Massachusetts Casino Revenue and Handle Decline in January
The three commercial casinos in Massachusetts started 2022 with a revenue and handle decline.
The facilities in the Bay State combined for $681,851,372 in total handle for January, a 5.1% drop from the .
The January total marked the first time since February 2021 that the handle from slot machines and table games combined dropped below $700 million, according to numbers from the Massachusetts Gaming Commission.
Massachusetts at $807.9 million in wagering handle.
But January’s figures were a 30.9% rise in a year-over-year comparison with January 2021, when the casinos drew nearly $521 million in wagering action. At that time, the casinos were still operating with limitations related to COVID-19 protocols. In wasn’t until late January 2021 that the facilities were able to operate around the clock again.
Revenue Also Falls at Massachusetts Casinos
The story was much the same for revenue at MGM Springfield, Plainridge Park and Encore Boston Harbor.
In January, the casinos combined for $82,403,366 in revenue. That was a 13.9% decline from December’s total of $95,668,097.
Again, that was the lowest figure , when revenue was $67.44 million.
The revenue figure in January was a 43% increase from the $57.6 million recorded 12 months earlier.
Breakdown of Casino Numbers in Massachusetts
Encore Boston Harbor, in Everett, led the state in revenue at $62.4 million and in handle at $343.6 million. Encore made $27.87 million in gross gaming revenue (GGR) from slot machines and $26 million from table games.
MGM Springfield made $18.6 million in revenue for January – that was derived from $14.4 million in slot GGR and $4.2 million at table games. MGM’s handle for the month was $169.1 million.
Plainridge Park Casino in Plainville offers only slots. Its handle was $138 million and the revenue was $9.84 million for the month.
There are no options in Massachusetts.
In all, Massachusetts made nearly $23 million in tax revenue from the casinos in the first month of 2022. Encore and MGM are taxed at 25%; Plainridge is levied at 40% for taxes plus 9% for the state’s Race Horse Development Fund.
Encore Casino Changing Hands
The Encore Boston Harbor facility, which , is being sold by Wynn Resorts.
Boston ABC-TV affiliate WCVB reported this week that Wynn entered an agreement to sell the casino and the property to Realty Income, in a deal worth $1.7 billion.
Wynn will lease back the casino and continue to operate the property in a triple-net lease agreement with an initial annual rent of $100 million.
Encore recently but with limited seating (12 tables).