News released today shows how the taxpayers of Pennsylvania are benefiting from the State taxation of Slot Machines. The Pennsylvania Gaming Control Board announced revenues from slot machines during 2011-12 totaled over $1 billion, an yearly increase of nearly 5%. In 2006 Pennsylvania opened it’s first licensed casinos and since then the taxes on slot machines have flowed into the State’s coffers to the tune of $6 billion.
According to a press release, that revenue is to fund homeowner property tax reduction, increased purses and benefits to personnel in the horse racing industry, economic development including water and sewer projects, local fire and emergency company grants, and the General Fund Budget. Additionally, counties and communities that host casinos receive a share of tax revenue.
“We are pleased with the annual slot machine revenue figures and optimistic about the future success of Pennsylvania casinos,” said PGCB Chairman William H. Ryan, Jr. “At the same time, we are fully aware that bordering states will provide more competition for gaming entertainment dollars which can affect the level of growth we are seeing.”
Ryan added that the gaming industry in Pennsylvania employs more than 16,000 people and spends hundreds of millions of dollars annually to purchase goods and services from other Pennsylvania businesses.