By Josh Resnek
January revenues at Encore Boston Harbor Casino and Hotel tanked in January, dropping about $9 million over December’s end of the year flourish.
January’s figures were down about 12%, according to figures released last week by the Massachusetts Gaming Commission.
Slot machines did more business by $1 million than table games in January.
Overall, 2021 figures were up 80% over 2020, when the COVID-19 disaster was wreaking havoc on every sector in the national and world economy.
No reason is given by the MGC or from Encore about the reason for such a dramatic drop in revenues.
Encore finished the year strong with several months over $60 million.
Such figures gave rise in the industry to the belief that Encore was finally finding its place in Boston and Greater New England.
News of Wynn Resort’s sale of the Encore land and property came as a surprise in local business circles.
In gaming circles and among gaming consultants and writers the move was expected, and tends to be a reflection of what has been happening in the casino industry.
Cash is king, not the land the casinos and hotels sit on.
In the case of Encore, Wynn Resorts scored $1.7 billion for selling off the land and the properties on it. The land was originally purchased for $35 million.
The land would be valued today at closer to the $1.7 billion offered for it – of course this includes the casino building and the hotel.
Most valuable is the gaming license and the right to run a casino.
For Wynn Resorts, that is much more valuable than owning the land.
In a world where cash is always king, Wynn is about to stack up $1.7 billion in “chips” to invest, to retire debt, to bank at interest, to buy other gaming venues and on and on.