic, Pennsylvania’s iGaming industry, which became operational through the 2017 gaming expansion package and fully functional in late 2019, has thrived. The fortuitous timing of iGaming’s full-year debut in 2020 coincided with statewide mandates that saw brick-and-mortar casinos temporarily closed, paving the way for online platforms to gross over $565.7 million.
Since then, the industry’s growth trajectory has remained steep, with online casinos furthering their reach and revenue—which surged from $1.11 billion in 2021 to $1.36 billion in 2022.
Despite the burgeoning success of online gambling, land-based casinos have managed to hold their ground and even increase revenues. Last year, retail slots and tables garnered $3.43 billion, signaling a year-over-year improvement of 1.6% and surpassing pre-pandemic figures by 5%.
Yet, the rapid ascension of iGaming raises questions and concerns. While physical casinos had marked year-over-year revenue growth, some industry analysts ponder whether the advent of online gaming could potentially temper more significant gains in brick-and-mortar establishments.
Within this climate of prosperity, Parx Casino not only led but dominated, as Pennsylvania’s most successful casino. The property’s combined earnings from slot and table games topped $588.2 million. Adding to Parx’s notoriety is its distinction as being among the state’s only smoke-free gaming establishments.
Performing second best in terms of gross gaming revenue was Wind Creek Bethlehem, amassing $526.3 million, divided fairly evenly between slots and table games.
Simultaneously, in the digital realm, Penn Entertainment’s Hollywood Casino made striking headways, outpacing competitors with $712.4 million in revenue, monopolizing an enviable 41% of the iGaming market share among Pennsylvania’s 12 online casino operators.
While Pennsylvania may have had a momentary triumph over New Jersey in 2022 by a narrow margin, 2023 saw the scales tip once more. New Jersey reclaimed its perch as the nation’s second-richest gaming state with reported revenues exceeding $5.77 billion. The outcome for Nevada remains to be seen, as the Silver State’s December figures are yet to be disclosed, but its 11-month tally alone suggests a commanding lead with winnings well over $14 billion.
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