Gambling on healthier outlook
Many metrics factor into determining our current coronavirus state, including the amount of money individuals are willing to wager.
So, it shouldn’t be a surprise that up until this recent virus uptick, our gaming industry and COVID-19 numbers had been moving in opposite directions.
Massachusetts’ one slots parlor and two resort casinos generated a combined $67.44 million in gaming revenue in February. That’s a 17% increase over January and the highest monthly total since October.
Those totals from Plainridge Park Casino, MGM Springfield and Encore Boston Harbor translate into about $19.15 million in taxes or fees, a roughly 14% boost over the state’s take in January.
Encore Boston Harbor reported pulling in $40.99 million in gaming revenue during February, about 60% of the state’s total. MGM Springfield generated about $13.86 million in gaming revenue and about $3 million in revenue from its table game offerings. Only Plainridge Park Casino in Plainville saw its monthly revenue slightly decline from January to February. The slots parlor generated $9.55 million in revenue, down from $9.79 million in gaming revenue the previous month.
Since legalizing gambling in 2011, Massachusetts has collected $719.13 million in revenue from casinos and the slots parlor.
Based on the historic monthly average state revenue take, Massachusetts can expect about $247 million in average annual gaming revenue. That pales in comparison to the nearly $1billion yearly the Lottery brings in, but monthly sums will likely increase as the Gaming Commission eases capacity limits.
March revenues should reflect the impact of the commission’s recent decision to allow the casinos to reintroduce craps and to add a fourth seat at many table games.