By Josh Resnek
Just when it appeared that gaming figures were reaching new heights at Encore, a modest slowdown in November put a mild damper on the extraordinary income flow that has been produced there for the past six months.
October revenues came in at about $62 million.
November’s was $59 million.
That being said, the implementation of sports gaming to be allowed at the casino in the next quarter is certain to cause a quantum leap in gaming income for Encore.
Exactly how much in gaming revenue will be generated remains a mystery until the electronic sports gaming component at Encore is activated.
It is expected sports gaming will be up and running by mid-January.
Industry sources claim sports gaming revenues could add tens of millions of dollars to the monthly take at Encore.
The New England sports betting mania is well known across the nation.
For decades, bettors used local bookmakers to make bets on sporting events.
With the introduction of sports betting here at Encore, the bookmakers are going to vanish like the dinosaurs.
In other Wynn/Encore news…the price for a share of Wynn Resorts stock stands at about $82 as of publication of this week’s Leader Herald.
This year’s high is just about that number and the low is nearer to $50.
The government of China has recently reduced or rescinded COVID 19 restrictions in Hong Kong, which includes Macao.
Macao is the key to Wynn Resort’s success or failure in the immediate future.
Wynn derives 75% of its income from Macao, which has been limping along because of the restrictions placed on those wishing to travel to Macao to gamble.
It is expected that during the next six months, gaming revenues in Macao will increase dramatically.
That will most likely have a great effect on Wynn Resorts stock price but that remains to be seen.
The turndown in the national economy here because of the increase in interest rates by the Fed affects Wynn Resorts and Encore, naturally.
Higher interest rates are intended to cut the inflation by stunting the growth of the economy.
Without a growing economy, Encore could suffer with lower income reports in the months to come.
However, Encore is embarking on an ambitious growth program to build an entertainment venue across from the casino and hotel and to add two hotels and a parking garage – and the bonus ball – the extension of table gambling to another location across the street run by Encore.
Bottom line, Encore is the living embodiment of a major league money machine.
The place literally prints money.
Let’s see what happens.