By Josh Resnek
Encore officials told their investors last week that the new operation in Everett lost $41.7 million during the first quarter of operation this year.
Neither officials nor investors were apparently too disappointed about the announcement as it was mostly expected.
Encore officials have conceded that it could take as long as three years to maximize income and profits and to pay down the $2.6 billion that was spent building out the casino and hotel.
Despite the reported loss, the Encore Boston Harbor remains by a wide margin the most successful casino and hotel in the region by a wide mark.
Total income from gaming was about $140 million during the first quarter ending on September 30.
The annualized income from gaming will likely total about $600 million this year, according to company officials and industry analysts. That would be about $200 million or more off projections originally set for about $800 million before the doors opened late in June.
The hotel was occupied at a 68 per cent rate and took in $18 million. The food end retail interests generated $28 million more, Encore reported.
Entertainment venues added an additional $13 million.
The average hotel room cost was approximately $450 a night, the highest average in the region.
Encore officials are continuing to plan for a bright future at the sprawling facility.
There are indications the company is trying to branch out operations into the Assembly Square Mall nexus to increase the energy between Somerville and the casino and hotel.
An entirely new management team is now in control.
About 5,000 employees remain on the payroll with other jobs still available.
Parking charges have been done away with.
Analysts claim that October gaming income figures, which should be out this week, will be off from September’s and that November and December will be soft months as well.
Analysts remain undeterred about the attractiveness of Wynn Company stock and future potential.