Massachusetts casinos post $97M revenue in October; MGM Springfield sees best month since March

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Massachusetts casinos post $97M revenue in October; MGM Springfield sees best month since March
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The Massachusetts Gaming Commission announced Tuesday thefinancial results of the state's casinos for October 2022, amounting to a combined $97 million in gross gaming revenue. Out of the venues operating during the month, MGM Springfield raked in $22.9 million from its slots and table games, its best result in months.

The property’s revenue for October is the highest monthly total since March 2022. In October 2019, before COVID-19 struck, total gambling revenue was $21 million, meaning the latest figure is also up pre-pandemic.

The regulator alsoreported that combined Plainridge Park Casino, MGM Springfield and Encore Boston Harbor generated a total of approximately $97 million in gross gambling revenue during October. The data shows a 1% increase year-over-year and a 3% rise compared to September.

Earlier this month, MGM reported to the Gaming Commission that it employs up to 1,320 individuals and that there are open positions available. That is compared to about 1,2000 at the beginning of 2022. The casino promised to create 3,000 jobs before its opening in 2018. 

Back then, MGM also told the Gaming Commission it expected $418 million in annual gross gaming revenues in its first year, or an average of $34.8 million per month. That goal was never achieved, notes MassLive.

To date, the commonwealth has collected approximately $1.24 billion in total taxes and assessments for the three gaming facilities since their respective openings. MGM and Encore are taxed at a 25% rate, while the slots-only Plainridge Park is taxed at 49% of gross gambling revenue. Encore, which opened in 2019, reported $62 million in gross gambling revenue for October and Plainridge reported $12.3 million

This week, a spokesperson for Encore Boston Harbor said the casino reached a “preliminary agreement” with Caesars Interactive Entertainmentfor the operator to receive one of the property's mobile sports betting licenses. The agreement is one of the first major deals to be publicly disclosed as the Massachusetts Gaming Commission works to stand up the state’s brand-new sports wagering industry.

Encore Boston Harbor isin the process of applying for a category one license under the state’s sports betting law, which, if approved, would allow them to offer in-person wagering at their casino in Everett and online betting through two individually branded platformsThe deal would allow Caesars to receive a tethered category three license.

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