By Josh Resnek
Revenue target shortfalls are plaguing all Massachusetts casinos, according to an examination of casino income results since 2015.
This includes Encore here in Everett.
Encore’s income results have lagged from company projections since the opening at the end of June.
As we have previously reported, Encore’s first twelve month income had been predicted to be in the $800 million range by company officials prior to the opening.
After being in operation since June, that figure is believed to be closer to $600 million, if that.
Income lagged last month. The expectation is that income will be softer than expected in October and in the November and December holiday season.
Encore, however, has generated more money from gaming than any other company in the state and by a wide margin.
The MGM Springfield, which marked its first anniversary in August, fell short of projections by $100 million.
Business at the slots only Plainridge Park casino in Plainville has dropped off in recent months.
ll the casinos are experiencing softer than expected revenues from their slot machines which is believed to be an industry wide phenomena at the present time.
The state isn’t complaining, and here’s why.
Since allowing casinos to open, the state has collected almost a half- billion in tax revenues that might not otherwise have been collected.
Officials at the Encore have said previously that they expected it to take about three years for the Encore casino to ramp up to its full potential.
Others who track the industry claim that might never happen because there is simply too much competition for gambling dollars in Massachusetts and the region right now.
In Everett, about 5,000 jobs have been created by the opening of the casino and hotel.
Some attrition has already taken place, but employment figures remain high and jobs are still available.