Revenue Drop Recorded For Two Casinos In Massachusetts
Although the newest addition to the Massachusetts gaming landscape recorded a minor bump in November, the other two venues did not do so well, recording a significant drop in revenue for the last month.
The Massachusetts Gaming Commission (MGC) released official figures on Monday, displaying that Encore Boston Harbor, the new casino resort owned by Wynn Resorts, made a slight improvement compared to October revenue. The casino managed to earn a total of $47.3 million in November, which is almost $1.5 million better than in October.
On the other hand, the revenue for this venue, which was made in October, is considered its record low, meaning that the improvement was more than welcome.
In total, slots managed to earn a total of $22.8 million, which is almost half a million more compared to October. In fact, it was the best that slots performed in this property ever since it was opened back in June.
The total revenue from casino slots handle in the state for November was $286.9 million, which is way less compared to the best-performing month of August when the slots earned a $359.2 million.
Table games in Encore recorded $24.5 million in November, which is slightly over one million more compared to October. However, November is still the second-worst month overall since the casino opened its doors.
However, not all casinos in the state performed well last month. In fact, the other two casinos had a pretty bad month of November.
MGM Springfield, which is owned and operated by MGM Resorts, recorded revenue of $19.9 million, which is approximately $1.2 million less than the casino earned in October. However, the fact that’s a bit more depressing than that is that November was actually the worst month for MGM Springfield ever since it opened 15 months ago.
Although slots posed small gains, table games failed to live up to expectations in MGM.
The third casino that exists in Massachusetts is Plainridge Park Casino, which only consists of slots and is operated by the Penn National Gaming. Just like MGM, this casino suffered severe drops in revenue in November, earning approximately $5.4 million.
This is the lowest the casino has earned ever since it started working more than four years ago. Compared to the same period last year, there has been a 14.3 percent drop.
However, this is not new for Plainridge Park Casino, as numbers have been low for the last couple of months. In fact, the casino did not reach the $6 million barrier for the fourth consecutive month.
The reason why Penn National Gaming’s venue has been suffering for the past four months is actually very clear, as Encore opened its doors some four months ago. Executives of PNG expressed their concerns about the future of Plainridge as it is already being negatively affected by the presence of Wynn’s Encore.
In fact, many believe that Encore is one of the main reasons why PNG failed to meet the Q3 projections.
It seems that Encore Boston Harbor is definitely going to attract more customers in the future, as it is only beginning to promote its offer. It’s a luxurious resort and casino located in a place called Everett, in an area known as Mystic River.
The casino is only five miles away from downtown Boston, meaning residents can reach it in just a couple of minutes. The casino was built on a place of an old industrial building, and many residents of Boston saluted that change in the area.