By Josh Resnek
Revenue target shortfalls are plaguing all Massachusetts casinos, according to an examination of casino income results since 2015.
This includes Encore here in Everett.
Encore’s income results have lagged from company projections since the opening at the end of June.
As we have previously reported, Encore’s first twelve month income had been predicted to be in the $800 million range by company officials prior to the opening.
After being in operation since June, that figure is believed to be closer to $600 million, if that.
Income lagged last month. The expectation is that income will be softer than expected in October and in the November and December holiday season.
Continue reading Encore, other casinos here missing revenue Targets
We learned last week from the city that Encore was late, perhaps five weeks or longer in making its first payment in lieu of taxes for about $6 million to the city.
This is a scheduled payment made quarterly during each year that adds up to about $25 million and then there is an additional payment of $5 million for odds and ends that brings the total to the agreed upon $30 million from the casino and hotel giant for the year.
To imply the city is in need of these payments to be made promptly is an understatement.
To imply, as the mayor often tends to do, that Encore is made out of money and can make these payments the way some of us pay out the cashier at Market Basket during a food run is an absurdity.
His thinking must be corrected – and this late first payment is a sign that Encore is as mortal as all of us when it comes tom paying its bills. If the money is not there, Encore cannot pay its bills in a timely fashion.
Continue reading Encore late with its city Payment
By Josh Resnek
Encore Boston Harbor reported another powerful earnings month in August, according to figures released Monday by the Massachusetts Gaming Commission.
Total gaming figures amounted to $52 million, $3 million better than July revenues which came in at $49 million.
“We are pleased with the revenue figures,” Encore President Robert DeSalvio told casino the Gaming Commission and casino analysts.
“Slots figures were lower than anticipated but we have time to improve those figures substantially,” he said.
Encore’s slot figures have been sluggish, considered a problem by some industry analysts or not a problem at all by others.
Continue reading Encore Reports Another Banner Revenue Month for August
By Josh Resnek
Encore Boston Harbor’s $48.6 gaming income for July was over the top, according to figures compiled by the company and released by the Massachusetts Gaming Commission.
In fact, the three casinos in Massachusetts cumulatively generated $81.4 million in July revenue, with Encore Boston Harbor in our city accounting for about 60% of that figure.
Bottom line – Encore’s predictions of what it would generate were right on the mark.
The state is pleased as well, as 25% of Encore’s $48.6 million translates into more than $12 million in tax revenues for the state.
The Massachusetts state budget had earmarked slightly more than $100 million in taxes during Encore’s first year in business.
Continue reading Encore Income Figures Meet all Expectations; Spectacularly
The casino and hotel up and running makes this arguably about the most successful business summer in the city’s history.
The casino’s jobs number alone are staggering with almost 5,000 employees now receiving paychecks!
It is as if an entire new city has been built inside the present city of Everett.
Continue reading Part of the Miracle