By Josh Resnek
The Encore Casino and Hotel generated almost $20 million in gaming revenues during its first week in business at the end of June despite the Sunday opening, according to figures compiled and released Monday afternoon by the Massachusetts Gaming Commission.
For Everett public officials and for Encore officials themselves, the first week’s revenues at nearly $20 million is a staggering figure compared with all other gaming entities operating in the state.
If such weekly revenues can be maintained, then the annualized gaming revenues generated by Encore will be in the $1 billion+ range during its first twelve months in operation.
The state took in more than $4 million as its cuts of the gaming revenues during this first week, a figure certain to have raised eyebrows in the governor’s office.
Casino experts all agree, Encore’s first week should be exceeded by more substantial weeks in the months to come.
Followers of Wynn Resorts financials were all abuzz on the Internet about the first week’s results.
At this level, the gaming industry is able to push up volume and profits substantially, allowing in some quarters for a 6-10% jump in gaming revenues.
In the first eight days that Encore Boston Harbor was open, gamblers wagered more than $93.5 million on the slot machines alone at the Everett casino and the Wynn Resorts operation counted $16.79 million in total revenue, or more than $2 million a day.
More than half of the eight days worth of revenue, $9.12 million, was generated by the resort casino’s 3,158 slot machines. Those machines returned about 90.25 percent of the $93.5 million that players put into them as winnings and held back 9.75 percent for the House, the Massachusetts Gaming Commission reported in its monthly revenue roundup.
The casino’s 242 table games brought in another $7.67 million in revenue for Encore between its June 23 grand opening and the end of June.
The first week-plus of action at the Greater Boston resort casino generated about $4.2 million in tax revenue for the state, but coincided with the second- worst month on record for the state’s first full-scale casino, MGM Springfield. While Encore counted $16.79 million in revenue in eight days, MGM Springfield took in just more than $19.95 million in revenue over the full month of June.
Gamblers put $174.75 million into MGM’s slot machines last month, generating $14.7 million in revenue for the casino. In June, MGM Springfield’s slots paid out at a higher rate than Encore Boston Harbor’s machines. In Springfield, the machines returned 91.59 percent of money wagered to players while Encore’s slots returned 90.25 percent.