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The revenues of Massachusetts’ inaugural full-fledged casino experienced another decline in November, suggesting a continued failure to meet initial projections. This trend, spanning three months, could potentially indicate challenging times ahead for the establishment.
In late December, the Massachusetts Gaming Commission released figures indicating that MGM Springfield recorded around $21.2 million in Gross Gaming Revenue (GGR) for the month.
The reported GGR for the property decreased to $22.2 million in October, which was lower than the $26.95 million reported by MGM Springfield in September, their first month of operation.
Since its opening on August 23rd, MGM Springfield has generated a remarkable $9.45 million in Gross Gaming Revenue (GGR) within the initial eight days. Furthermore, the property has accumulated nearly $80 million in GGR to date.
It seemed that the November decline was due to a high number of slot winners at MGM Springfield.
In comparison to October, there was an increase of approximately $4 million in bets placed on slots at the property. However, the payout to winners was 92.10 percent, slightly higher than the 91.17 percent in October. Consequently, this led to a decrease of over $1.25 million in slots GGR. On the other hand, table game GGR saw a rise of more than $250,000 compared to October.
Since its opening, MGM Springfield has seen the loosest slot payout percentage at 92.10%. A staggering sum of over $597 million has been wagered on the casino’s slot machines.
The state’s take
The Category 1 resort-casinos are subjected to a 25 percent tax on their Gross Gaming Revenue (GGR), which the state collects. In November, the state received a total of $5.31 million from MGM Springfield’s GGR. As a result, the cumulative tax revenue generated by the casino since its opening has reached $19.97 million.
Initially, MGM estimated that the property would yield about $418 million in Gross Gaming Revenue (GGR) during its inaugural year. To fulfill this projection, MGM Springfield would have to generate around $34.3 million in GGR each month. Unfortunately, the casino has failed to meet this target during the three complete months it has been in operation. In reality, MGM Springfield has averaged approximately $23.4 million in GGR over this period.
The property features a spacious casino spanning 125,000 square feet, which houses an impressive array of entertainment options. Among them are 2,550 slot machines, 120 table games, and a dedicated poker room boasting 23 tables.
Plainridge Park Casino numbers
Meanwhile, the revenue figures for the state’s other gaming facility were also released by the Massachusetts Gaming Commission.
The Plainridge Park Casino in Plainville recorded a total of $12.85 million in Gross Gaming Revenue (GGR) for the month of November. This impressive figure was generated from wagers amounting to over $164.7 million placed on approximately 1,200 slot machines within the establishment. During the same period, the slot machines at Plainridge Park Casino paid out an impressive 92.2 percent of the total amount they received.
Since its opening in June 2015, Plainridge Park Casino has generated over $565.5 million in gross gaming revenue (GGR).
Plainridge Park Casino, being categorized as a Category 2 slots-parlor, is subject to a 49 percent tax on its Gross Gaming Revenue (GGR). In November, the casino contributed $6.29 million to the state’s tax revenue. This brings the overall tax revenue generated by the casino to exceed $277.1 million since its establishment.
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