Pennsylvania Casinos Earns $200,944,627 dollars Slots Revenue for the Month of May 2010
The level of slot machine play in the state of Pennsylvania returned $12,391 dollars, 146 more in tax revenue during May 2010 compared to the same period in 2009, an improvement of 12.63 percent.
According to the figures released by the Pennsylvania Gaming Control Board, the nine slot machine establishments operating during May 2010 collectively produced $200,944,627 million dollars in gross gaming revenue, compared to $178,415 dollars in May 2009.
When the fifty-five percent tax rate is applied into the gross revenue of May 2010, tax collections were $110,519,545 dollars or an average of $3.7 million dollars daily. 2/3 of the collected revenue was given back to homeowners in form of property tax reduction.
It is expected that a typical homeowner in Pennsylvania, who has signed up for the Homestead Exemption program through their county, will enjoy a property tax reduction of nearly two hundred dollars this year.
The exact reduction is different from school district to school district based on the overall amount of slot machine produced tax dollars given to the school district and the amount of homeowners that signed up on the Homestead Exemption program.
The Gaming Control Board also examined the slots gross revenue of just the seven gaming facilities operating in May 2009 and May 2010. The result was a revenue drop of 6.11% or $157,482,601 dollars in 2010 compared to $167,725,422 dollars in 2009. Even with that amount of decline, this slot machine revenue measurement has seen improvements twenty of the past twenty-three months dating back to July 2008.
Aside from gaming revenue from slot machine play, the state of Pennsylvania has received $165 million dollars from ten casinos by June 1st, 2010 as payment for their approved casino table games proposal.
All nine operating casino facilities, together with the SugarHouse Casino facility in Philadelphia, which is expected to start operations in September 2010, submitted a payment of $16.5 million dollars each to fulfill the requirements needed to offer casino table games.
Earlier this year, Pennsylvania casinos each formally filed an application for a casino table games certificate and following a public process that include hearings within each local government where a gaming facility is located, were passed by the board.