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MGM Springfield Falls $144 Million Shy Of Projections In First Year Of Operation

In First Year Of Operation, The Property Brought In Less Than Two-Thirds Of Yearly Projection

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MGM Springfield opened in August 2018. In its first full year of operation, the first-ever Las Vegas-style resort casino in Massachusetts didn’t even come close to hitting its projections.

One of MGM’s newest properties fell $144.2 million shy of its projected $418 million in projected yearly revenue. Since opening on August 24, 2018, the property brought in $273.8 million after the state’s gaming commission released its revenue report for August.

According to MassLive, MGM officials told state regulators that they expected to average $34.8 million in monthly revenue. The casino never did better than the $25.7 million from last March.

Executives from the casino don’t seem to be concerned at the first year’s results.

“We continue to be pleased with how well we’re being received in the market,” said president of MGM Springfield Michael Mathis in a statement. “As our second year of operation begins, we look forward to the opportunities ahead reaffirming our commitment to the community and Commonwealth through a robust calendar of events, exciting concerts, eclectic dining, dynamic casino promotions and world-class guest services synonymous with MGM Resorts.”

MGM Springfield closed out its first year of operation by winning $20.97 million from gamblers in August. Encore Boston Harbor netted $52.5 million in August revenue, while Plainridge Park Casino, which only houses slot machines, took in $12.1 million.

Every month since its opening last June, Encore Boston Harbor has been the state’s top-grossing casino. In its first eight days of operation, the casino won $16.8 million. By comparison, MGM Springfield won $19.7 million last January, the property’s worst month since its opening.

The three casinos combined to generate $85.57 million. The state took $24.28 million in tax revenue on a 25 percent tax rate from MGM and Encore and 49 percent from Plainridge Park.

 
 
 
 

Comments

NJCRUSHER
1 year ago

O

 
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NJCRUSHER
1 year ago

THIS RESULTS FROM OVERSATURATION IN A DEPRESSED MARKET.

 
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