Pennsylvania Casinos Beat Atlantic City in Monthly Gaming Revenue

For the first time ever, casinos in Pennsylvania have surpassed their rivals in Atlantic City, N.J., in monthly gross gaming revenue, The Press of Atlantic City reported last week.

According to the paper, Pennsylvania's 10 casinos earned a total of $245.8 million in revenue from slot machines and table games in November. Atlantic City's 11 casinos, meanwhile, earned $245.1 million.

For now, Atlantic City remains ahead of Pennsylvania in total gaming revenue for the first 11 months of the year. However, a panel of Wall Street analysts predicted earlier this year that Pennsylvania will likely overtake Atlantic City, N.J., as the nation's second-largest gaming market — behind only Nevada — in 2012.

"Pennsylvania gaming, sometime next year, will most likely be bigger than Atlantic City," predicted Andrew Zarnett, managing director of Deutsche Bank, speaking on a panel at the 7th annual Pennsylvania Gaming Congress & Mid-Atlantic Racing Forum in March.

Reporting on the Congress, The Press of Atlantic City pointed out that Pennsylvania's gaming revenue has been growing by double-digit margins while Atlantic City's has fallen 30 percent since peaking at $5.2 billion in 2006. Last year alone, it said, Pennsylvania casinos collected approximately $2.5 billion in revenue, compared to $3.6 billion in Atlantic City.