Wynn Resorts leads casino market share in Massachusetts in July

Wynn Resorts Ltd. commanded a whopping 66 percent share of the Massachusetts casino market in July, the Massachusetts Gaming Commission reported Monday.

The commonwealth announced gross gaming revenue was $98.7 million from the state’s three casinos, with Wynn’s Encore Boston Harbor in Everett winning $64.7 million, MGM Resorts International’s MGM Springfield collecting $21.5 million (22 percent market share) and the Plainridge Park Casino in Plainville, operated by Penn Entertainment Inc., $12.5 million (13 percent).

Revenue was up 3.1 percent from July 2021 and 21.1 percent from prepandemic July 2019.

Encore Boston Harbor, which opened in June 2019, reported gaming revenue of $35.1 million from slot machines and $29.7 million from table games and, with a 25 percent tax rate, contributed $16.2 million in taxes to the state.

MGM Springfield, which opened in August 2018, reported gaming revenue of $17.3 million from slot machines and $4.2 million from table games and, with a 25 percent tax rate, contributed $5.4 million in taxes to the state.

Plainridge Park, a slot machines-only casino with a 49 percent tax rate, reported $12.5 million in revenue and paid $6.1 million in taxes.

Carlo Santarelli, gaming industry analyst at Deutsche Bank, issued a report to investors Monday that said Encore and Plainridge Park performed above expectations, while MGM was about 0.3 percent below revenue projections.

Santarelli said there were 10 weekend dates in both 2022 and 2021 in July, but just eight in July 2019.

Joe Greff, gaming industry analyst with J.P. Morgan, said while the state’s win per day was up 2.6 percent sequentially from previous months, it was behind trends reported in other states.

To date, Massachusetts has collected an estimated $1.2 billion in total taxes and assessments from PPC, MGM and Encore since the respective openings of each casino, the Gaming Commission reported.

Encore and MGM Springfield are expected to generate more revenue late this year or early next year when sports betting is expected to begin. The Gaming Commission has a meeting later this week at which members will begin discussing the regulation of sports wagering.

Traded on the Nasdaq exchange, Wynn Resorts shares fell 0.6 percent, 41 cents, to $68.33 a share on volume of about half the daily average on Monday.

New York Stock Exchange-traded MGM shares were down 0.17 percent, 6 cents, to $35.54 a share, also on half the daily average volume.

Penn fell 0.66 percent, 25 cents, to $37.45 a share in light trading Monday.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.