Slots revenue off at 9 of 11 Pa. casinos
Nine of the 11 Pennsylvania casinos posted slots revenue declines in July, leading to a 3.7 percent overall decrease. The state's 12th casino, Lady Luck Casino Nemacolin in Southwestern Pennsylvania, opened July 1 and generated $2.4 million from slot machines.
Nine of the 11 Pennsylvania casinos posted slots revenue declines in July, leading to a 3.7 percent overall decrease.
The state's 12th casino, Lady Luck Casino Nemacolin in Southwestern Pennsylvania, opened July 1 and generated $2.4 million from slot machines.
Overall, the dozen casinos generated $204.9 million, compared with $212.9 million in July 2012.
Parx in Bensalem, which has consistently been the state's gross-slots-revenue leader, was down 3.5 percent at $30.8 million. Second place was Sands Casino Resort in Bethlehem at $24.5 million, a 0.63 percent decrease. Rounding out the top three was Rivers in downtown Pittsburgh at $24 million, a 2.53 percent increase - one of only two properties to post a slots revenue increase.
SugarHouse on Penn's Landing finished eighth last month at $15.2 million, a 1.8 percent decline.
"July is looking a lot like June," wrote gaming analyst John Kempf of RBC Capital Markets L.L.C. in an investor note Friday.
Kempf said it was worth noting that there was one less Friday and weekend last month compared with July 2012. On a same-store basis, the 11 casinos opened more than a year reported a 4.8 percent decline.
Harrah's Philadelphia, a racetrack casino in Chester, had the highest revenue decline at 14.6 percent. It finished sixth and generated $18.9 million from slots.
"Harrah's Philadelphia's decline was surprising, given the size of the decline and the large increase in promotional free play," Kempf said. The casino, one of four in the Philadelphia area, has declined in slots revenue 11 months in a row, he said, and 17 of the last 19 months.
The state's smallest gaming venue, the Valley Forge Casino Resort, posted the highest revenue increase at 57.3 percent and generated $5.5 million from slots.