Friday, June 2, 2023

Encore Boston’s record-breaking revenue drives Massachusetts casinos’ $102M mark in March | Yogonet International

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As reported by the Massachusetts Gaming Commission, the state’s three gambling centers had a good month during March according to the financial results for the period. Plainridge Park Casino, MGM Springfield and Encore Boston Harbor cumulatively generated more than $102 million in gaming revenue, about $28.6 million of which will be due to the state.

In terms of revenue, March was the best month on record for Encore Boston Harbor, which brought in $64.87 million last month. This translates into $16.2 million in state taxes and fees. 

MGM Springfield’s March numbers also entered the podium in terms of revenue, marking the third best month ever with $24.28 million. Plainridge took in about $12.94 million. MGM’s results will provide the state just more than $6 million, and Plainridge will contribute $6.34.

Encore saw slot revenues climb up to $35.1 million in March, and table games revenues of $29.6 million. MGM kept $18.8 million from slot games and $5.4 million from table games. 

Since Plainridge opened in June 2015, Massachusetts has collected nearly $1.05 billion from casino-style gambling. Encore and MGM are each taxed at a rate of 25% of gross gaming revenue and the money collected is split into various buckets, like local aid, the Transportation Infrastructure Fund, and an education fund.

Plainridge Park pays a 49% tax on its gross gaming revenue, with 82% of what is collected earmarked for local aid and the remaining 18% allotted to the state’s Race Horse Development Fund.

To date, the Commonwealth has collected approximately $1.047 billion in total taxes and assessments from the three properties since the respective openings of each gaming facility.

Rendering for the newly proposed entertainment district across Encore Boston Harbor

Back in February Las Vegas-based gaming and hospitality giant Wynn Resorts announced it will sell the real estate of the Encore Boston Harbor for $1.7 billion through a sale-leaseback transaction, on the same day the operator reported 53.5% operating revenue growth to $1.05 billion for the fourth quarter of 2021.

The business has entered “into a definitive agreement” to sell all of the land and real estate assets of the luxury property to California-based real estate investment trust Realty Income for $1.7 billion in cash, representing a 5.9% cap rate. Following the transaction, Wynn Resorts will continue to operate the venue.


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