The revenue from table games and slot machines generated by MGM Springfield still manages to outpace its revenue generated in 2022, although online gambling and mobile sports betting services have posed strong competition in the local gambling market.
According to figures that were officially reported by the Massachusetts Gaming Commission at the beginning of the week, for April 2023, MGM Springfield reported gross table gaming and slot revenue of $23.7 million, with the sum surpassing the $22.5-million slot and table gambling revenue generated a year ago. The result remained high but also proved that gambling revenue tends to seasonally vary, considering the fact that the table games and slots gross gambling revenue of MGM Springfield amounted to $24 million in March 2023 and $23.2 million in February 2023.
This March was the second-busiest month in the entire five-year history of the MGM Springfield casino.
As confirmed by the state’s gambling regulatory body, the revenues of the casino have managed to exceed $24 million only in March 2022 and March 2023, after it started operation in August 2018.
The overall in-person sports betting handle reported for April this year by MGM Springfield roughly equaled the casino’s $1.66-million handle in March and the one in February, worth $1.70 million.
Gross Gambling Revenue of Three Massachusetts Casino Worth $101 Million
According to information revealed by the Massachusetts Gaming Commission, in April, the three casinos – MGM Springfield, Plainridge Park Casino, and Encore Boston Harbor – generated gross gambling revenue worth $101 million.
Plainridge Park Casino, which currently does not feature any table games, reported gross slot revenue of $13.4 million in April, with the result representing a decline from the $14 million reported in March this year, and a slight increase from the $12.9 million from the figure reported in April 2022. On the other hand, Encore Boston Harbor reported gross table and slot revenue of $64 million in April 2023. The figure represented a decline from the $66-million table and slot revenue posted in March, and an increase from the $63 million in April 2022.
Currently, the taxable sports betting revenue on all six online and mobile sports betting companies holding an operating permit in Massachusetts, and the three in-person license holders, totaled $58.91 million in April. According to the figures, online and mobile sportsbook services have been having a negative effect on in-person bets lately.
BetMGM reported an April online handle of $43 million and a March online handle of $44 million. Plainridge Park Casino, on the other hand, reported it managed to generate $3.4 million in on-site sports betting handle last month, while Encore Boston Harbor reported it got $8 million.
In January, William Hornbuckle, the CEO of MGM Resorts International, admitted that the casino resort had never managed to meet the preliminary expectations set before its opening. At the time, he also noted that the venue is likely to never actually provide the 3,000 promised jobs.
