In a statement, the company cited growing competition in the region as the reason that has prompted its decision. It leases the underlying real property associated with the two casinos from Gaming and Leisure Properties, pursuant to the terms of the company's existing master lease with GLPI. The Pennsylvania casino operator runs one more casino in Tunica - Hollywood Casino Tunica.
Resorts Casino Tunica is located in Tunica County, Mississippi.
Since 2014, three casinos in the area have closed and there are now only six functioning casinos in the immediate area. For quite some time, the county was the only casino gambling hub within hundreds of miles. In 2001, there were 13,000 gaming jobs in the county-now there are less than 5,000.
Pennsylvania's regulated sports betting market has posted its strongest revenue and handle figures since its opening, boosted by additional properties launching sportsbooks in March. There has been a steady decline over the past 13 years, but, according to Penn National Senior VP of Regional Operations Al Britton, "increased competition from recent gaming expansion in Arkansas continues to drive the property's business volumes lower", leaving the company "with the hard decision to close the business".
Resorts Casino Tunica was already an underperforming property when it was acquired by Penn National two years ago.
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"While we did everything in our control to keep the property profitable over the last two years, increased competition from recent gaming expansion in Arkansas continues to drive the property's business volumes lower".
Arkansas authorized Las Vegas-style casino gambling options at two racetracks and the development of two new full-scale casino resorts last November.
March's numbers were driven by the highest single month for table games revenue of $82.5m, with the previous high occurring in April 2017 when $79.5m was generated, coupled with the third highest monthly slot machine revenue of $226.5m.
Parx Casino is one of three licensed Greenwood Gaming properties in Pennsylvania to have launched sports betting, alongside the South Philadelphia Race and Sportsbook and Valley Forge Race & Sportsbook.
Tunica has suffered in part because of increased gambling competition in Arkansas and other states.