Massachusetts Casino Generates $180M in Year 1August 16, 2016 11:47 am
Massachusetts opened its first regulated casino on June 24th, 2015, and after one year in business the slot machine parlor in Plainville has generated just over $180 million in gambling revenues. The state subsequently collected $88.2 million in state taxes, which was then used to help fund local projects ($72m), as well as the local racehorse industry ($16.2m).
Commenting on the positive impact of the casino, Gaming Commission Chairman Steve Crosby said that Plainridge Park currently employs around 500 peoples, about 20% of which were previously unemployed. He also stated that there had been no increase in serious traffic problems or crime since Plainridge Park opened last year.
July’s results completed Plainridge Park’s first year of operations, with the venue producing $13.8 million in revenues, representing its best month since August 2015. During the month, customers fed $185 million into Plainridge Park’s 1,250 slot machines, of which 7.5% was retained by the casino. The uptick in the amount gambled was a result of Plainridge Park gaining a greater level of insight into the market, and as General Manager Lance George explains:
“We are continuing to alter and improve our marketing and promotional efforts as we identify our target market, which allows us to offer a better mix of promotions that better resonate with our patrons.”
Massachusetts is expected to open two new casino resort over the next few years, including MGM in Springfield in 2018, and Wynn Boston Harbor in Everett in 2019. They will collectively cost around $3 billion to complete, with the first venue forecast to generate $75 million in annual revenues, and the latter around $100 million. Combined with Plainridge Park, the three gambling venues should boost revenues to around $300 million per year, with The Bay State subsequently receiving 25% of that amount by way of taxes. Meanwhile, the Mashpee Wampanoag Tribe’s plan to construct a $1 billion casino resort in southeast Massachusetts faces an uncertain future, and will first have to be settled in a federal court.