What Is Sap In The Slot Machines Industry

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Pennsylvania casinos have been closed for about five weeks, and experts have begun to wonder what the gaming industry could look like when they’re able to reopen.

Gaming revenues across the state in March were down more than 50 percent from the same month in 2019. And a much steeper decline in earnings is expected for April, as casino leaders remain uncertain of when they’ll be able to open the doors of their physical locations.

Publicly available figures show that cost-cutting measures and an increase in online gaming do not come close to making up for the loss of sales at brick-and-mortar casinos. Looking to the future, widespread economic struggles and health concerns stemming from the coronavirus pandemic lead to further questions.

And they leave some skeptical that casinos can regain a semblance of business-as-usual whenever Gov. Tom Wolf greenlights a return to in-person gaming.

The threat of the coronavirus could deter customers from traveling, gathering in crowds or touching public surfaces even in the absence of government restrictions, according to Bill Pascrell III, a gaming lobbyist with Princeton Public Affairs Group and a trustee of the GVC Foundation US. In past years, more than 90 percent of casino revenue in Pennsylvania came from in-person activities, such as slot machines and table games.

So Pascrell said casinos must prepare plans to make customers and employees feel safe at their properties and find new ways to promote virtual gambling options to rebound in the wake of the coronavirus.

“Most of the properties throughout the country will be fine when this is over,” Pascrell said. “There will be some that won’t be fine, because they won’t be able to spring back into action because they either don’t have the resources and the bandwidth to do so, or they’re not going to be innovative and creative.”

The gaming industry also must cope with morphing economic realities. More than 1.5 million people in Pennsylvania have filed for unemployment claims since the coronavirus outbreak began to upend American life last month, and leisure industries — like gaming and other tourism activities — could face challenges in attracting new customers this summer and beyond, Pascrell said.

It’s a question in front of many business leaders: After job losses and pay cuts piled up in recent weeks, will people be willing to spend money when businesses can reopen?

Pascrell and Doug Harbach, the director of communications for the Pennsylvania Gaming Control Board, both said it was premature to project how an economic downturn could affect casinos. That question, for now, is difficult to answer because of the many factors in play.

What’s not up for debate is the significant blow gaming revenues absorbed when Wolf ordered casinos to close last month.

Casinos in the state amassed $153.5 million in revenue in March, which marks a 51 percent decrease from the same month last year, according to a revenue report the Pa. Gaming Control Board released Thursday. In March 2019, Pennsylvania casinos topped $316 million in revenue.

The sharp decline in earnings came while casinos were open for about half of the month. The Gaming Control Board ordered all casinos in Pennsylvania to close their facilities March 16.

Harbach said the drop in earnings was expected because the “largest portion of revenues is typically generated by land-based casinos.”

With Wolf’s stay-at-home order in effect through May 8, next month’s revenue report is likely to display a much more drastic decline in revenue. Harbach said he was unsure when casinos would be able to reopen, and reports suggest any restart of the economy will come in phases, leaving a murky path toward a return to in-person gaming.

Hollywood Casino at Penn National Race Course in Grantville and Rivers Casinos in Philadelphia and Pittsburgh announced they had furloughed most of their employees in an effort to trim expenditures.

Penn National Gaming, which owns Hollywood Casino and 41 other properties in 19 states, announced in March it would indefinitely furlough about 26,000 employees across the company because it expected to see “no meaningful revenue for the foreseeable future.” And Penn National halted construction on casinos it planned to open in York and Morgantown.

Despite the setbacks, online gaming provides a small layer of cushion for casinos in Pennsylvania, according to Harbach and Pascrell.

In March, properties in the state combined to pull in $24.3 million in revenue through “casino-type online gaming,” like virtual slot machines and card games, according to the revenue report. That marks a 25 percent increase from February, and online gaming alone generated $8.5 million in tax revenue for the state.

“It is fortuitous that in Pennsylvania we have the option of online gaming for people that want to partake in it,” Harbach said. “Revenue online will not reach in-person totals, but it’ll at least give the state some needed tax revenue.”

In-person slot and table games generated $115.5 million in revenue in February, so the closures of brick-and-mortar stores still sap Pennsylvania of significant cash flow. Even so, Pascrell said the $8.5 million in online gaming is better than nothing — as some neighbor states have learned.

Pascrell said lawmakers in states like New York might soon rethink laws prohibiting online gambling in the state.

“The online ramp-up as a result of the COVID-19, I think, is going to be of tremendous value to the online gaming industry, because many state governments and governors in particular — and state legislators — are now seeing the value,” Pascrell said. “States that have it are gaining revenue from it, and states that don’t have it aren’t. New York has no online gaming at all; Pennsylvania and New Jersey are eating their lunch.”

Still, places like Hollywood Casino at Penn National can’t rely on online gaming to lift revenues to near normal standards. In February, Hollywood casino raked in about $21 million in revenue from in-person table games and slots. Internet gaming pulled in just $2.3 million, according to the gaming board.

And Pascrell said casinos can’t expect for in-person earnings to return to normal levels as soon as they reopen without inventive thinking and great preparation.

“It’s one thing for the government to open you back up,” Pascrell said. “But then you gotta bring your employees back and get them comfortable with operating in this new post-COVID world, but just like the airline industry — are customers going to want to go into a casino in a crowded venue and risk getting sick?”

Pascrell said far-reaching policies to promote safety in establishments and concerted investments in virtual gaming can help casinos climb to their feet.

Waiting and hoping for an eventual return to normalcy might send them spiraling.

“There are going to be a lot of folks that aren’t going to be able to survive because they cannot sustain their existing operations to be able to take advantage of the new ramp-up activity,” Pascrell said. “You have to be nimble; you have to be creative.”

What Is Sap In The Slot Machines Industry Use

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What Is Sap In The Slot Machines Industry List

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