The Pennsylvania state fiscal year ended on 30 June and the Pennsylvania Gaming Control Board (PGCB) has released figures showing that the amount of tax revenue generated from slot machines rose 24.86% over the previous fiscal year. In 2008/2009 tax revenue came from eight operating casinos, one more than in 2007/2008. Total tax revenue from the last fiscal year was over US$964.7 million, up from around US$772.6 million.

Revenue for June 2009 also shows increases over the same period in 2008, an increase of 21.87%. When comparing only facilities that were open in June of both years the increase is 7.37%. Tax collections by the Commonwealth last month averaged US$3.02 million per day. Pennsylvania collects taxes based on a 55% rate of gross terminal revenue. PGCB Chairman Gregory C. Fajt says the overall growth by the facilities in generating this level of revenue is a bright spot in the Commonwealth as other streams of tax dollars has dropped during the current economic struggle.

“Five years ago, with the Legislature’s passage of the Gaming Act, this Board was directed to create an industry that would provide a significant source of new revenue to the Commonwealth,” Fajt said. “Today, the work of this agency is meeting that goal and assisting our citizens to reduce property taxes, keep horse racing facilities and its associated jobs intact, strengthen Pennsylvanian’s important agriculture industry, and pump dollars into local communities.”

Fajt added that the success of gaming goes beyond the measurable dollars and cents since casinos are also generating new family-sustaining jobs. “More than 14,000 persons, the vast majority Pennsylvanians, have benefited from this new industry through employment opportunities either at the casinos or with construction firms,” Fajt said. “And, with four more licensed casinos scheduled to come on line during the next couple of years, both revenue and job numbers will continue to significantly grow.”

In fiscal year 2008/09, an eighth casino came on line in May with the opening of the Sands Casino Resort Bethlehem, adding 3,000 slot machines. In addition, two casinos that were previously located in temporary facilities moved into new facilities and added a combined total of 3,188 slot machines. Those casinos were Mohegan Sun at Pocono Downs in Luzerne County which moved into its new facility in July 2008 and the Meadows Racetrack and Casino in Washington County which moved in April, 2009.

Executive Director Kevin F. O’Toole said that while the Gaming Control Board’s strict oversight keeps the public interests protected, the agency’s fiduciary responsibility to generate maximum revenues from this industry are also essential. "As we turn our attention to the next fiscal year, the Board continues to refine its regulatory structure to both improve oversight of the industry while at the same time encouraging dynamic growth in this industry. All of this is done to benefit the citizens of the Commonwealth.”
(E-07.07.09)

© Copyright 2009 CasinoCompendium



>>> return to archives
>>> return to frontpage