Gaming earns Pennsylvania 3.3 Billion – this topic excites you, right? Pennsylvania gaming revenue earned a record $3.3Billion in the 2018-19 financial year. It is a new record and a 1.8% premium on the previous high. The Pennsylvania Gaming Control Board (PGCB) reported for the first-time combined fiscal year revenue figures. This includes sports wagering and fantasy sports contests under the expanded Gaming Act.
The combined gross revenue includes slot machine,online gambling, table games and sports wagering at the 12 Commonwealth casinos. Also, Slot machine accounted with the terminals delivering casinos more than $2.37 billion in revenue. Table games won $885.5 million, sports betting $21.7 million, and fantasy games $23.5 million.
Gaming earns Pennsylvania 3.3 Billion(PGCB) – here’s how…
PGCB has tasked to oversee all aspects of gambling legalized under 2004’s Race Horse Development and Gaming Act and the Gaming Expansion Act of 2017. In addition to all, the expansion includes sports wagering offered through sports books at eight locations and 3 online outlets. Online casino games, in which testing and launch of three sites is occurring this week. In addition, Video Gaming Terminals (VGTs) at truck stops and online gaming at airports, both shall launch soon.
The mature casino industry in Pennsylvania currently consists of 10 stand-alone. Apparently, Racetrack casinos in operation, along with two smaller resort casinos.
These facilities collectively employ over 16,000 people and annually generate over $1.3 billion in tax revenue. Construction of a 13th casino is currently underway. Along with it, a number of new “mini-casinos” that are expected to begin with the constructions. Basically, it is tasked to oversee all aspects of gambling legalized under 2004’s Race Horse Development and other Acts. Gambling at land-based casinos, the expansion includes sports wagering through sportsbooks at eight locations. It is also offered through three online outlets, fantasy sports contests, online casino games.
Casinos Gaming benefits for Pennsylvanians:-
The Pennsylvania Race Horse Development and Gaming Act is designed to produce tremendous benefits for Commonwealth citizens. The revenue is improving the quality of life in local communities. This re-inovates our horse racing industry, and lowers the property tax of homeowners.
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For every dollar produced as revenue from slot machine play, 54¢ is returned to Pennsylvanians.
Funding and support:-
The PGCB’s funding is from several sources, none is directly from taxpayers. The largest funding mechanism is from slot machine revenues. Unfortunately, only possible after deduction of appropriate taxes that are transferred to a number of recipients:
- the local and county governments that host a facility
- the horse racing industry
- economic development and tourism efforts
One last is the State Gaming Fund which provides revenues to school districts. As a result, they work on lowering of local property taxes.
The Gaming Act also requires a role in gaming oversight by the State Police, Department of Revenue and Attorney General. It’s costs are also reimbursed from slot machine revenues.
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