Three state casinos in Massachusetts generated $97 million in gross gaming revenue in October 2022. This is according to a report released by the Massachusetts Gaming Commission on Tuesday, November 15. The commission releases the state`s gaming financial report every 15th of each month.
Plainridge Park Casino, MGM Springfield, and Encore Boston Harbor are the three casino properties in Massachusetts. They generated over $97 million, a one percent increase year-on-year. This was also three percent more than what they generated in September, $94 million.
October was the Best Month for MGM Springfield Since March
MGM Springfield generated over $22.5 million in October. This was the best performance since March. The casino`s October revenue was also better than pre-pandemic October 2019, which generated $21 million.
Yet, MGM Springfield was not the best performer among the three Massachusetts casinos. It came in second after Encore Boston Harbor, which generated over $62 million in October. Plainridge Park took the last position, generating $12.3 million.
According to the Massachusetts Gaming Commission, the three casinos created $272 million in taxes in October. Being the top performer, Encore Boston Harbor generated the most tax of $15.5million.
Plainridge Park contributed $6 million, while MGM Springfield contributed $5.7 million. Massachusetts has received around $1.20 billion in tax revenue since the three casinos launched.
Plainridge Park casino contributed more tax revenue than MGM Springfield despite the latter generating more gross revenue. This is because the former is a Category 2 slots casino which is taxed 49 percent of its gross gaming revenue.
Around 82 percent of the tax revenue goes to Local Aid. The remaining 18 percent goes to Race Horse Development Fund.
The other two casinos, Encore Boston Harbor and MGM Springfield, are Category 1 casino facilities. They contribute 25 percent of their gross gaming revenue. The tax revenue is allocated to different state funds, including:
- Community Mitigation Fund
- Gaming Economic Development Fund
- Accelerated Debt and Defeasance
- Debt and Long-Term Liability Reduction Trust Fund
- Education Fund
- Transportation Infrastructure Fund
- Local Aid
- Massachusetts Tourism Fund
- Massachusetts Cultural Council
- Race Horse Development Fund
- Local Capital Improvement Fund
- Public Health Trust Fund
Revenue Expected to Snowball Once Legal Sports Betting Launches
The three casinos are getting ready to offer regulated sports betting starting January 2023. Retail sportsbooks are scheduled to start operating prior to Super Bowl LVII. Meanwhile, online sports gambling might begin before March, just before the March Madness college basketball tournament kicks off.
Each casino will be allowed to offer retail sports gambling inside its properties. They can also use two online sports gambling skins.
On the other hand, race tracks, including Suffolk Downs and Raynham Park, can only partner with one online sportsbook operator. Each casino will use its own brand for one online sport betting skin and a different one from its partner.
For instance, Encore Boston Harbor will partner with WynnBET. It will use Caesars Sportsbook as its second skin. Plainridge Park will use Penn Entertainment`s Barstool Sportsbook, while MGM Springfield will use BetMGM. These two casinos are yet to choose their second skin.
Race tracks are yet to partner with online sportsbook partners. They still have time to choose their preferred partners to offer sports betting.