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The big takeaway continues to be the state’s slot revenue slump.
Pennsylvania casinos endured an 11-month slide in slot revenue before righting the ship in September. Unfortunately, September’s 1.7 percent slot revenue increase already looks like an outlier, as slot revenue fell for the 12th time in 13 months in October.
Here’s a look at the top line October numbers:
Pennsylvania’s slot revenue drop is so pronounced that the beginning of the downward trend (October 2016) no longer appears in our 12-month tracking.
*Accounting for the leap year in 2016, the normalized numbers in February have slot revenue down just .5 percent YoY.
October saw four casinos post year-over-year revenue gains, once again the changes saw Mount Airy at the top.
Mount Airy is turning into the SugarHouse of 2017. After completing a nine-figure expansion in early 2016, SugarHouse saw revenue grow by double digits for most of the year. Mount Airy has been growing at a similar clip during the past four months.
Even though eight casinos posted YoY revenue declines, five saw revenues dip by less than two percent.
Parx was one of only four casinos to post a YoY revenue increase in October.
After ceding the top spot to Sands in September. Parx easily reclaimed the top spot in October, despite Sands doubling Parx’s revenue growth in October.
Sands’ casino revenue rose by four percent in October.
The casino is still the subject of sale rumors, and the impetus to sell may have received a boost thanks to the state legalizing online gambling, something Sands’ current owner, Sheldon Adelson, is strongly opposed to.
If Sands wants to keep pace with Parx it will need to delve into the online sector, which might be a bridge too far for Adelson.
Aside from Parx and Sands, Rivers is the only casino in Pennsylvania with a market share over ten percent.
Despite a down month, the Rush Street-owned property generated almost $27 million in October.
The other Rush Street property in Pennsylvania, SugarHouse, had its first poor month in quite a while, with YoY revenue dropping by nearly eight percent.
Still, the former middling casino has done an outstanding job since its expansion project was completed last year. SugarHouse is now the clear No. 4 casino in the market.
In a down month for the industry, Harrah’s revenue was pretty stable YoY.
Harrah’s had mixed results in October. Slot revenue was down a touch and table game revenue ticked up by nearly four percent.
Hollywood’s casino revenue dropped by less than two percent in October, with slots and table games down slightly.
Meadows is on a table games tear, and is no longer a one-trick pony.
Over the last five months, Meadows table game revenue has grown by 20 percent, 40 percent, 117 percent, 20 percent, and 23 percent in October.
A tough month for Mohegan Sun saw revenues fall across the board, including a 30-percent drop in table game revenue.
Mount Airy saw slot revenue rise by 4.5 percent and table game revenue by over 30 percent in October.
With its recent success, Mount Airy is closing on both Hollywood Casino and Mohegan Sun.
Small declines in both slot and table game revenue led to Presque Isle’s total casino revenue falling less than two percent for the month.
Valley Forge is on the precipice of overtaking Presque Isle.
After paying $1 million to remove the longstanding amenity requirement that acted as a de facto door charge to enter the casino, Valley Forge could conceivably pass Presque Isle in the coming months.
The state’s smallest casino had another solid month in October, with casino revenue jumping nearly six percent YoY.