MGM Springfield Hopes Stadium Casino Gaming Boosts Revenue
After failing to meet revenue projections over its first year of operations, the MGM Springfield in Massachusetts is set to unveil stadium gaming on its casino floor this Saturday, according to masslive.com, in an effort to boost revenue.
The stadium gaming system at the MGM Springfield features 24 video terminals which offer four popular casino games, including blackjack, roulette and two different types of baccarat. The display screens at each terminal will show players the live dealers running the games, and casino guests can quickly choose to play whichever game they desire or even all four at once.
The hook is that since the software system handles all bets and payouts, the games move along much quicker than traditional table games. Moreover, more people can play the same game at one time because the action on the terminals give players the chance to play up to four games at once. That means the 24 gaming terminals will be able to host up to 96 games at one time, four for each person at the machine.
MGM Springfield Reeling Amid Heavy Competition
The MGM Springfield fell well short of financial expectations during its first year of operations. According to the Hartford Courant, the casino’s $252.8 million in slot and table game revenue between Aug. 23, 2018 and July 31, 2019 was 39% less than the $412 million it expected to generate over the same timeframe when it revealed its estimates to Massachusetts regulators in 2010.
Additionally, the MGM Springfield reported for July its third-worst gross revenue total at $20.4 million, which means it’s already trailing the Encore Boston Harbor in Everett in gross revenue even though the Encore just opened on June 21.
That wasn’t necessarily something that was supposed to happen, at least not so soon. According to Springfield NBC affiliate WWLP, the two Massachusetts casinos thought they were targeting different markets, and that there were would be enough casino patrons in the area for everybody.
New England Casino Competition Heating Up
But the MGM property in Springfield doesn’t have to worry only about other Massachusetts operators such as the Encore Boston Harbor and the slots-only Plainridge Park casino. The New England casino market as a whole has become more crowded, so operators all around the region will probably have to come up with new and innovative ways to attract a consistent customer base.
“This market has some really strong competitors that have been in the market for 20-plus years,” said Mike Mathis, head of MGM Springfield, according to the Hartford Courant. “So I think we underestimated that level of loyalty and what it would take for those customers to give us a shot. We’re a little behind in our first year projections, but I feel good about the trajectory of it."
Other regional competition includes Connecticut’s Foxwoods Resort Casino and Mohegan Sun as well as three casinos in Rhode Island: The Twin River Hotel Casino in Lincoln, the Tiverton Casino Hotel in Riverton and Roger Williams Park in Providence.
Check out legal online gambling options available at NJ Online Casinos