According to a report released this week by the American Gaming Association, arguably the gambling industry's most powerful and influential trade group, Pennsylvania is coming out a big winner when it comes to gambling revenue. In fact, according to the AGA's report, which is called the "State of States," Pennsylvania is leading the nation in casino earnings.
Casino revenue in 2012 surpassed that of 2011
The Philadelphia Inquirer reported that aside from being the nation's leader in terms of gambling revenue collected, Pennsylvania also saw its windfall increase by 2.1 percent from 2011 to 2012 - up to $1.48 billion from $1.45 billion the previous year.
According to the paper, while it might be expected that Nevada, home of Las Vegas and its awe-inspiring array of casinos, would be the state collecting the most revenue, Pennsylvania taxes gambling earnings at a higher rate than does the Silver State. That discrepancy accounts for Pennsylvania's heftier revenue haul.
Pennsylvania's growth comes at the expense of its neighbors
The unprecedented success of the casino properties in the Philadelphia metropolitan area and the rest of the Keystone State comes at a price. That is, it comes at a price for Atlantic City, New Jersey, which is located only about an hour's drive away from the city of Philadelphia and has seen its revenues continually decline over the past half decade.
There are some gambling industry analysts who believe that Atlantic City casinos will continue to suffer in the face of rising competition, especially as other neighboring states such as Maryland, New York, and Delaware look into expanding both land-based and online gambling within their borders.
On the other hand, there are many observers who posit that the passage of New Jersey's comprehensive Internet gambling bill earlier this year marked a turning of the tide for the beleaguered gambling mecca, with some predicting that once the real-money betting sites go live - something that is expected to happen later on this coming fall - the economy in Atlantic City should begin to improve as a new breed of tech-savvy gambler begins to place wagers.
Comments