East Coast region gets huge economic boost: Valley Forge Casino’s July revenue marks 57-plus percent year-over-year increase

Home » East Coast region gets huge economic boost: Valley Forge Casino’s July revenue marks 57-plus percent year-over-year increase

Boyd Gaming’s Valley Forge Casino Resort in Upper Merion Township reported July revenue of $18.99 million, a more than 57 percent improvement over the $12.04 million from July 2019, according to the Pennsylvania Gaming Control Board (PGCB).

It was the first time all 12 of the Commonwealth’s commercial casinos were in operation for all or most of the month since mid-March when Gov. Tom Wolf ordered nonessential Pennsylvania businesses, including casinos, to shut down to help curb the spread of the coronavirus.

“There is no making up for what was lost during the shutdowns.”

Most improved:

The significant increase makes the King of Prussia casino one of the most improved in the state, second only to Mount Airy Casino Resort‘s nearly 69 percent gain, reporting $27.79 million in revenue for July 2020 easily surpassing the $16.24 million reported for the same time last year.

The huge gains mark an important economic boost for the East Coast region after Valley Forge casino was shut down on March 12 and reopened on the first day of the green phase in Montgomery County, June 26. Mount Airy was shuttered on March 17, 2020, due to the coronavirus and reopened five days earlier on June 22nd. Monroe County, where the Mount Pocono casino and hotel is located, moved into the reopening phase on June 19.

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The revenue announcement also comes as hundreds of employees of Valley Forge are reportedly facing layoffs.

Boyd takes hit:

Las Vegas-based Boyd Gaming, the casino entertainment company, that including Valley Forge, currently owns and operates 29 gaming properties in ten states, said that…

Due to impacts of the COVID-19 pandemic, Boyd Gaming reported second-quarter 2020 revenues of $209.9 million, compared to $846.1 million in the second quarter of 2019. The Company recorded a net loss of $108.5 million, or $0.96 per share, for the second quarter of 2020, compared to net income of $48.5 million, or $0.43 per share, for the year-ago period,” according to the source.

Sports betting hook:

However, analysts reportedly say the gaming industry is making a turnaround, with sports betting being a contributing source of improvement. According to the PGCB, total sports wagering handle for July 2020 was $164,782,229, or 85 percent higher than June 2020 total of $89,002,562.

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Dominating the state‘s sports betting scene and significantly contributing to Valley Forge’s improvement, FanDuel Sportsbook, which launched at the casino in January 2020, helped it collect $68.8 million in online bets, generating $1.4 million in revenue for July 2020.

As the Major League Baseball (MLB) season continues and the National Basketball Association (NBA) and National Hockey League (NHL) playoffs ramp up, it’s likely those bets will continue to increase into August and September.

Lead analyst for PlayPennsylvania.com, Dustin Gouker, said…

“There is no making up for what was lost during the shutdowns. But with online casinos sustaining incredible growth, major sports back in play, and retail casinos gradually reopening, the industry is thankfully moving forward.”

iGaming contribution:

Of Valley Forge’s $18.9 million in July, internet games, including [internet] slots and table games, accounted for $8.4 million of it.

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However, the casino did see dips in July revenue in table games, which at $2.3 million was down from $3.2 million, and slot machines, which went from $8.4 million to $6.9 million.

With Pennsylvania’s casinos open at 50 percent capacity, players are still swarming to online platforms.

Meanwhile, online casino and poker revenue in the Keystone State in July 2020, totaled $54.4 million according to figures (pdf) released by the PGCB, almost breaking the all-time high of $55.8 million in May.

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