Pennsylvania Gaming Control Board announces rise in revenue
The Pennsylvania Gaming Control Board has announced on its website that its revenue figures for the month of July are up on last year. In July 2011, revenue in the north eastern state came to just under fifty five and half million dollars. This term however, the Pennsylvania Gaming Control Board as announced an increase of 1.8%, taking the total to just under fifty six and half million dollars this far.
Most of the revenue is believed to come from the 1,037 games tables that are currently active in the state, and this is also cited as the explanation for the rise in revenue. This stems from the fact that in the same state, one year earlier, only nine hundred and eleven games tables were in operation; with eleven operational casinos across the state, that figure is expected to rise by the same time next year.
What must also be taken into consideration is that July 2011 had an extra weekend to contend with, making the increase of revenue for the Pennsylvania Gaming Control Board even more remarkable. July 2012 has seen just four weekends in the month, as opposed to five that were encountered one year prior.
And yet taxable revenue has still fallen in the state. Just under seven and half million dollars was generated in taxable revenue this term, which is estimated to be a dip of roughly four percent on that last year for the Commonwealth General Fund from table games. The reasons cited for this dip are the lack of an extra weekend in July, along with a reduction in the state tax rate on table games in Pennsylvania from 14% down to 12%.
The changes to the tax rate on table games comes from the Pennsylvania Race Horse Development and Gaming Act, which prohibited the use of table games at casinos in accordance with a tax drop of two percent after two years. Of the eleven casinos currently in operation in the state, nine of them added their table games in July 2010 and so were eligible for the tax reduction this year.
Only two casinos currently remain outside of this tax reduction bracket until their two year taxation ate is up, these are Sugar House Casino and Valley Forge Casino.
The table games tax has also been contributing to the Local Share Fund in the state, with a total of $1.1m being raised at a tax rate of 2%. More information on the increases in revenue can be found at the organizations website, along with monthly slot revenue information for Pennsylvania Gaming Control Board too.