Comes Back Strong After Several Soft Month
By Josh Resnek
Encore Boston Harbor Casino and Hotel set a one month record taking in $64.8 million in February, the Massachusetts Gaming Commission reported last week.
That figure represented a quantum leap from the $53.9 million the casino generated in January.
The nearly $11 million one month jump in gaming revenues was seen as a historic tipping point in the casino’s almost three year history.
It points to the increased earning power of the casino, and the hotel, as the business pulls away from the debilitating results of the two year pandemic.
The numbers revealed $35.1 in slot machine revenues and $29.6 million in table game revenues.
This compares with last months totals of $27.8 million in slots and $26 million respectively in table game revenues.
MGM Springfield took in $24.2 million compared with last months, $18.6 million. That was up almost $6 million.
The Springfield casino does a lopsided amount of business with slots, which represented $14.3 million of the revenues as op- posed to table games which brought in $4.2 million.
Plainville Park Casino, a slot parlor only, generated $12.9 million compared with $9.8 million.
Total tax revenues for the state amounted to $28.6 million as compared with February totals of $22.9 million.
Massachusetts is considering legalizing sports betting statewide.
This time around the state seems more inclined to bring it in than to exclude it.
State gaming officials said they believe the state is ready and set to roll out sports betting.
Such a move would be of great advantage to Encore, MGM Springfield and likely to Plainridge.
Sports betting is all online and requires very little infrastructure other than the software necessary for major gambling entities to take in millions and millions of dollars.
The stock market’s softness. Coupled with international gaming conditions have caused Wynn Resorts stock to tank.
Wynn’s stock, which is traded on the NAS- DAQ is hovering around in the $73 dollar area for the past month.
The 52 week low is $66.23.
Wynn’s stock price is greatly affected by international events.
A vast portion of its earnings come from China.
China is reeling from inflation and from a big COVID-19 outbreak which has led to entire cities like Shanghai being quarantined.
In addition, gambling revenues being generated in Macau, where Wynn Resorts earns 75% of its gambling revenues remains soft as health restrictions have caused large crowds to stay away from the Chinese gaming mecca.
The political situation is also in flux with China’s main ally, Russia, embroiled in a disastrous war with Ukraine.
Wynn Resorts is a major leader in the gaming and hotel business.
In the long term, its earnings should skyrocket.
Right now, its stock is in the doldrums as sentiments on Wall Street are not favoring the gaming giant.