State casino revenues dip in October, with MGM Springfield showing slight reduction

SPRINGFIELD — Gross gaming revenues at the state’s three casinos dipped about $1 million in October compared to the prior month, including slightly lower numbers at MGM Springfield.

MGM Springfield, Encore Boston Harbor and Plainridge Park generated approximately $69 million in gross gaming revenues in October, according to the Massachusetts Gaming Commission.

The total revenues reflect the casinos continuing to struggle during the coronavirus pandemic, with significant reductions in patrons, major layoffs and tighter state restrictions.

MGM Springfield generated $17.5 million in gross gaming revenue in October, compared to $17.6 million in September.

MGM reported $3.99 million in table revenues and $13.52 million in slots revenues.

MGM’s gross gaming revenues in September, meanwhile, reflected a $1.2 million drop from August.

Encore Boston Harbor had $41.1 million in total revenues in October and Plainridge Park had about $10.1 million, according to the Gaming Commission.

Nationally, third-quarter gaming revenue hit 81% of the industry’s pre-pandemic levels, according to the American Gaming Association. Third-quarter revenue increased 294% from the second quarter, when many facilities were forced to shut down.

Through the first nine months of 2020, gaming revenue was down 36.5%, the association said in a statement.

In Massachusetts, the gross revenues were significantly higher a year ago.

In October of 2019, MGM Springfield generated $21.2 million in gross gaming revenue, according to data released by the gaming commission last year.

The gross gaming revenues for Encore were $45.8 million in October of 2019, and the revenues were $11.2 million at Plainridge.

MGM Springfield’s total state taxes in October of 2020 was $4,376,520, while Encore’s state taxes were approximately $10.3 million.

MGM Springfield and Encore, both Category 1 casinos, are taxed by the state at 25% of their gross gambling revenue.

Plainridge was taxed at $4.94 million by state. As a Category 2 slots parlor, Plainridge is taxed at 49% of its gross gaming revenue, with 82% paid to locl aid, and 18% allotted to the Race Horse Development Fund.

Related Content:

Source link

Leave a Reply