Gambling Revenues Slump; Encore Execs not Worried

By Josh Resnek

Gambling revenues at Encore Boston Harbor last month were off by more than $3 million from August, according to figures released by the Gaming Commission last week.

August revenues had risen to more than $52.5 million but dropped to $49 million for September.

Casino analysts all agreed, Encore has plenty of time to perfect its gaming operation and to grow it, although there was the fear that a soft September would be followed by a softer October and an even softer holiday period in November and December.

The holiday period is traditionally the weakest part of the year for gaming revenues.

Gaming revenues at all the states casinos and slot parlors were off just a bit although slots were slightly higher at Encore rising to $21.9 million.

Since opening on June 23, Encore has brought in $166.8 million, paying $41.7 million in state taxes.

However, the totals are smaller than expected for the gambling colossus.

Encore executives had predicted much higher gaming revenue income than has been generated before the facility opened.

Encore had estimated to the Gaming Commission that it would likely take in $800 million and possibly even more before the doors opened. Right now, Encore is showing that its yearly estimate may be closer to $600 million when all is said and done than $800 million.

Encore’s gaming income figures dwarf those of MGM Springfield which dropped to $19.9 million for the month of September, 2019, the lowest income figure for a month since the facility opened more than a year ago.

Last September, MGM Springfield reported $27 million in income.

The slack slot machine receipts is seen as an industry wide malaise in New England by financial experts following closely casino revenues.  Encore has taken off their slot machine floor a number of slot machine and have added table games, which have proven to be more popular.

The decline in revenues last month is not considered odious by casino analysts.

In the weeks to come, Encore will be likely to increase its marketing effort to induce more gaming by larger numbers of patrons which will cause numbers to spike upward.

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