Massachusetts Casinos Hit Nearly $99 Million In Revenue For July
Massachusetts casinos generated nearly $99 million in revenue in July.
The Massachusetts Gaming Commission reported this week the state’s three casinos generated $98.7 million in Gross Gaming Revenue (GGR) for the month. This marks the second straight month in which revenue increased at Massachusetts casinos. July’s revenue represents a 6% increase from June ($93.1 million).
Tax revenue was $27.7 million last month, also up 6% from June.
Encore Boston Harbor
Encore Boston Harbor reported a near-record of $64.7 million in GGR in July, up 7% from June ($60.1 million). Slots accounted for $35.1 million, and table games $29.7 million.
Encore’s revenue was nearly two-thirds of the state’s total and $150,000 shy of March’s record $64.87 million for the property.
As for taxes, one-quarter of all Class 1 resort casino revenue goes to the state. Encore’s contribution was $16.2 million, or almost 60% of the state’s monthly total.
July is the fifth time in the past 12 months that Encore topped $60 million in GGR:
- March 2022: $64.9 million
- July 2022: $64.7 million
- April 2022: $63.7 million
- December 2021: $62.4 million
- October 2021: $62.8 million
Encore Boston Harbor also has reported at least $54 million in GGR every month for the last year, a sound baseline moving toward the fall months and accompanying football season.
Massachusetts’ second Class 1 resort casino, MGM Springfield, brought in $21.5 million in GGR in July. It experienced the smallest increase in the state from June, up less than 2% from $21.1 million.
MGM Springfield had a higher percentage of slot-to-table-game play than Encore. While Encore’s split was roughly 55-45, MGM’s slot players accounted for 80% of its monthly GGR. Slot revenue was $17.3 million, while table games revenue was $4.2 million.
MGM paid $5.4 million in taxes in July, also taxed at 25% of its reported GGR. It has paid more than $5 million in taxes each of the last five months, meaning it has also reported earnings surpassing $20 million during those months:
- July 2022: $21.5 million
- June 2022: $21.1 million
- May 2022: $21.2 million
- April 2022: $22.5 million
- March 2022: $24.3 million
Plainridge Park Casino
All of Plainridge Park’s revenue comes from slots, as it is the only Class 2 slots-only property in The Bay State. It reported $12.5 million in GGR, up 4% from June ($12 million).
Plainridge Park Casino came within 3.2% of its yearly best ($12.9 million), reported in March and April.
However, category 2 facilities are taxed at up to 49%, meaning its $6.1 million tax bill was actually larger than the $5.4 million MGM paid to the commonwealth. Of that amount, $2.2 million (18%) went to the state’s Race Horse Development Fund (RHDF).
Looking ahead to the fall
The NFL’s regular season begins in less than a month. Football season usually brings casinos business, even those without sports betting.
Gov. Charlie Baker recently signed a bill to legalize sports betting that lawmakers approved in the state’s House and Senate at the beginning of August. However, sportsbooks will not be launching in time for football season to begin. Still, hope exists that the state will begin taking wagers sometime before the end of 2022.
Once live, most sports betting will be via mobile device. Nonetheless, retail sportsbooks will still be a draw, and increased foot traffic will increase casino revenue across the board. Even if sportsbooks do not go live until sometime next year, casinos should see competitive months through the rest of the year.