Table game revenues are down at the Twin River Casino in Lincoln, Rhode Island with year over year revenues dropping by 34%. The Encore Boston Harbor casino opening in June has impacted the table game traffic greatly and the competition may force the Twin River to layoff table game staff.
Huge Drop in Revenues:
The company stated that table game revenue at the Lincoln venue dropped 34% to $3.9 million in July when compared to the same month in 2018. Slots are also down with revenues coming in at $6.4 million, a decrease of 17% when compared to July 2018.
The losses at Twin River may lead to as many as 30 layoffs of table game staff. It is the supervisors that will be affected as business has slowed down. The company now only needs enough staff to handle the current numbers.
According to WCVB5…
Patti Doyle, a rep of the casino, stated: “We are effectively staffing to the present volume of business at the table games.” According to Ms. Doyle, Twin River is considering voluntary reduction of hours before laying individuals off in the hopes of cutting down on the number of layoffs.
Encore Boston Harbor just opened in June and they are already having an effect on casinos nearby. The venue has yet to report a full month of revenues but according to the Gaming Commission, the venue earned $16.7 million during their opening week. Of that amount, $4.1 million was paid in taxes.
Earlier this month, Wynn Resorts Limited, the company behind Encore Boston Harbor, announced they are considering even more ways to bring attractions to the area around the venue. Eleven acres of land located across from the casino is also owned by Wynn and proposals are being evaluated as to how the property could be transformed.
According to Chief Executive Officer Matt Maddox, the company is planning on continuing to redevelop the area so it can become the entertainment district of the Northeast. With more entertainment in the area, it would make Encore a bigger draw than it is now for tourists as well as locals. This could up end being even more competition for venues like Twin River as more entertainment options are added.