By Josh Resnek
Encore Boston Harbor reported another powerful earnings month in August, according to figures released Monday by the Massachusetts Gaming Commission.
Total gaming figures amounted to $52 million, $3 million better than July revenues which came in at $49 million.
“We are pleased with the revenue figures,” Encore President Robert DeSalvio told casino the Gaming Commission and casino analysts.
“Slots figures were lower than anticipated but we have time to improve those figures substantially,” he said.
Encore’s slot figures have been sluggish, considered a problem by some industry analysts or not a problem at all by others.
Slot machines at Encore were expected to generate $300 per day per machine.
Income since July has been closer to $200 per machine per day. The exact gaming total for August was $52.4 million.
About $32.2 million came from gaming table, while $20 million came from slots.
Massachusetts received $13.1 million in taxes from those revenues alone.
Encore’s August figures were aided by significant promotional efforts, which are going.
The gaming figures do not include income from the hotel and the restaurants and other commercial ventures all impacting on the bottom line of the casino and hotel.
In just two months of operation, Encore has taken in a total slightly north of $101 million in gaming table and slots revenues.
Encore’s revenue figures are consistent with estimates that peg first year income at $600 million.
The company’s hope is for annual gaming revenues of $800 million to $1 billion at the end of the third year.
In Springfield, MGM’s casino is struggling to maintain its income projections.
In fact, Springfield’s gaming revenue was $144 million below projections during the casino’s first year of operation.
MGM had expected to take in an average of $34.8 million a month.
Instead, the average during the first year was $22 million a month. The casino apparently saw 500,000 visitors in August.
August revenues were about $600,000 higher than July’s which came in at $20,398,605.