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.
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About Bruce Mohl
Bruce Mohl is the editor of CommonWealth magazine. Bruce came to CommonWealth from the Boston Globe, where he spent nearly 30 years in a wide variety of positions covering business and politics. He covered the Massachusetts State House and served as the Globe’s State House bureau chief in the late 1980s. He also reported for the Globe’s Spotlight Team, winning a Loeb award in 1992 for coverage of conflicts of interest in the state’s pension system. He served as the Globe’s political editor in 1994 and went on to cover consumer issues for the newspaper. At CommonWealth, Bruce helped launch the magazine’s website and has written about a wide range of issues with a special focus on politics, tax policy, energy, and gambling. Bruce is a graduate of Ohio Wesleyan University and the Fletcher School of Law and Diplomacy at Tufts University. He lives in Dorchester.
About Bruce Mohl
Bruce Mohl is the editor of CommonWealth magazine. Bruce came to CommonWealth from the Boston Globe, where he spent nearly 30 years in a wide variety of positions covering business and politics. He covered the Massachusetts State House and served as the Globe’s State House bureau chief in the late 1980s. He also reported for the Globe’s Spotlight Team, winning a Loeb award in 1992 for coverage of conflicts of interest in the state’s pension system. He served as the Globe’s political editor in 1994 and went on to cover consumer issues for the newspaper. At CommonWealth, Bruce helped launch the magazine’s website and has written about a wide range of issues with a special focus on politics, tax policy, energy, and gambling. Bruce is a graduate of Ohio Wesleyan University and the Fletcher School of Law and Diplomacy at Tufts University. He lives in Dorchester.
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.
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