Pennsylvania Governor Tom Wolf signed into the law a massive gaming bill that expands casino opportunities throughout the state.
The new legislation will open up some airport and truck stop locations for gaming and makes PA the fourth state in the U.S. to legalize online gaming. Major casino companies will also be bidding on some smaller casino licenses for new “satellite” sites. Daily fantasy sports sites were given the nod.
Looking down the road, Height Securities notes that the framework is set in PA for sports betting if it is legalized federally. Operators in the state could be quick to offer online and mobile sports betting if D.C. acts.
Pennsylvania already ranked second behind Nevada in gross casino revenue before the development.
What to watch: It’s unlikely that the aggressive move by PA to generate tax revenue through gaming will be unmatched by states competing for the same gaming traffic. A tipping point in opening up gaming even further could be reached within the next several years.
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