It has been a good first week for the Encore Boston Harbor and the gaming scene in the state of Massachusetts. After what felt like a never-ending saga of will it or won’t it open, the positive headlines are a breath of fresh air.
Gamblers flocked to the new casino-resort and played $93.5 million on the slot machines alone. In total, the casino pulled in $16.79 million in winnings in the first week, an average of more than $2 million a day.
It’s a quite impressive start as the numbers are staggering when viewed in comparison to the MGM Springfield. While it’s also a fairly new property, the MGM Springfield only saw $19.95 million in revenue in the entire month of June.
Meanwhile, the Plainridge Park Casino in Plainville saw $13.5 million in revenues in June. However, their slots pay out 92.24 percent, which is the highest of the three casinos.
It goes to show the importance of location as the Encore Boston Harbor is just a 20-minue drive from downtown Boston while the Plainridge Park Casino is about an hour and 20 minutes away and the MGM Springfield is two hours away. Encore Boston Harbor is the most accessible Massachusetts casino to the 8.1 million people who live in the Boston Metropolitan Area.
At any rate, the state is the biggest winner as it has little to risk here. Massachusetts collects from all of the shops but it’s worth noting that the state picked up $4.2 million in tax revenue from Encore Boston Harbor in the first eight days and is estimating north of $15 million in the first month.
Since the opening of each of the three casinos, the state has collected $387 million in taxes in total, which is a huge boost to the government budget.
Drilling down into the numbers at Encore Boston Harbor, the biggest winner for the house was – as expected – the slot machines. With 3,158 to choose from, gamblers ended up playing $9.12 million’s worth of action in the first eight days.
The machines return about 90.25 percent of the coins to the players, but that still left 9.75 percent for the house.
As for the table games, there are 242 in total inside the new resort, and they saw about $7.67 million in revenue between the June 23 opening and the end of the month..
Overall, the casino estimates about $800 million in annual revenues. If the current pace holds up, it is going to blow by those figures. The $2.6 billion gambling resort isn’t going to take long to pay for itself if the numbers keep up like this.