The casinos in Massachusetts are not in for a good time as their performance has been called into question this past few months. All the casinos, including the old and new ones, found it difficult to make profit in the month of October. On the other hand, MGM Resorts’ property had one of its best performances in 6 months.
According to news reports gotten from Calvin Ayre, the Massachusetts Gaming Commission released figures on Friday, which showed the MGM Springfield casino was able to earn about $21.2 million in gaming revenue for October.
This figure is just $1 million short of their earnings in the same period last year. Thankfully, it’s been one of the property’s best performance since May 2019. The $1 million deficit was simply because of table games at MGM, as the revenue for slots experienced a slight rise.
For some time now, Encore Boston Harbor of Wynn Resorts has been taking the most portion of Massachusetts’s table game action they opened in the latter parts of June this year.
The company had its worst table performance to date at $23.5 million, a fall of $3.5 million when compared to what was earned in September.
The fall had a negative impact on Encore’s best slots performance to date ($22.3 million). This leaves total gaming revenue in the region of $3.1 million below the figure in September.
As for Plainridge Park Casino, the situation was actually worse. The venue which runs just slots alone is run by PNG (Penn National Gaming). The gaming revenue for Plainridge’s gaming totaled a meager $11.25 million.
This sum is about $300,000 less than what it earned in the last month and about $2.3 million less than what was earned in October 2018. So far, this sum is the lowest full-month total since the Casino was launched in June 2015.
Wynn’s massive promotional spending had an enormous impact on the visitation by Plainridge’s. The promo spending aimed to introduce Encore to gamblers in Massachusetts, and it was the reason the company could not meet its third-quarter target as regards earnings.
The execs at PNG stated that they were expecting the worst-case impact on Plainridge from the unveiling of Encore, which would be of a low percentage. They also admitted about last month that it is a little closer to 20 percent.
Speaking of several awaiting clients, MGM Springfield was likely to steal off bettors from the neighboring casino’s in Connecticut, Mohegan Sun and Foxwoods. Sure enough, the revenue from slot at the two casinos in Connecticut had been experiencing a fall since the mid 2018 opening of MGM Springfield.
As luck would have it, there’s light at the end of the tunnel. Mohegan Sun, on Friday, reported slots revenue of $43.7 million for the month of October.
An increase of 2.6% when compared to the same period last year. Foxwoods reported a lesser slots take of $34.4 million and a smaller year-on-year rise of 0.4%. From the look of things, this is a win is a win situation.
The two properties also reported a fall in slots handle. Mohegan Sun fell 3.3% to $528.4 million while Foxwoods experienced a dip of 1.4% to $430 million.