One Billion from the Slot Machines for PA

The state of Pennsylvania has already taken in more than $1 billion in revenue from the slot machines that have been added to the state. More than three years after the slot machines were legalized, they have started churning out more revenue than many thought would be possible, showing that it is indeed the moneymaker that opponents said it would not be.

As of Wednesday of last week, the state’s slot machines had brought in $1,001,248,572 per the Pennsylvania Gaming Control Board. More than half of that came from the licensing fees alone, and the rest came from the state’s cut of the revenue. The state gets 55% of the revenue that comes from the slots.

Eleven licenses have been paid, and five casinos are up and running. With the other casinos having not yet brought their slot machines online yet, the state can expect to see a large increase in the amount of money from the slot machines over this year. They have one more opening this week, and two others that will be open by the end of 2009.

The lion’s share of the first billion to be made is going towards property tax relief, and many homeowners should start to see that next year. The rest will go to cut property tax bills for low income elderly residents who had applied for a special program. Another $98 million will go to purses and jockeys at the tracks, and $41 million goes to special projects like a new sports arena for Pittsburgh.

 

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