Encore Boston's record-breaking revenue drives Massachusetts casinos' $102M mark in March
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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 $12.94million. 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.
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.
