The Massachusetts Gaming Commission announced the financial results MGM Springfield achieved in July. According to the Commission, the slot and table games brought the company a gross gaming revenue of $23.5 million in the last month.
Not-so-great figures:
These numbers are great showing for the Springfield casino, which celebrates its fifth anniversary later in August. Compared to the gross gaming revenue achieved in June, which was $22.2 million, the increase was recorded in July.
A slight increase is recorded compared to May as well when the gross gaming revenue was $23 million, but in April, the revenue was higher, with recorded $24 million, marking a significant success when it comes to the revenue recorded in the fourth quarter of 2022, as well as the first quarter 2023.
Compared to the previous year, the increase was even more noticeable since the gross gaming revenue in July 2022 was $21.5 million. However, in 2021, the revenue was higher than in the following years, with earnings of $23.7 million.
When the MGM Springfield was opened for the first time, the company promised that the gross gaming revenue in the first year would be $418 million, which meant that the average monthly revenue had to be $34.8 million. However, the company never succeeded in achieving this revenue, and the goal remained unfulfilled. The closest they’ve ever been to achieving it was during its first full month of operation, in September 2018, when the monthly revenue was $26 million.
The Gaming Commission revealed that the total gross gaming revenue in the state, earned by MGM, Encore Boston Harbor, and Plainridge Park casinos, was approximately $99 million.
Seasonal business:
The low numbers are expected to occur during the summer months, according to the experts, since history proves that the casinos generate bigger revenues when the weather is bad, and since it’s a seasonal business, the summer is usually the period with the lowest revenues in the year.
MGM Springfield’s in-person sports betting business was also affected by the decreased interest in gambling during the summer season. Sports betting achieved a total amount bet of $607.046, while in June, that number was higher, $894.976. However, the decrease is even more significant when compared to May, when the Celtics were present in the NBA playoffs. This month, the handle was $1.9 million.
BetMGM, a renowned MGM mobile sports betting platform, was significantly more popular than the in-person sportsbook, and the value of total bets placed was $22.4 million.
The state benefited from all these revenues and collected $46 million in taxes and assessments from various sports betting companies since sports wagering was legalized in the state, in person on January 31 and online sportsbooks on March 10.