Georgia Gaming Market Assessment - Pennsylvania Treasury

West Virginia Statewide Table Performance
Gross Table Revenue % Change
2007 $4,430,263
2008 $77,604,583 N/A
2009 $96,006,870 23.71%
2010 $133,073,834 38.61%
Jan-Apr 2011 $68,195,020 128.56%
Source: West Virginia Lottery
Mountaineer has historically been the market leader for the northern panhandle of West Virginia,
offering the most games and the broadest amenity mix. The two casinos in the area attract
gamers from Cleveland, Pittsburgh and Columbus. Both Mountaineer and Wheeling have seen
declining revenue in the past few years, likely due to the expansion of competition in
Pennsylvania. In 2010, Mountaineer saw revenue hit a six year low at about $202 million while
wheeling saw its revenue fall to just $145 million. Charles Town on the other hand, has faired
well, being further away from competitors in other states, seeing revenue over $465 million in
2010. Through the first four months of 2011, Charles Town has seen revenue of almost $220
million while Mountaineer had a little less than $73 millions and Wheeling had about $49.5
million. The table below shows each facilities’ performance since 2005.
West Virginia Overall Performance by Property
2005 2006 2007 2008 2009 2010 Jan-Apr 2011
Mountaineer
Win $257,353,300 $257,832,502 $223,841,390 $257,803,391 $232,966,453 $202,379,557 $72,768,864
Positions 3,159 3,178 3,629 3,755 3,417 3,097 2,893
Win/Position
Wheeling Island
$223.18 $222.31 $168.97 $188.11 $186.77 $179.01 $211.35
Win $194,715,355 $201,730,442 $174,922,503 $193,008,289 $176,885,276 $145,137,140 $49,592,142
Positions 2,265 2,310 2,485 2,426 2,246 2,137 2,184
Win/Position
Charles Town
$235.54 $239.25 $192.87 $217.93 $215.80 $186.05 $190.83
Win $414,124,376 $448,022,619 $463,367,841 $454,010,812 $424,334,013 $465,166,483 $219,961,008
Positions 4,028 4,120 4,739 5,012 4,976 5,317 5,100
Win/Position $281.66 $297.92 $267.91 $248.15 $233.64 $239.67 $362.44
Source: West Virginia Lottery; The Innovation Group
Charles Town is the largest facility in terms of slot positions with more than 4,600, while
Mountaineer is in second with more than 2,600 and Wheeling is third with more than 1,800
positions in 2010. Slot revenue follows the same pattern as Charles Town had revenue higher
than the other two combined, with a total of $397 million in 2010. The first four months of 2011
have seen Charles Town Slot collect more than $128.8 million in slot revenue, while
Mountaineer collected about $52.5 million and Wheeling collected $38.5 million. West
Virginia’s slot performance since 2005 at each property is shown below.
The Innovation Group Project #054-11 August 2011 Page 65