There’s bad news for Massachusetts, as casino revenues continue to fall. The MGM Springfield opened just three months ago, and profits are down for October and September, but the company doesn’t seem to be too worried – yet.
The state Gaming Commission reported earlier this week that the MGM Springfield generated $21m (£16.6m) in gambling revenues in November, down from October’s $22m (£17.4m) and September’s $27 (£21.3m).
MGM Springfield President Michael Mathis said in a statement the company is pleased with the western Massachusetts casino’s “overall performance.”
He said November represented “another solid month” for the property, which combines the revenues of its restaurant, bars, hotel, and other attractions located near Connecticut. It provides 25% of its gross gambling revenues to the state.
Plainridge Park in Plainville, which is a slots parlor and horse racing track near Rhode Island, generated $12.8m (£10.1m) in November, according to the Gaming Commission. This was down from October’s $13.5m (£10.7m) and September’s $14.3m (£11.3m), the commission reported. Plainridge contributes a whopping 49% of its gross gambling revenues to the state.
It’s the fifth consecutive month of year-over-year gambling declines, which is worrying for state income at the moment.
Slots also down
Foxwoods reported last week that its slot machine revenues declined from $38m (£30m) last November to $35m (£27.6m) last month.
And Mohegan Sun’s revenue has suffered a decline of about 7%, from $47.5m (£37.5) last November to about $44m (£34.7m) last month.
Both casinos provide 25% of their slot revenues to the state. While they said that MGM’s opening in the same market had impacted their profits, it’s believed that the effects are not as great as forecast.
Rhode Island’s two casinos haven’t yet reported their November revenue numbers.
According to Rhode Island’s lottery division reports, Twin River in Lincoln generates $44.5m (£35.1m) in net revenues from table games and slot machines in October.
Twin River was the first place in New England to accept professional sports bets late in November, shortly ahead of Tiverton, which got on board earlier this month.
The Tiverton Casino Hotel, also owned by Twin River and opened in September, generated $9.3m (£7.3m) in net gambling revenues this October.
Watchful eyes from the state and elsewhere will certainly be keeping an eye on Massachusetts gambling revenue over the next few months to see if it falls any further.