September casino revenues lackluster
October 15, 2019
ENCORE BOSTON HARBOR reported $150 million in gross gaming revenue from July through September, putting the Everett casino on pace to bring in roughly $600 million over its first full year of operation if current trends continue.
The new numbers released on Tuesday suggest Wynn Resorts has a long way to go to reach its “base case” goal of $1 billion in annual operating revenues and even its “low case” target of $900 million. Company officials said in a July presentation to investors it may take three years to ramp up to those levels.
For September, the latest month available, total slot and table game revenue dropped to $49 million from $52.5 million the month before. For the first time, table game revenues tapered off on a month-to-month basis, falling 16 percent to $27 million in September. Slot machine revenue hit its highest level yet at Encore in September, rising 8 percent over August numbers to $21.9 million.
The news was not good at the state’s two other casino properties – MGM Resorts in Springfield and Plainridge Park Casino in Plainville.
MGM saw its total slot and table game revenue fall in September to nearly $19.9 million, the lowest level since January and the second-lowest monthly level since the casino opened in August 2018.
Plainridge Park, a slots-only casino, saw total revenues slip to $11.5 million in September, the lowest level since December 2015. September revenues were the second-lowest ever since Plainridge opened in June 2015.
The state collected a total of nearly $22.9 million in tax revenues in September from the three facilities — $12.2 million from Encore, nearly $5.7 million from Plainridge Park, and $4.97 million from MGM.