We definitely seem to be entering a cooling-off period for casinos. It was inevitable. Unless you’re a paid-up member of the American Gaming Association, you’re not liable to think that the go-go years of the post-Covid rebound would last forever. With tariffs and middle-class tax hikes on the horizon, it’s time to gather ye financial rosebuds while yet ye may. That includes, you, Pennsylvania, where revenues stagnated from October 2023 to last month, which closed out at $274.5 million, accompanied by a decline in OSB revenues and a big surge in iGaming.
Despite a 3% dip, Parx Casino was comfortably atop the leader board with $46 million, followed by Wind Creek Bethlehem, still spanking its New York State competition with $41.5 million (-1.5%). In the greater Philadelphia area, Rivers Philadelphia surged 13% to $19 million but that wasn’t enough to overtake Philadelphia Live ($21 million, flat). The decline and fall of Harrah’s Philadelphia continues, as it slumped 9% to $10 million, bested by Valley Forge Resort‘s $11.5 million (+8%). Defying a spate of bad publicity, Rivers Casino in Pittsburgh was down but 2% to $28 million. Nearby Hollywood Meadows gained 2.5% to $15.5 million and Pittsburgh Live hopped 3% to $9 million. Cult casino Lady Luck Nemacolin continues to play a hot hand, up 11% to $2 million and not experiencing a revenue-negative month since it kicked out Churchill Downs.
Mohegan Pocono slipped 3% to $17 million, Mount Airy Resort was up 5% to $16 million and Presque Isle Downs jumped 7.5% to $8.5 million. Penn National slid 8.5% to $12 million, Hollywood York was down 1.5% to $7.5 million and Hollywood Morgantown was flat at $5.5 million. Parx Shippensburg showed some leg, leaping 16% to $3 million. iGaming revenue leapt 22% to $189 million, with FanDuel enjoying a 27.5% plurality of the money. Others dividing up the swag were DraftKings (18.5%), BetRivers (17.5%), BetMGM (14.5%), Caesars Palace (4%) and Hollywood Casino (3.5%). Sports betting revenue dropped 18% to $56 million. The lion’s share ($28 million) went to FanDuel, lagged by DraftKings ($14 million). PointsBet and BetMGM each garnered $3 million, while ESPN Bet and Caesars Sportsbook brought up the rear at $1.5 million $1 million respectively.
Over in the Bay State, casino revenues slipped 2.5% to $94 million (still 20% superior to 2019), while OSB winnings by operators fell 16% to $50 million, on handle of $735 million. The latter surged 32%, giving us another case of the players cleaning out the sports books—and more power to them. Massachusetts casinos were dominated by Encore Boston Harbor‘s $59.5 million, a 7% slippage being caused by poor luck at the tables. MGM Springfield has either been fled by table game players or (more plausiblly) has reoriented its marketing toward slot players. Tables were 39% lower than in 2019 and down 9% from last year, while slot takings were 6% higher—24% greater than in 2019. Plainridge Park, meanwhile, continues its lucky streak, jumping 12% from last year. OSB honors went to DraftKings‘ $25.5 million. FanDuel trailed with $15.5 million, and also rans included BetMGM ($3.5 million), Fanatics ($2 million), ESPN Bet ($1.5 million) and Caesars Sportsbook ($1 million).
Parlay bets continued to be the province of suckers in the Land of Lincoln. Illinois sports books took 30% of their action from parlays … and 69% of their winnings, as they held at 10.5%. Unlike several other states, sports book winnings leapt 58% in September, reaching $136.5 million. Handle was $1.3 billion, up 21%. FanDuel and DraftKings slugged it out, $54 million to $47.5 million. So much for Jason Robins taking his ball and going home. Fanatics continued its improbable climb, third with $10.5 million, followed by BetRivers ($9 million), BetMGM ($5 million), Caesars Sportsbook ($5 million) and ESPN Bet ($3.5 million).
Some of the bloom may be off the casino rose but iGaming shows no signs of abating. In Michigan it rocketed 38% to $220.5 million. BetMGM and FanDuel were locked dead even with $56 million apiece, followed closely by DraftKings ($49 million). Others in contention were Caesars Palace ($17 million), BetRivers ($14 million) and Hollywood Casino ($5 million). Sports betting handle moved just 5% upward, to $560 million, but revenue plummeted 27%, hitting $33 million. Most of that—$23 million—got blown on promos and free play. FanDuel was dominant with $17 million, segued by DraftKings ($6.5 million) and BetMGM ($4.5 million). ESPN Bet scared up $2 million, whilst Fanatics and Caesars Sportsbook saw a million apiece.