MGM Springfield Gaming Revenues Fell To $21 Million In November
Revenues at Massachusetts’ first full-fledged casino continued to fall in November. The property is clearly failing to meet projections now three months in, perhaps signaling some rough upcoming months.
This number was down from the $22.2 million in GGR the property reported in October. Plus, it was down even further from the $26.95 million in GGR, the MGM Springfield reported in September, which was the property’s first full month in operation.
MGM Springfield also reported $9.45 million in GGR in its first eight days after opening Aug. 23. In fact, the property has now reported just under $80 million in GGR since opening.
The reason for the November dip appeared to be an abundance of slot winners at MGM Springfield.
Almost $4 million more was bet on slots at the property compared to October. However, the slots paid out 92.10 percent of that to winners, compared to 91.17 percent in October. The result was a more than $1.25 million drop in slots GGR. Table game GGR was actually up more than $250,000 over October.
The 92.10 slot payout percentage represented the loosest the slots have been at MGM Springfield since it opened. More than $597 million has been wagered on slots since the casino opened.
The state’s take
The state collects a 25 percent tax on GGR from Category 1 resort-casinos. In November, the state’s take on MGM Springfield’s GGR amounted to $5.31 million. That brings the total tax revenue generated by the casino since launch to $19.97 million.
MGM originally projected the property would generate approximately $418 million in GGR in its first year. MGM Springfield would need to generate approximately $34.3 million a month in GGR to meet those projections. However, it has missed that mark in all three full months of operation since it opened. In fact, MGM Springfield has averaged approximately $23.4 million in GGR over those three months.
The 125,000-square-foot casino on the property includes 2,550 slot machines and 120 table games, plus a 23-table poker room.
Plainridge Park Casino numbers
In the meantime, the Massachusetts Gaming Commission also released revenue figures for the state’s other gaming facility.
The Plainridge Park Casino slot machine parlor in Plainville reported $12.85 million in GGR in November. This from more than $164.7 million bet on nearly 1,200 slots on the property. In November, Plainridge Park Casino slots paid out 92.2 percent of what they took in.
Plainridge Park Casino has reported more than $565.5 million in GGR since it opened in June 2015.
Since it is a Category 2 slots-parlor, Plainridge Park Casino is taxed 49 percent on GGR. In November, the state’s take on Plainridge Park Casino’s GGR amounted to $6.29 million. That brings the total tax revenue generated by the casino since launch to more than $277.1 million.