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According to the revenue report released by the Massachusetts Gaming Commission (MGC) in February 2022, the gaming revenue proceeds in Massachusetts have exceeded $1 billion in taxes and assessments.
In a press release, MGC Chair Cathy Judd-Stein expressed her delight in highlighting this significant achievement. She emphasized that when the Expanded Gaming Act was passed by the legislature in 2011, it aimed to establish a regulated gaming industry in the Commonwealth. This industry would not only boost the economy but also prioritize responsible play.
Massachusetts’ $1 billion gaming revenue is a milestone
Massachusetts has allowed casino gambling within its borders for a decade and counting. The year 2011 marked a significant milestone when Governor Deval Patrick officially passed the Expanded Gaming Act (EGA). This groundbreaking legislation opened the doors for casino resorts to operate in three distinct regions of the state: east, mid, and coastal.
The EGA granted the state a 25% share of total gaming revenues, with 40% of the revenue specifically generated from slot facilities. Furthermore, it mandated that the three casinos must pay a licensing fee of at least $85 million.
The EGA has been highly lucrative for the state, generating a total revenue of $1.018 billion since its establishment. This substantial amount of revenue has successfully financed the following:
- Local aid
- Transportation Infrastructure Fund
- Community mitigation initiatives
- Debt
- Education Fund
- Public Health Trust Fund
- Local capital improvements Fund
- Race Horse Development Fund
- Massachusetts Cultural Council
- Massachusetts Tourism Fund
Judd-Stein asserts that reaching the milestone of $1 billion is a clear indication of the collaborative efforts made by the MGC, casinos, and the public.
She stated that this signifies the triumph of the law and the dedication of our licensees, my fellow commissioners from the past and present, the MGC staff, and the residents of the Commonwealth towards establishing a secure and thriving gaming industry in Massachusetts.
Casinos near pre-pandemic revenue levels
The casino-by-casino revenue numbers in the February 2022 revenue report proved to be a crucial factor. They showcased the resilience of the state’s three gaming hubs as they weathered the challenges posed by the pandemic. Presently, it is evident that the casinos have almost regained or even surpassed their gross gaming revenue figures from February 2020.
- In February 2022, MGM Springfield recorded a revenue of $19.9 million, whereas in February 2020, it achieved a higher revenue of $21.9 million.
- Encore Boston Harbor achieved revenues of $54.7 million in February 2022, while in February 2020, it generated $52.5 million in revenue.
- In February 2022, Plainridge Park Casino exclusively generated $11.0 million, while in February 2020, it accumulated $11.7 million.
Encore Boston Harbor, MGM Springfield, and Plainridge Park can now breathe a cautious sigh of relief as the revenue numbers from the past month have been encouraging. However, it is important to note that this rebound goes beyond just the figures from February.
In October, November, and December 2021, the revenue of Encore Boston Harbor exceeded $180.3 million, marking a significant increase compared to the corresponding period in 2019 when the casino’s gross gaming revenue was slightly above $147.1 million.
MGM Springfield experienced a similar revenue trend as Encore. In the period from October to December 2019, the casino generated $60.1 million in gross gaming revenue, which increased to $65.3 million during the same time frame in 2021.
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