In a flurry of coins, reels, and virtual heroics, Pennsylvania emerged as a titan in the gaming industries gladiatorial ring. The year 2023 unfurled its grand banner, boasting a staggering best-year-yet performance in gaming revenue—a claim echoed with equal fervor by its compatriot, New Jersey, just days prior.
The keystones of Pennsylvania’s gaming temples—the illustrious Parx Casino leading the charge—reveled in the glow of nearly $5.7 billion in bountiful earnings. The shimmering visage of Parx Casino now stands as an enduring symbol of this financial triumph. Each facet of the Keystone State’s gaming tableau, spanning the brick-and-mortar stalwarts to the buzzing digital frontrunners, soared to a collective zenith with a record windfall of $5.697 billion. This tide of prosperity marked a 9.3% surge compared to yesteryear’s feats.
The Pennsylvania Gaming Control Board, serving as the chronicler of this financial saga, extolled the virtues of iGaming as the linchpin in this record-smashing narrative. Online gamblers, enthralled by the allure of digital slot machines and table games, parted with $1.74 billion, a leap of 28% from the annals of 2022.
Yet the traditional bastions of gaming, the physical slot machines enshrined within the state’s 17 hallowed casinos, also bore witness to a renaissance. These steel-and-circuit centurions amassed a prodigious gross gaming revenue (GGR) of $2.46 billion, eking out a 3% advancement. Meanwhile, the foresighted oddsmakers celebrated a 14% ascension to a record $458.6 million in sports betting hold.
This tale, however, was not without its shades of grey. The fabled casino table game win endured a minor retreat of 2% to $990.5 million. Video Gaming Terminals at truck stops mirrored this dip, slipping by 2% to $42 million, and fantasy sports also experienced a deceleration, dropping 10% to $20 million.
Nevertheless, the beacon of iGaming shines ever bright across the six states where it holds court, with the sector’s prosperity an unbroken symphony of success. In Pennsylvania, this modern marvel of gaming had its genesis anchored in the 2017 expansion package, yet it was not until the twilight of 2019 that iGaming unfurled its sails. Its fortuitous full-fledged debut in 2020, amidst the tempest of a global shutdown, was nothing short of providential. That fortuitous timing allowed it to rake in over $565.7 million as land-based casinos saw their doors shutter.
With each passing year, Pennsylvania’s iGaming sector has burgeoned further, parlaying $1.11 billion in 2021 into an impressive $1.36 billion in 2022. Even amidst this digital deluge, the state’s terrestrial casinos managed to swell their coffers, with retail slots and tables amassing $3.43 billion in the previous annum—a modest year-over-year rise but an undeniable surge from the pre-pandemic era.
Herein lies the paradox. While the brick-and-mortar sanctuaries have etched incremental gains in their ledgers, the specter of iGaming’s explosive growth has cast a long shadow, prompting musings on the potential stagnation of on-site gaming expansions.
At the vanguard of this fiscal odyssey is Parx Casino, proudly north of Philadelphia. With a treasure trove of $386.2 million from slots and $202 million from tables, its combined haul reached a formidable $588.2 million. Together with its sibling, Parx Casino Shippensburg—a haven for those who shun the scent of tobacco smoke—stand as pioneering smoke-free vestiges in the state.
Following closely in revenue was Wind Creek Bethlehem, while in the iGaming sphere, Penn Entertainment’s Hollywood Casino digital brand commandeered the lead with a $712.4 million contribution—a testament to their dominating 41% slice of the iGaming market among twelve competitive operators.
As the curtain falls upon this tale of fortune, Pennsylvania bows to New Jersey, which reclaimed its silver crown in 2023 with a GGR beyond $5.77 billion, leaving Pennsylvania trailing and Nevada’s final numbers eagerly anticipated by all. However, the Keystone State can hold its head high, having surpassed the Garden State in the preceding year by the slimmest of margins and cementing its stature as a gaming colossus worthy of the annals of industry triumphs.
