Financial disaster brewing for November numbers
By JOSH RESNEK
Figures released by the Massachusetts Gaming Commission this week show a decline in revenues at Encore Boston Harbor that does not yet reflect the changes in operation that have taken place since late October and early November.
October figures were off about $1.8 million from September figures.
Total income hovered at $41.1 million which was down about $6 million from October 2019, according to the MGC.
If the past is an indication of what will be generated moving forward, November will be a revenue disaster, this, according to a former executive at the sprawling hotel and casino.
The hotel is closed.
This is a disaster of the first order for Encore and for the city.
The casino hours have been drastically altered.
The casino and hotel employment roster is likely down to under 1,000 after reaching a high after the opening of 5,000+.
The casino now opens at noon Monday thru Thursday and closes at 9 pm.
From Friday thru Sunday, the casino opens at 9 am and closes at 9 pm.
“This is no way to run a casino business,” said an Encore management employee.
“You can’t be asking people to leave at 9pm on a Friday night or a Saturday. It is ludicrous,” he added.
“There were six of me employed doing our thing just two months ago. Now there are only two remaining,” said the manager.
The new casino hours and the closure of the hotel have had a negative effect on the facility’s restaurants – which had otherwise been thriving even in the downtime caused by the virus.
Again, the early closing times imposed by the state due to the COIVD-19 pandemic makes restaurant sustainability almost impossible.
The coming of a possible vaccine may change the situation overnight; it may not. How people come back from the virus, and how the society recovers and changes, are still unknown.
As we have reported repeatedly, the short term is a disaster for Encore and for the city.
The longer-term holds the great hope.
Right now, Wynn properties in Macau and Las Vegas are racking up big losses as crowds have not reappeared.
With the epidemic spiraling out of control, Encore Boston Harbor is facing new hurdles in the days and weeks to come.