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In July, the revenue generated by Massachusetts casinos amounted to approximately $99 million.
According to the Massachusetts Gaming Commission, the gross gaming revenue (GGR) from the state’s three casinos amounted to $98.7 million for the month. This marks the second consecutive month of revenue growth in Massachusetts casinos, with July’s earnings showing a 6% increase compared to June’s $93.1 million.
Last month, tax revenue amounted to $27.7 million, reflecting a 6% increase from June.
Encore Boston Harbor
In July, Encore Boston Harbor boasted an impressive near-record of $64.7 million in gross gaming revenue (GGR), reflecting a 7% increase from the previous month’s $60.1 million. Within this revenue, slots contributed $35.1 million, while table games made up $29.7 million.
Encore’s revenue accounted for almost 66% of the state’s total and fell just $150,000 short of the property’s record-breaking $64.87 million earned in March.
Regarding taxes, the state receives one-quarter of the revenue generated by Class 1 resort casinos. Encore’s recent contribution amounted to $16.2 million, which accounts for nearly 60% of the state’s monthly total.
Encore has exceeded $60 million in gross gaming revenue (GGR) for the fifth time within the last 12 months during July.
- March 2022: $64.9 million
- July 2022: $64.7 million
- April 2022: $63.7 million
- December 2021: $62.4 million
- October 2021: $62.8 million
Over the past year, Encore Boston Harbor consistently generated a minimum of $54 million in gross gaming revenue (GGR) per month. This steady performance sets a strong foundation as we approach the upcoming fall months and the exciting football season.
MGM Springfield
In July, MGM Springfield, the second Class 1 resort casino in Massachusetts, generated $21.5 million in gross gaming revenue (GGR). However, its growth rate from June was the lowest in the state, with an increase of less than 2% from $21.1 million.
Compared to Encore, MGM Springfield had a greater proportion of slot-to-table game play. While Encore’s distribution was approximately 55% for slots and 45% for table games, MGM’s slot players contributed to 80% of its monthly gross gaming revenue (GGR). In terms of revenue, the slot games generated $17.3 million, while table games generated $4.2 million at MGM Springfield.
In July, MGM’s tax payment amounted to $5.4 million, which corresponds to 25% of its reported Gross Gaming Revenue (GGR). Over the past five months, MGM has consistently paid taxes exceeding $5 million, indicating its earnings during those months exceeded $20 million.
- July 2022: $21.5 million
- June 2022: $21.1 million
- May 2022: $21.2 million
- April 2022: $22.5 million
- March 2022: $24.3 million
Plainridge Park Casino
Plainridge Park generates all of its revenue exclusively from slots, as it stands as the sole Class 2 slots-only establishment in The Bay State. The establishment recorded a Gross Gaming Revenue (GGR) of $12.5 million, which marks a 4% increase compared to the previous month’s earnings of $12 million.
In March and April, Plainridge Park Casino achieved a remarkable performance, reaching 96.8% of its annual peak of $12.9 million.
On the other hand, facilities falling under category 2 are subject to a tax rate of up to 49%. Consequently, their tax bill amounted to $6.1 million, surpassing the $5.4 million paid by MGM to the commonwealth. Out of this total, $2.2 million (18%) was allocated to the state’s Race Horse Development Fund (RHDF).
Looking ahead to the fall
Less than a month remains until the commencement of the NFL’s regular season, which traditionally brings a surge in business for casinos, even those that do not offer sports betting.
The bill to legalize sports betting in Massachusetts was signed by Gov. Charlie Baker after it was approved by lawmakers in the state’s House and Senate in early August. Unfortunately, sportsbooks will not be ready in time for the start of the football season. Nevertheless, there is optimism that the state will start accepting wagers before the end of 2022.
The majority of sports betting will occur through mobile devices once it becomes available. However, physical sportsbooks will still attract customers, leading to increased foot traffic and overall casino revenue. Even if sportsbooks are not launched until next year, casinos can expect to have competitive months for the remainder of this year.
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