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Pennsylvania vs. Atlantic City

It seems the gloves are finally off, and Pennsylvania has approved conditional slot machine licenses for five of its harness racetrack operators. This does not make Atlantic City very happy. One of those new locations for slot machines is a mere 70 miles from Atlantic City, in Chester – and it is going to be open in January.

Other states have approved various kinds of slot machines or gambling, but this is the first time that Atlantic City has seriously had competition – many of their customers are from Pennsylvania – and they won’t be coming to gamble if they have slot machines a lot closer.

The fact that PA is allowing 61,000 slot machines to come in is astounding. That is 23,000 more slot machines than in all of Atlantic City’s casinos together. Estimates put it around a $3 billion market, which would put it third behind Vegas and A.C. – and in front of Illinois – which up until now has been number three. It also puts it ahead of NJ for sheer number of slot machines.

Experts agree that there could be a significant hit to A.C.’s market as well – if they lose 5% - which is entirely possible – that equates to roughly $250 million.

"We estimate that up to 30,000 slot machines could come online in (PA) over the first two years following the initial licensing of applicants," Deutsche Bank analyst Bill Lerner wrote in an investor update. "Gaming operators in Atlantic City could see a near-term impact from slots in PA, though we anticipate the full impact could be spread out as slot parlors open."

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