Editorial: Gaming business not always booming

Wednesday, June 4, 2008  

"The Mohegan Sun tribe showed its hand 19 months ago when it opened the state’s first casino at the aging racetrack in Plains Township. It ended up flush with a full house, repeatedly.

Today, slot machines glow round-the-clock at Pocono Downs, where a new casino is under construction to accommodate the impressive crowds. Since November 2006, Pennsylvania has opened six other casinos, with the promise of more to come.

Fiscal figures are eye-popping. According to the Pennsylvania Gaming Control Board’s data for fiscal year 2007-08, which ends June 30:

• The casinos have taken in $1.27 billion in gross revenue to date.

• Taxed at 55 percent, the state’s share of that has been $698 million.

• A whopping $1.8 billion has been wagered at Pocono Downs alone, accounting for gross revenue of $157.9 million, of which the state claimed $86.8 million.

• The state expects to dole out $786 million in “property and wage tax relief” in fiscal year 2008-09.

But before we get too intoxicated with success, let’s remember that business can turn, even nosedive. There’s a history from which we can learn."

Get the Story:
Editorial: Booming casino business can easily turn on a dime (The Wilkes-Barre Times Leader 6/4)