Encore Boston Harbor Generates $16.8 Million In First Eight Days Of OperationThe Recently Opened Resort And Casino Was Nearly The State's Top Grossing Casino In First Week Of Business |
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In the first eight days of operation, Encore Boston Harbor generated $16.8 million in revenue, according to the Massachusetts Gaming Commission.
The $2.6 billion resort and casino opened on June 23. In just the eight days of June, Encore generated more revenue than Plainridge Park Casino and was just $3.2 million shy of MGM Springfield. With a full month of July to operate, it’s a near certainty that Encore will overtake the other two properties as the Bay State’s top grossing casino.
Of the total revenue, gamblers lost most of it on the property’s slot machines. $9.12 million in revenue was generated by the 3,158 slot machines on premises. The other $7.67 million came from table games revenue.
Plainridge Park Casino doesn’t have table games and all $13.54 million in revenue came from slot machines. MGM Springfield took in $19.95 million, with $14.7 million coming from slot machines and $5.25 million from table games.
The state collected $15.82 million in tax revenue, with $4.2 million coming from Encore Boston Harbor. Encore and MGM are subject to a 25 percent tax rate, while Plainridge Park is taxed at 49 percent.
If July’s revenue is on par with a shortened June revenue report, Encore Boston Harbor will produce $65.1 million in revenue. The state would receive $16.275 million in tax revenue.
Encore Boston Harbor’s President Robert DeSalvio told the Lowell Sun that they should expect an uptick in revenue as time goes on.
“I will tell you that it takes a while to ramp up and build these properties up to full potential – you have to build a database – so for us, there’s an expectation that it doesn’t come automatically but it will come over time,” said DeSalvio.
The expectations for the property is still $800 million in annual revenue, but DeSalvio said that it was “too early to tell” if the expectations would be met.
In the months leading up to the opening, there were concerns about Wynn Resorts’ gaming license from the state because of Steve Wynn’s alleged sexual misconduct. In May, the commission fined the company $35 million and deemed it suitable to operate in the state.
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