Over 1,100 New Jobs and Economic Growth are Facilitated by PA Casino Expansion
The PGCB’s Annual Diversity Report for the state’s casinos shows the economic effect of Pennsylvania’s new land-based casinos for the fiscal year 2021/22.
These new brick-and-mortar casinos, together with the expansion of internet betting choices, have contributed to record-breaking PA gaming revenue as well as other positive economic effects including an increase in employment opportunities for citizens of Pennsylvania. This shows once again how lucrative the gaming market and its regulation can be to a state.
The PGCB said in July that total income for the Fiscal Year 2021–2022, which runs from July 1 till June 30, had for the first time ever surpassed a record amount of $5 billion. For the first time, Pennsylvania’s total tax take from all legal gaming activities exceeded $2 billion.
The PGCB recently released a study that outlines some of the economic benefits of the state’s continuous development of gaming, including the 14,829 individuals who would be employed by PA’s casinos as of June 30, 2022.
In a fiscal year, gaming income and tax revenue previously peaked in 2020–2021 at $3.87 billion and $1.59 billion, respectively.
Numerous variables, including record table game income, development in sports betting, and PA internet casinos, are responsible for the significant revenue rise from the previous high fiscal year.
Another important factor is the market’s ongoing development in land-based gaming.
Casinos’ taxable slot machine revenue for FY 2021/22 was $2.4 billion, a 27.7% increase over the $1.9 billion it brought in FY 2020/21.
When compared to the $722 million made in Fiscal Year 2020/21, the taxable income from table games at the casinos hit a record-high $1 billion in FY 2021/22. This is a 40.7% increase in revenue.