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That second city casino will add 2,000 slots and 125 table games.
Though online gaming in Pennsylvania would provide a revenue boost for operators, the proposed 52 percent tax rate is higher than the 16 percent rate imposed by New Jersey, “making it unattractive,” Moody’s said in the report issued Tuesday.
John Baer talked with him about jobs and how PA can compete against the likes of Texas - and also discovered a soft spot for Civil War movies … He said state budget talks are going well, but legislators have yet to say how they will fill a gaping shortfall in the budget for the fiscal year that ends Friday and raise the money to balance next year's.
The Republican-controlled legislature is hoping this week to send Gov.
While negotiators have said they are discussing using some combination of borrowing, gambling expansion and other measures to close last year's shortfall and pay for the entirety of this year's budget, on Friday they were saying little.
Pennsylvania gaming revenue grew only 1.2 percent in 2016 and has been flat so far in 2017, the rating agency said. “Those operators that win the auction for the new licenses will benefit over time, depending on where the mini-casinos are located relative to existing supply and population density,” Moody’s said.
Moody’s said it expects that Sugar House Casino and Rivers Pittsburgh Casino will “see the largest impact from the new legislation” because they are single-venue operators. Hotel & Casino, Sugar House will “face significant revenue and earnings pressure. “This expansion is a modest credit positive for slot manufacturers and online operators, who will benefit from new orders and the online gaming expansion.” Pennsylvania is the fourth state to legalize online gambling, joining New Jersey, Nevada, and Delaware.
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