Pennsylvania’s gambling revenue dropped for the first time in six years, following the usual path for states that get hooked on casinos.
Revenue at the state’s 11 casinos dropped 2 percent to $2.43 billion in the fiscal year that came to a close Sunday. The annual slots decline was the first decrease since Pennsylvania’s first casino opened in November 2006.
Other states have experienced similar growth and decline patterns. The cycle shows how casinos are not a reliable source of revenue for states. That’s just one reason why gambling is a bad public policy for states. (Not to mention, the more than $2 billion the state took in is wealth that was stripped from residents and sucked from the local economy rather spent on more useful goods and services.)
Look for revenues to drop even more in Pennsylvania and Atlantic City if New York adds more casinos. In the end, betting on residents to lose is a bad policy to follow for elected officials who take an oath to protect taxpayers not take advantage of them.
