Encore officials told their investors last week that the new operation in Everett lost $41.7 million during the first quarter of operation this year.
Neither officials nor investors were apparently too disappointed about the announcement as it was mostly expected.
Encore officials have conceded that it could take as long as three years to maximize income and profits and to pay down the $2.6 billion that was spent building out the casino and hotel.
Despite the reported loss, the Encore Boston Harbor remains by a wide margin the most successful casino and hotel in the region by a wide mark.
Total income from gaming was about $140 million during the first quarter ending on September 30.
The annualized income from gaming will likely total about $600 million this year, according to company officials and industry analysts. That would be about $200 million or more off projections originally set for about $800 million before the doors opened late in June.
Gambling revenues at Encore Boston Harbor last month were off by more than $3 million from August, according to figures released by the Gaming Commission last week.
August revenues had risen to more than $52.5 million but dropped to $49 million for September.
Casino analysts all agreed, Encore has plenty of time to perfect its gaming operation and to grow it, although there was the fear that a soft September would be followed by a softer October and an even softer holiday period in November and December.
The holiday period is traditionally the weakest part of the year for gaming revenues.
Gaming revenues at all the states casinos and slot parlors were off just a bit although slots were slightly higher at Encore rising to $21.9 million.
Encore officials wishing to give a boost to local business have eliminated costly parking fees that might have been keeping prospective gamblers away from the resort.
Last Friday, Encore officials announced the suspension of parking fees that could be anywhere from $22 to $40 for a day at the resort.
Robert DeSalvio, the president of Encore Boston Harbor said free parking is “an amenity that is highly appreciated by all our guests.” DeSalvio said it was one more instance of how thankful Encore is to be “Greater Boston’s hometown casino.”
The coming revitalization of Everett Square, now in its formative stages with plans being drawn up and a few hearings already held, is about vision and boldness.
The idea is to remake Everett Square, to build it up and out, and have become a pedestrian friendly, residential square bustling with commercial and residential activity in the heart of the city.
That’s all good.
What needs to happen, however, is that this rehab of the square and the coming spate of eminent domain takings to clear it out before it can be rebuilt, is all about following the laws, staying away from favors done, and making certain all the laws and ethics concerning eminent domain takings are considered strongly.
We have our eyes on several properties that are already in the eminent domain territory and now being gobbled up or held to assure the owners of a fat payday when the eminent domain taking by the city takes place because the owners either know the mayor, are related to him or are his family friend, as is the case with one of the major buildings in the square that has sat vacant for years when it is finally taken by eminent domain when it happens.