Encore Boston Casino Thrives in First Month as Rivals Shrink
After a stellar first eight days of garnering impressive returns when the Encore Boston Harbor first opened on June 23, Boston’s newest gaming facility posted strong revenue numbers during its first full month of operation to establish itself as the New England region’s new industry leader.
According to Boston radio station WBUR, the Encore Boston Harbor in Everett accounted for 60% of the $81.4 million cumulative gross revenue generated in July by the three Massachusetts casinos. The other casinos in the state are the MGM Springfield and Plainridge Park Casino.
The Encore Boston Harbor, which is a Wynn Resorts property, posted $48.5 million in gross gaming revenue for July. That gave the newest casino on the scene, in what was already considered a very competitive environment, a strong opening salvo in the ever-growing battle to attract and keep casino customers.
Encore Boston Harbor Outproduces Competition
The Encore Boston Harbor more than doubled its next closest state rival in terms of total revenue for July. According to the Massachusetts Gaming Commission’s July report, gross revenue from table games at the Encore Boston Harbor led the way at $27.4 million. Gross revenue from slots followed at $21.1 million.
That combined to produce $12.1 million in tax revenue for the state from Encore Boston Harbor alone, more than half of the $23.3 million generated by all three casinos. Both the Encore Boston Harbor and MGM Springfield are subject to a 25% tax rate on gross revenue while Plainridge Park Casino is subject to 49%.
Tax revenue generated by the MGM Springfield hit $5.1 million while Plainridge Park Casino’s higher tax rate generated $6.1 million.
Rhode Island’s Twin River Casino Hurting
While the July revenue numbers for the Encore Boston Harbor were evidence of a really strong start by the casino, other New England casinos might have been negatively impacted by customers flocking to the new place for table games and slot machines.
MGM Springfield posted its third-worst gross revenue total last month at $20.4 million, whereas Plainridge Park Casino generated $12.5 million. Over 75% of the MGM Springfield’s revenue came via slot machines; Plainridge Park Casino is a slots-only gaming facility.
But even Rhode Island’s Twin River Casino is reportedly reeling from the overwhelming success at the Encore Boston Harbor. According to Providence NBC affiliate WJAR, Twin River is now in the midst of considering layoffs after missing out on table game revenue projections for the month, something that company believes was directly related to the Encore Boston Harbor opening less than 60 miles down the road.
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