The official opening of Live Casino & Hotel in South Philadelphia expanded the gaming casinos in this region to five. They include Rivers Casino Philadelphia, Harrah's Philadelphia Casino, Parx Casino and Valley Forge Casino and Resort. Each of the existing venues has it's own niche. It was a competive and comfortable environment with 4 players. Philadelphia's population of 1.5 million people can accommodate gaming and entertainment for 4 casinos. Live Casino is betting that 5 casinos can coexist and they will be the premiere destination.
The revenue in Pennsylvania Gaming dropped by more than 20% in 2020. This was largely due to the closing of casinos due to COVID -19. Traditional land-based casino revenue nearly halved. Pennsylvania's casinos racked up approximately 1,500 closure days, or 33% of the days the casinos would have operated normally. Slot-machine revenue fell by $1 billion to $1.3 billion, while table games revenue fell by $400 million to $500 million. However, internet gambling shot up 17 times from $34 million in 2019 to $566 million, and sports betting more than doubled to almost $190 million.
These numbers give two conclusions. The first is the appetite for online gaming is substantial. There is a tremendous opppotunity because of sports betting to introduce new customers to your gaming operation. The second conclusion is that due to limits on capacity, each of the two casino in Philadelphia is on even ground. The relaxing of the food and beverage restraints will level the playing field equivalent to the venues outside the city limits that were able to continue those operations with safety protocols in place.
So each property in the Philadelphia region has the opportunity to rearraign it's share of the market. Some people see competition as a threat. I look at it as an opportunity to improve your game. Identify your strengths and shore up your weaknesses. Find ways to energize your staff and reconnect with your customers. COVID has made managing a gaming operation extremely challenging. One of the best owners I ever work for told me you can't be afraid to try new stuff. It's time.
The challenge is there for all 5 casinos. The bell just rang! It's Round One!
Follow me on Twitter where I discuss #sportsbetting and #gaming entertainment. Check out my articles in Bettors Insider and in the January edition of Igaming player.
Surely the casino update you mentioned in this article was very appealing for the casino and bet lovers. I was also very charmed with the new casino opening in that region. Glad to learn about know about the 5 live casino and hotel. Are they offer online casino option? Anyway, I can also share about sports toto verification place to enjoy safe play and it's 토토. Thanks for sharing such game loving article.
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