Massachusetts reports 3.1% year-on-year revenue increase for land-based casinos
Encore Boston Harbor drove these results with 66% of market revenue share.
Massachusetts announced a Gross Gaming Revenue (GGR) of $98.7m from the state’s three casinos, with Encore Boston Harbor taking the lion’s share, reporting $64.7m in revenue which encompassed 66% of the retail casino total.
Meanwhile, MGM Springfield collected $21.5m (a 22% market share) while the Plainridge Park Casino in Plainville gained $12.5m, making up the remaining 13% market share. These results helped the state climb to a 3.1% revenue increase from July 2021 and a 21.1% rise from pre-pandemic July 2019.
Retail gaming continued to be the core of Massachusetts gambling industry. Encore Boston Harbor reported GGR of $35.1m from slot machines and $29.7m from table games. MGM Springfield reported GGR of $17.3m from slot machines and $4.2m from table games. Plainridge Park, a slot machines-only casino, trailed behind with $12.5m in total revenue.
Deutsche Bank gaming industry analyst Carlos Santarelli issued a report to investors on Monday, saying that Encore and Plainridge Park performed well above expectations, while MGM was about 0.3% below revenue projections.
J.P. Morgan gaming industry analyst Joe Greff said that while the state’s win per day was up 2.6% sequentially from previous months, it still lagged behind other legalized states.
Massachusetts collected $27.7m in tax revenue from the three casinos in July. Encore Boston Harbor contributed $16.2m in tax revenue; MGM Springfield, $6.1m; and Plainridge, $5.4m. Encore Harbor and MGM both have a tax rate of 25% while Plainridge has a hefty 49% tax rate.
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