February Mass Casino Revenue Shows Positive Effect Of Sportsbooks
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According to a report published by the Massachusetts Gaming Commission on Wednesday, the collective revenue generated by casinos in Massachusetts surpassed $98 million in February.
In February 2023, the gross gaming revenue (GGR) reached a precise total of $98,003,399.66, marking a 1.1% rise compared to the January total of $96.9 million. However, the overall handle experienced a 2.5% decrease from January, which is not surprising considering February had 28 days compared to January’s 31 days.
The revenue showed a slight increase, despite a three-day reduction, which happened to align with the first complete month of legal retail sportsbooks at Massachusetts casinos. It was anticipated that the introduction of sports betting would attract a fresh group of individuals to the casinos, enticing them to participate in slot machines, table games, as well as placing sports bets.
In the month of February, Massachusetts received a tax payment of $27,390,625.11 from its casinos.
Breaking down February casino revenue
In terms of revenue for the month of February, Encore Boston Harbor emerged as the leading casino in Massachusetts with an impressive $62,705,178.76. Following closely behind was MGM Springfield, securing the second spot with $23,257,490.95. Lastly, Plainridge Park Casino completed the group with revenue of $12,040,729.95.
Encore Boston Harbor
In February, Encore Boston Harbor generated a revenue of $62,705,178.76, showcasing a 1.4% growth compared to the $61,856,924.44 it earned in January. Furthermore, EBH attained a revenue hold of 8.25%, marking its second-highest since September of the previous year.
Encore Boston Harbor contributed $15,676,294.69 in February taxes to the state of Massachusetts.
In the initial month of operation, Massachusetts casino sportsbooks witnessed a substantial $25.7 million wager.
Monthly revenue of Encore Boston Harbor
| Month | Slot GGR | Table GGR | Total Slot and Table GGR |
Total (25%) in collected state taxes |
|---|---|---|---|---|
| February 2022 | $31,054,019.69 | $23,688,641.56 | $54,742,661.25 | $13,685,665.31 |
| March 2022 | $35,181,572.90 | $29,685,959.75 | $64,867,532.65 | $16,216,883.16 |
| April 2022 | $34,118,122.32 | $29,620,598.98 | $63,738,721.30 | $15,934,680.33 |
| May 2022 | $32,624,183.92 | $25,408,848.58 | $58,033,032.50 | $14,508,258.13 |
| June 2022 | $31,468,282.71 | $28,589,032.87 | $60,057,315.58 | $15,014,328.90 |
| July 2022 | $35,051,906.67 | $29,672,721.61 | $64,724,628.28 | $16,181,157.07 |
| August 2022 | $35,372,908.84 | $22,711,324.56 | $58,084,233.40 | $14,521,058.35 |
| September 2022 | $32,941,867.36 | $28,642,137.95 | $61,584,005.31 | $15,396,001.33 |
| October 2022 | $33,677,401.58 | $28,365,680.78 | $62,043,082.36 | $15,510,770.59 |
| November 2022 | $32,841,989.82 | $26,588,480.33 | $59,430,470.15 | $14,857,617.54 |
| December 2022 | $34,984,642.31 | $33,475,100.78 | $68,459,743.09 | $17,114,935.77 |
| January 2023 | $34,197,723.87 | $27,659,200.57 | $61,856,924.44 | $15,464,231.11 |
| February 2023 | $32,797,874.02 | $29,907,304.74 | $62,705,178.76 | $15,676,294.69 |
| March 2023 | $36,230,027.77 | $29,248,142.34 | $66,178,170.11 | $16,554,542.53 |
Revenue from Encore Boston Harbor by year.
| Total GGR | Total in collected state taxes | |
|---|---|---|
| 2019 | $313,943,179.12 | $78,485,794.80 |
| 2020 | $331,716,869.90 | $82,929,217.48 |
| 2021 | $634,395,489.92 | $158,598,872.48 |
| 2022 | $729,724,772.54 | $182,431,193.15 |
| 2023 | $124,562,103.20 | $31,140,525.80 |
| Total | $2,134,342,414.68 | $533,585,603.67 |
MGM Springfield
In February, MGM Springfield generated a total revenue of $23,257,490.95, representing a 1.8% growth compared to the $22,853,749.75 it earned in January. Remarkably, it achieved the highest revenue hold among all casinos in Massachusetts, with a notable 8.82% in February.
Massachusetts received a tax payment of $5,814,372.74 from MGM Springfield in February.
The monthly revenue of MGM Springfield.
| Month | Slot GGR | Table GGR | Total Slot and Table GGR |
Total (25%) in collected state taxes |
|---|---|---|---|---|
| February 2022 | $15,711,906.08 | $4,220,007.75 | $19,931,913.83 | $4,982,978.46 |
| March 2022 | $18,837,606.75 | $5,442,915.75 | $24,280,522.50 | $6,070,130.63 |
| April 2022 | $18,404,598.73 | $4,135,430.05 | $22,540,028.78 | $5,635,007.20 |
| May 2022 | $17,113,181.60 | $4,039,067.85 | $21,152,249.45 | $5,288,062.36 |
| June 2022 | $16,936,388.21 | $4,209,619.31 | $21,146,007.52 | $5,286,501.88 |
| July 2022 | $17,275,318.86 | $4,242,403.60 | $21,517,722.46 | $5,379,430.62 |
| August 2022 | $17,518,085.09 | $4,474,746.40 | $21,992,831.49 | $5,498,207.87 |
| September 2022 | $16,358,042.03 | $4,213,605.83 | $20,571,647.86 | $5,142,911.97 |
| October 2022 | $17,980,905.48 | $4,917,880.59 | $22,898,786.07 | $5,724,696.52 |
| November 2022 | $17,327,291.21 | $4,706,483.14 | $22,033,774.35 | $5,508,443.59 |
| December 2022 | $17,640,504.18 | $4,829,782.52 | $22,470,286.70 | $5,617,571.68 |
| January 2023 | $18,452,254.93 | $4,401,494.82 | $22,853,749.75 | $5,713,437.44 |
| February 2023 | $17,858,976.07 | $5,398,514.88 | $23,257,490.95 | $5,814,372.74 |
| March 2023 | $19,792,210.64 | $4,287,427.13 | $24,079,637.77 | $6,019,909.44 |
MGM Springfield’s annual revenue
| Total GGR | Total in collected state taxes | |
|---|---|---|
| 2018 | $101,482,954.83 | $25,370,738.71 |
| 2019 | $252,642,750.41 | $63,160,687.62 |
| 2020 | $137,964,730.81 | $34,491,182.72 |
| 2021 | $247,034,037.74 | $61,758,509.44 |
| 2022 | $259,137,459.23 | $64,784,364.84 |
| 2023 | $46,111,240.70 | $11,527,810.18 |
| Total | $1,044,373,173.72 | $261,093,293.43 |
Plainridge Park Casino
In February, Plainridge Park Casino recorded a 1% decline in revenue compared to January, making it the sole Massachusetts casino to experience a decrease. The casino generated $12,040,729.95 in February, reflecting a drop from its January revenue.
In February, PPC disbursed a total of $5,899,957.68 to Massachusetts for taxes and race horse development funds (RHDF).
Revenue at Plainridge Park Casino broken down by month.
| Month | Slot GGR | Total in collected state taxes and rhdf (49%) |
|---|---|---|
| February 2022 | $10,950,511.23 | $5,365,750.50 |
| March 2022 | $12,937,163.66 | $6,339,210.19 |
| April 2022 | $12,908,918.51 | $6,325,370.07 |
| May 2022 | $11,731,163.49 | $5,748,270.11 |
| June 2022 | $11,967,439.63 | $5,864,045.42 |
| July 2022 | $12,498,196.15 | $6,124,116.11 |
| August 2022 | $11,961,566.29 | $5,861,167.48 |
| September 2022 | $12,199,572.68 | $5,977,790.61 |
| October 2022 | $12,363,500.65 | $6,058,115.32 |
| November 2022 | $11,392,148.60 | $5,582,152.81 |
| December 2022 | $12,310,688.75 | $6,032,237.49 |
| January 2023 | $12,166,668.78 | $5,961,667.70 |
| February 2023 | $12,040,729.95 | $5,899,957.68 |
| March 2023 | $14,256,239.09 | $6,985,557.15 |
Revenue at Plainridge Park Casino by year.
| Total Slot GGR | Total collected state taxes | |
|---|---|---|
| 2015 | $88,230,548.03 | $43,232,968.52 |
| 2016 | $155,041,917.60 | $75,970,554.32 |
| 2017 | $164,786,229.97 | $80,745,252.68 |
| 2018 | $171,589,629.33 | $84,078,918.38 |
| 2019 | $151,948,969.73 | $74,454,990.79 |
| 2020 | $82,254,142.69 | $40,304,529.91 |
| 2021 | $139,347,781.80 | $68,280,413.08 |
| 2022 | $143,063,200.71 | $70,100,968.33 |
| 2023 | $24,207,398.73 | $11,861,625.38 |
| Total | $1,120,469,818.59 | $549,030,221.42 |
Tax revenue trends
It is important to emphasize once more that, even with three fewer days this year, the casinos reported higher revenue in the first month with retail sportsbooks compared to January.
It is clear that there is a possibility of a connection between the foot traffic in sports betting and this situation. However, we require additional months of data to accurately analyze any significant patterns in this aspect. It is plausible that casino gamblers simply experienced a streak of bad luck in February.
Nevertheless, it is intriguing to analyze the imperfect math of multiplying the average daily revenue ($3.5 million) by 31 days instead of 28. This would result in a revenue of $108.5 million, indicating an 8.6% increase from January.
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