Pennsylvania Governor concerned over gambling expansion
“I want real revenue, and I want net revenue. I don’t want anything that we do in gaming or gambling to interfere with the revenues that are already in place. If it just cannibalizes and takes from one bucket called gambling to another, the commonwealth isn’t doing anything more than it has in the past.”
Wolf’s cannibalization fears are not necessarily misguided. In Illinois, which implemented VGTs in 2012, riverboat casino revenue is down 13.7 percent over the past four years.
Pennsylvania’s casino industry is already starting to show the first signs of wear. Year-over-year slot revenue is down each of the last eight months. The effective doubling of physical terminals in the state will likely fuel the recent downswing. After all, VGTs do not drive any land-based casino revenue.
Wolf isn’t the only one concern. Sen. Majority Leader Jake Corman also indicated that he was “a little nervous about the size and scope” of the VGT provision.
However, projections suggest online gambling could generate $126 million in upfront licensing fees. That is more than enough on its own to fulfill the $100 million earmarked for the upcoming fiscal year.
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