MGM Springfield has once again reported a decline in gross gaming revenue (GGR). The Massachusetts based property reported a six percent decline in November. MGM Springfield opened in August 2018 and won a GGR of $21.2 million in November the same year. In November 2019, the GGR went to 19.9 million, a drop of 6 percent. When the Massachusetts Gaming Commission was licensing the property, the revenue forecast was $34.8 million each month. Now MGM Springfield is 15 months old and has never got close to that estimate.
According to Casino.org, MGM Springfield is contributing substantial tax revenue to the state despite failing to reach its forecast. MGM Springfield, together with Boston Harbor casinos, are taxed 25 percent of their GGR. According to MGC, the property has paid $500 million in taxes since it became operational in Massachusetts.
Just like MGM Springfield, Wynn Resorts Encore casino GGR is also below its forecast. The company’s casinos outside Massachusetts would earn $800 million in its first year and an average of $66.6 million per month. Nevertheless, Boston property is a winning an average of $48.6 million per month. According to Brian Gullbrants, the president of Wynn Encore Boston, the company is yet to make a substantial profit. He said his goal is to make Boston casino fit for Boston and not a Vegas Casino in Boston. The company reported having reduced table gaming prices from $50 to $15 to attract more gamblers.
