Gaming revenue down 12.6% in Massachusetts in September
Gross gaming revenue in Massachusetts in September was down 12.6 percent from a year ago, the Massachusetts Gaming Commission reported Thursday.
Two of the three casinos operating in the Bay State are based in Las Vegas.
The commission reported slot machine revenue of $23.4 million and table game revenue of $19.5 million at Wynn Resorts Ltd.’s Encore Boston Harbor for the month. At a 25 percent tax rate, the state collected $10.7 million from Wynn.
In western Massachusetts, MGM Springfield, operated by MGM Resorts International, reported slot revenue of $14 million and table game revenue of $3.6 million with $4.4 million collected in taxes.
Penn National Gaming’s Plainridge Park Casino had gross gaming revenue of $9.9 million. Plainridge, a slots-only operation, pays a 49 percent tax rate or $4.9 million for the month of September.
The state reported it collected a total $20 million in taxes for the month. September was the second month of operations since casinos were allowed to reopen after a March closure resulting from the coronavirus pandemic.
The Nevada Gaming Control Board will announce September gaming revenue at the end of October.
New York-based Carlo Santarelli, a gaming analyst with Deutsche Bank, said revenue was down 12.6 percent for September and 24.5 percent for the third quarter.
Santarelli’s analysis shows Wynn with a 60.9 percent market share in the state, MGM at 25 percent and Penn at 14.1 percent.
Wynn’s slot revenue was up from a year ago thanks to a 12 percent increase in slot handle, offset by a 7.7 percent hold, down 35 points. Table revenue, hurt by state restrictions keeping some games closed because of social distancing requirements, was down by 27.9 percent.
At MGM Springfield, slot revenue was down 5.2 percent from a year ago with handle down 0.9 percent and hold at 8.2 percent, down 37 points. Table game revenue was off 34.3 percent.
Joe Greff, a gaming analyst with J.P. Morgan, New York, said Massachusetts was allowing roulette to be reintroduced with 16 tables at Encore Boston Harbor and seven at MGM Springfield with no more than three players allowed per table.
The September calendars of 2019 and 2020 were similar with eight weekend days in each.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
