- masscasinowatch
MGM Springfield reports one of its lowest months for revenue
Mass Live
Peter Goonan
July 15, 2019
SPRINGFIELD — The MGM Springfield casino generated less than $20 million in gross gaming revenue during the month of June, reflecting its second worst month since it opened nearly a year ago.
MGM Springfield’s total gross gaming revenue in June was $19,954,469.30, as compared to $22,285,565.57 in May — a drop of $10.5%. Its worst month was January, when it generated approximately $19.7 million in gross gaming revenues.
The month of June was MGM Springfield’s 10th full month of operation since its grand opening last Aug. 24. It also marked the first time it had competition from Encore Boston Harbor.
The Massachusetts Gaming Commission released the monthly report of gross gaming revenues for MGM Springfield, Plainridge Park Casino and Encore Boston Harbor.
MGM Springfield reports May revenue; still trailing pre-opening predictions
MGM Springfield cites Food Truck and MGM Live promotions as summer attention-grabbers.
MGM Springfield’s gross gaming revenue in June included $14,695,510.20 for slots and $5,258,959.10 in table revenues.
The May amount included $16,102,673.07 in slots revenue and $6,182,892.50 in table revenues.
MGM Springfield’s gross gaming revenues continue to trail its pre-opening predictions. Prior to opening, MGM Springfield told the Gaming Commission it expected $418 million in annual gross gaming revenues in it first year -- or $34.8 million per month.
Michael Mathis, president of MGM Springfield, stressed that MGM has received an “overwhelming response” to its outdoor programming.
“We are gratified by the overwhelming response we have received to our outdoor programming especially with our Food Truck Fridays and the launch of our robust outdoor concert series, MGM Live." Mathis said. "As we approach our one year anniversary, we look forward to continuing to execute on our strategy to provide one of the most unique and diverse resort and entertainment experiences in the region.”
The monthly reports for MGM and Plainridge were released as the $2.6 billion Encore Boston Harbor casino opened on June 23 in Everett.
The Encore Boston Harbor casino generated $16,789,943.88, in its first eight days of operations from June 23 to June 30.
'This is history;’ Encore Boston Harbor opens its doors to thousands and transforms Everett
The press conference, where casino officials spoke beneath the glittering Encore sign and Roman columns, evoked a Las Vegas atmosphere.
The May gaming revenues for MGM Springfield reflected a 2.14 percent increase compared to the month of April, when the revenues totaled $21.8 million.
The June gaming revenues for Plainridge, a slots parlor, were $13,542,525.14, solely for slots. That reflected a decrease from its May revenues totaling $14,842,949.69.
Tax revenues generated by MGM Springfield in June totaled $4,988,617.33.
For breaking news in Western Massachusetts, download MassLive’s app and subscribe to Springfield push alerts
The Gaming Commission received $4,197,485.97 in tax revenue from Encore, and $6,635,837.32 from Plainridge.
MGM Springfield and Encore, as Category 1 resort casinos, are taxed at 25% of their gross gaming revenues. The tax revenues are allocated to several specific state funds as determined by the gaming statute, the Gaming Commission said.
Plainridge, as a Category 2 slots facility, is taxed at 49% of its gross gaming revenue. Of that total taxed amount, 82% is paid to Local Aid, and 18% is allotted to the Race Horse Development Fund.