Wall Street Analysts Say That Pennsylvania Should Open A New Casino
April 24th, 2013 by Site Admin
The first casino that opened its doors in Pennsylvania was back in 2006. Ever since then, the popularity and rise in gambling has increased considerably and now Wall Street analysts suggest that Philly should go ahead and authorize the opening of a second brand new casino.
In the past, Las Vegas took the first place for gambling revenues in the nation, followed by Atlantic City. However, all that has changed as Pennsylvania has knocked Atlantic City of the chart and is now in second place.
Recently, at the Pennsylvania Gaming Congress, John Maxwell, a Wall Street gaming analyst said “You’re going to see more casinos in New York . . . and possibly gambling in the Meadowlands. As far as Pennsylvania, we believe the market will continue to see strong growth. Demand exceeds supply here, and there is room for more supply.”
Maxwell was one of the five Wall Street Analysts who expressed their views and suggestions at the Pennsylvania Gaming Congress. Their comments might well be considered because the numbers and stats back up their opinion. Stats reveal that gross gaming revenue in 2006 was $454 million and in 2012, it was $3.1 billion. This also meant that the overall state tax revenue went up from $250 million to $1.4 billion.
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