Encore, MGM and Plainridge Generate $100 million
By Josh Resnek
Of the $95.6 million in gaming revenues generated in December by the state’s three gaming locations, Encore Boston Harbor topped the total with $62.4 million.
This was Encore’s second best month since opening in June, 2019. October, 2021 remains the biggest month with a $62.8 million haul.
The strong income figures for Encore, and for the other two locations, reveals that casino gaming is entering a new phase of higher monthly revenues and general attraction which has taken almost 2 years to gestate.
The state is very happy with this rising income level.
December’s tax take from the gaming revenues will be $26 million.
If the higher income trend continues, the state could collect north of $350 million in taxes in 2022.
Encore’s slot machines produced more income than table games in December, according to the Massachusetts Gaming Commission’s monthly revenue report.
Slots took in almost $32 million as compared with table games which generated almost $31 million.
Bottom line – if the economy remains in a growth posture, and people have disposable income so they can entertain themselves, the future is looking bright for Encore.
A successful Encore enhances the income position of the city of Everett.
If the Encore Hotel is 50% occupied during the week and entirely occupied during the weekends, which is apparently where occupancy now stands, the city of Everett stands to take in about $5 million in room taxes.
This is in addition to the $30 million yearly in lieu of tax payment that Encore pays the city from year to year.
However, some dark clouds seem to be gathering on the economic front.
The stock market has been in retreat for two weeks, and rather dramatically.
401 K accounts have been hit hard as well as stock portfolios.
Wynn stock is near its yearly low.
It opened at $81 on Monday.
The 52 week high was $143.
Also, with CEO Matt Maddox leaving the company, questions have arisen among casino analysts about what the effect might be on Wynn Resorts future.
Maddox has been a bulwark for Encore since Steve Wynn had to step down in 2019.
It is believed Maddox may become a pro-football part owner/general manager, cashing in on his experience as a casino head to move on in the sports and entertainment game.
Maddox leaving is a leadership challenge for Wynn Resorts.