During the first eight days that Encore Boston Harbor was open, gamblers bet more than $93.5 million on just the slot machines alone at the Everett casino, and the Wynn Resorts business counted $16.79 million in entire revenue or more than the sum of $2 million per day.
More than half of the eight days’ worth of income, $9.12 million, was made by the resort casino’s 3,158 slot machines. Those slot machines returned around 90.25 percent of the $93.5 million that gamers put into them as winnings and withdrawn 9.75 percent for the House, the Massachusetts Gaming Commission stated in its monthly income overview analysis.
The casino’s 242 table games delivered another sum of $7.67 million in profits for Encore between its June 23 grand unveiling and the end of the month of June.
Just last week, Encore Boston Harbor officials hyped the Everett facility’s smooth opening and said everything was functioning well at the $2.6 billion resort gambling citadel.
“So far, so good,” President of Encore Boston Harbor in the person of Robert DeSalvio commented last week on WGBH’s Greater Boston.
“However, I will disclose to you that it takes a while to ramp up and construct these properties up to complete potential — you have to construct a database — so for us, there’s an anticipation that it doesn’t come automatically, but it will come in time.”
Though he did not divulge the casino’s profit in its first eight days, DeSalvio said it is “way too speedy to tell” whether Encore Boston Harbor will meet its target of $800 million in annual income.
The initial week-plus of action at the Greater Boston resort casino made around $4.2 million in tax income for the state but corresponded with the second-worst month on record for the state’s first full-scale casino, MGM Springfield. While Encore recorded $16.79 million in income within eight days, MGM Springfield had more than $19.95 million in profit over the entire month of June.
Players put $174.75 million into MGM’s slot machines last month, making $14.7 million in income for the casino. Within June, MGM Springfield’s slots gave out at a higher rate than Encore Boston Harbor’s machines. In Springfield, the machines made 91.59 percent of money wagered to gamblers while Encore’s slots made 90.25 percent return.
With another $5.26 million in income from table games, June signified the poorest profit month for MGM Springfield since January which returned 19.7 million and just the second complete month since launching last August that the casino did not make at least $21 million from playing.
The state government can anticipate collecting around $4.99 million in taxes from MGM Springfield’s June profits. Together, the two full-scale casinos generated produced about $9.19 million in tax income for the state last month. The two full-scale casinos in Massachusetts, i.e., MGM Springfield and Encore Boston Harbor are both taxed at the rate of 25 percent of their aggregate gross gaming income.
The slots parlor at Plainridge Park Casino recorded $13.5 million in income last month and a slot machine payout rate of 92.24 percent, the most satisfactory for players of the state’s three gambling outlets.
The state is eligible to above $5.42 million of Plainridge’s June income in the form of taxes envisioned for local aid and another $1.22 million for the Race Horse Development Fund. That works out to a full tax or assessment hit of about $6.64 million last month, as stated by to the Gaming Commission.
Plainridge is taxed on 49 percent of its gross gaming income, with 82 percent of the charge going to local aid and 18 percent to a fund set up to sponsor horse racing, an industry that is striving in Massachusetts.
Massachusetts has received a cumulative $387 million in taxes and assessments from the three gaming outlet that has opened, the Gaming Commission stated.