The amount of tax revenue generated through the play of slot machines in fiscal year that ended Tuesday rose 24.86 percent over the previous fiscal year, according to figures released Thursday by the Pennsylvania Gaming Control Board.
According to a PGCB press release, tax revenues from slots play at the eight operating casinos for the fiscal year was $964,701,535.75. That compared to $772,614,292.35 that was generated in the 2007-08 fiscal year, which ended with seven casinos in operation.
Revenue for June 2009 also shows increases over the same period in 2008. In June of this year, the eight casinos generated $165,094,862.68 in gross terminal revenues compared to $135,473,212.15 in June 2008 or an increase of 21.87 percent. When comparing only facilities that were open in June of both years the increase is 7.37 percent.
Tax collections by the commonwealth on that amount last month were $90,802,174.60, an average of $3.02 million per day. The casinos' collective take of the gross terminal revenues for the month was $74,292,688.08. Pennsylvania collects taxes based on a 55 percent rate of gross terminal revenue.
Contributing to the state's revenue increase was The Meadows Racetrack & Casino in North Strabane Township, which saw its gross terminal revenue increase in FY 2008-09 to $264,489,169, up 14.40 percent from the $231,203,754 it took in during the 2007-08 fiscal year.
The Meadows, which opened its permanent casino in April, showed a jump in June gross terminal revenue, producing $26,120,173 last month, up 19.16 percent from the $21,919,406 collected in June 2008. When it moved to the new, 350,000 square-foot casino, The Meadows increased its slots count from 1,800 to more than 3,700 machines.
The average number of operating slot machines at all of the casinos was 15,354 in June 2008 and 21,718 in June 2009.
Gaming Control Board Chairman Gregory C. Fajt, said 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 their associated jobs intact, strengthen Pennsylvania'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."
During the past fiscal year, an eighth casino came on line in May with the opening of the Sands Casino Resort Bethlehem, adding 3,000 slot machines. Besides The Meadows' permanent casino move in April, the Mohegan Sun at Pocono Downs in Luzerne County also moved into its new casino in July 2008.