Slots keeping Encore in play

Encore Boston Harbor and the smoke stacks from the Exelon facility in Everett, Massachusetts. (Photo by Jim Mahoney)

August revenues tick up slightly but still disappointing

STAFF REPORT

Total gaming receipts for Massachusetts casinos in September were down by about $1 million over August revenues according to figures released last week by the Massachusetts Gaming Commission.

Total September gaming revenues amounted to approximately $70 million.

Encore’s figures reflected a slight gain (about $100,000) in slot machine

revenues with gaming table revenues up about $500,000 over August.

The figures were a general disappointment, according to a wide variety of industry sources.

However, they are believed to reflect the negative effect the virus is having on all industries requiring large crowds for generating big numbers.

As long as that persists, the figures are going to reflect very little growth according to industry experts. August gaming income revealed Encore carrying the ball for all the casino entities in Massachusetts when it reported Encore had done $43.3 million in revenues – $23.3 million in slots revenues and $19 million in table game revenues.

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City makes no concessions to Encore financial shortfall

Weak income stunts casino’s revenues

The Encore Boston Harbor Casino. (Photo by Jim Mahoney)


By JOSH RESNEK

The Wynn Resorts gaming empire is struggling right now with vastly reduced income figures in Macau, Las Vegas, and Everett.

The city of Everett is paying no heed to all the warning signs that all is not well with Wynn Resorts during this difficult time, when in fact the city should be stowing away whatever income it receives from Encore in the understanding the situation could all change in a nano-second if things don’t return to normal, and soon. The COVID-19 virus is causing business to evaporate almost entirely in Macau, where the gaming giant is not only fighting the virus but Chinese political dealings with the Trump Administration. Seventy-five percent of Wynn Resorts cash revenues come from Macau.

The last report out of Macau two weeks ago indicated revenues remained almost as low as they can go, and that traffic from the Mainland and Hong Kong, which is only 35 miles away, remains restricted and difficult as tanking numbers reveal.

In Las Vegas, Wynn Resorts and its Encore properties, the hotels and casinos are struggling.

Attendance is way down. Hotel occupancy is negligible, and Wynn Corporation has just reduced operations there to four days a week because of severely reduced occupancy.

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The wasted Encore benefit

$30 million in lieu of tax payments have been made or are Since June 2019 when the doors opened to the Encore Boston Harbor Casino and Hotel in our city, approximately owed to the city treasury.

To date, nearly every million received has been a million spent with little to nothing left to cover the city for a rainy day.

The Encore income package was perceived as panacea for the city’s income difficulties – a dream come true because of the city’s inability to keep spending in line with its income.

Time and events have proven that Encore is not the beginning, nor is it the end of the city’s need for additional cash to meet its obligations.

That being said, it is important to note that Everett will not likely get another chance in our lifetime for another Encore type business in the city.

Therefore, we are suggesting that either the city council or the administration, or both, need to form a committee to oversee the spending of the Encore yearly income package.

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Wynn Resorts battling as Covid-19 ruining business

Encore Boston Harbor. (Photo by Jim Mahoney)

Encore doing OK despite local restrictions, no sports betting

By JOSH RESNEK

Wynn Resorts is battling the COVID everywhere it owns a property.

The virus has ruined business.

In Everett, it has shattered the dream of a five-star Encore facility.

Only the locals are gambling at Encore, and this is not a preferred development for the company.

Another dream – that of sports betting as new revenue stream – has missed out again on Beacon Hill, where there is no chance that sports betting will be allowed in 2020 in Massachusetts.

In Las Vegas, a plethora of violence on the Strip and at all the major casinos and hotels has caused an out-pouring of fear among those who take their families to visit and to vacation as well as those who come to gamble.

There is not much fear here, but crime has increased, and the social standing of the younger clientele has decreased.

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Encore close to supporting itself even in down market

Encore Boston Harbor. (Photo by Jim Mahoney)

By JOSH RESNEK

Wynn Resorts stock as of Tuesday was $73 a share.

Its market cap – the value of all its outstanding shares – stood at slightly over $7.9 billion.

This is a far cry from last year’s all time high of $135 and its all-time low of $35.

On or around October 15, we will find out how much money Encore took in during a four week span.

The August report was almost robust with about $42 million being generated by a smaller number of slot machines and a lesser number of table games.

That’s not bad for a company, and industry under siege because of the pandemic.

One of the advantages of the pandemic is that Wynn Resorts, and Encore, have dramatically cut the number of employees in their workforce–so much so–that it is likely that the Everett operation is almost cutting the mustard when it comes to what is going in and what is coming out.

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