With first-week figures coming out last month and the gambling landscape on the East Coast becoming increasingly competitive, it’s not surprising that Encore Boston Harbor, Wynn Resorts Ltd’s glistening, new five-star luxury resort, easily topped the state’s other two casinos having generated $48.6 million in gambling revenue for its first full month of business.
The Las Vegas-headquartered developer and operator of high end hotels and casinos opened the $2.6 billion, 3 million-square-foot luxury resort and casino on Sunday, June 23, 2019. Situated on the historic Mystic River waterfront, it is one of two Wynn Resorts Ltd properties in the U.S.
According to a report from Mass Live…
…the much larger, bronze-toned glass-clad tower hauled in more gambling revenue than Massachusetts’ other two casinos, MGM Resorts International‘s Springfield property and Penn National Gaming‘s slots only Plainville location, combined take for July.
For the month, the Commonwealth’s first resort casino, MGM Springfield, which opened on August 24, 2018, took in $20.4 million in gross gaming revenue. Of that, $4.9 million was attributed to table games and $15.5 million from slots, according to a Thursday press release from the Massachusetts Gaming Commission (pdf).
The first full month competing with the larger Wynn property, MGM’s July figure represents a 2.23 percent hike from the month prior’s $19.9 million in gross gambling revenue.
Meanwhile, the Gaming and Leisure Properties-owned Plainridge Park Casino, which features a harness racing track, slots, video poker, & electronic table games, generated $12.5 million. That’s a 7.4 percent decline from June’s reported $13.5 million in gross gambling revenue.
Total monthly take:
The trio of casinos generated a combined total of $81 million in gross gambling revenue and $23 million in state gambling taxes for July. Of that, slightly more than $5 million was attributed to MGM Springfield, $6.1 million from Plainridge and $12.1 million from Encore.
Both the Boston area casino and the Springfield venue are subject to 25 percent in taxes while Plainridge Park is responsible for 49 percent.
According to a July report citing official figures from the state’s gaming commission, the Wynn Resorts‘ venue opened with its first-week figure well surpassing the $9.5 million recorded by the rival MGM Springfield for that facility’s own initial seven days in late-August.
Additionally, the MGM property reported slightly in excess of $19.9 million in gross gaming revenues for all of June, which was just about 18% more than Encore Boston Harbor had managed to record after only one week in business.
MGM coming up short overall:
Pre-opening estimates from MGM Springfield have since its opening come up short having told the Gaming Commission its expected annual gross gambling revenues in its first year to total $418 million. July’s results mean that MGM has managed to record eleven-month gross gaming revenues of around $237.8 million, significantly less than its 12 -month prediction.
The 250-room venue has largely failed to attract an expected big-spending clientele and earlier last month announced that it had closed its in-house Starbucks franchise in order to replace the high-end coffee outlet with a new VIP gambling lounge.
It’s first-year anniversary fast approaching, President and Chief Operations Officer for the Springfield venue, Mike Mathis, said in a statement…
“We continue to be pleased with our performance as we grew revenues and visitation in the month notwithstanding the entry of a new competitor to the market. Visitors from across the region have responded well to the breadth of our overall entertainment, which included Aziz Ansari at Symphony Hall, Warrant and Firehouse in our plaza, and a strong Roar Comedy lineup in our Armory.
“We have a dynamic casino marketing program planned that includes four spectacular Aerosmith shows for our one-year anniversary, as well as food specials, free outdoor concerts, and a fun new Casino Bar. We are especially proud of the economic stimulus we have produced downtown in Springfield since our opening as the city enjoys billions of dollars of investment since our entry into the market. It’s gratifying to witness the high level of economic development that has been sparked such as new hotels, restaurants and retail. MGM came to Springfield to be a catalyst for the revitalization of this great American city, and we believe we’re well on our way.”
Meanwhile, Encore Boston Harbor appears to be winning, for now at least, following a tried and tested strategy from Wynn Resorts in being marketed towards more upscale gamblers.