Encore Cranking Bigtime With Another Spectacular Revenue Month

By Josh Resnek

Revenues were down by slightly over $1M from March to April at Encore Boston Harbor Hotel and Casino but it was a big month never the less.

Some victories cannot be equated with revenues, and last month, was a big moment for the Encore Hotel being given a five star designation by Forbes Travel.

It was also a stellar revenue month with the largest take in the casino’s short history.

Last month, Encore took in $64.8M in gaming revenues.

An unbelievable $35.1M was bet using slot machines while $29.6 M was bet at table games.

Then came April.

There was a slight tail-off in gross volume, but the take remained unusually high and steady.A report issued this week by the Massachusetts Gaming Commission revealed that April revenues came in at $63.7M, off just $1.1M from the March results.

The breakdown was this: $29.6M in table game revenues and $34.1M in slot revenues.

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Encore Given Go-Ahead For Unrestricted Development On Lower Broadway

By Josh Resnek

The Massachusetts Gaming Commission has given an OK to Encore’s development of an entertainment venue seating thousands and a new parking garage that holds 2,300 cars.

It also approved the pedestrian bridge that Encore wishes to build over the highway
in order to connect the new entertainment venue and parking garage with the mother load, the casino and hotel.

These approvals mark just the beginning of what is most likely to follow for the next five to ten years, which is, massive development in a long abused portion of the city running down to the Mystic River.

At a virtual MGC hearing Friday, the MGC showed its power to do as it pleases, whenever it pleases, in order to give the casino and hotel, et al, all of what it needs to re-main one of the largest investments with private capital ever made in the state’s long history.

The meeting and what it reveals about the powers of the MGC should serve as a tutorial to those who believe Encore cannot do as it pleases, when it wants, every time.

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The Massachusetts Gaming Commission Releases January 2022 Gross Gaming Revenue

for Plainridge Park Casino, MGM Springfield and Encore Boston Harbor

The Massachusetts Gaming Commission reported today that the month of January 2022 at Plainridge Park Casino (PPC), MGM Springfield and Encore Boston Harbor generated approximately $82 million in Gross Gaming Revenue (GGR).

PPC, a category 2 slots facility, is taxed on 49% of GGR. Of that total taxed amount, 82% is paid to Local Aid and 18% is allotted to the Race Horse Development Fund. MGM Springfield and Encore Boston Harbor, category 1 resort-casinos, are taxed on 25% of GGR; those monies are allocated to several specific state funds as determined by the gaming statute.

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No jackpot for Encore June revenues

JULY 17: Encore looking down Dexter Street past the newly acquired piece of property on the right Wynn bought. (Photo by Jim Mahoney)

Casino analyst, Wynn execs surprised by earnings drop, wonder if post-pandemic boom over

By JOSH RESNEK

A slight downturn in June earnings at Encore Boston Harbor has casino analysts and Encore executives wondering what exactly happened.

June figures came in almost $400,000 less than May’s figures, which were up dramatically over April’s.

Business had seemed robust for most of May and into June, with huge gains in income.

June’s final figures showed Encore generating $52.5 million in table games and slot machine revenues.

This was down from May’s $52.9 according to a release of the figures by the Massachusetts Gaming Commission on July 15.

By contrast, MGM Springfield’s earnings tumbled by $1 million from May to June.

MGM Springfield’s earnings went from $21.2 in May to $20.2 in June.

Plainridge Park Casino also dropped $1.1 million from May to June, reporting figures of $12.4 million in May and $11.3 million in June.

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Encore opening soon with restrictions, but longterm viability is in question

Screen Shot 2020-06-25 at 12.13.07 PM
The Boston Harbor Encore Casino is scheduled to reopen on June 29. (Photo by Jim Mahoney)

BY JOSH RESNEK

If everything goes according to current plans, Encore Boston Harbor Casino could be opening again on June 29. Last minute changes and additions to health and safety standards by the Massachusetts Gaming Commission, all part of the new normal caused by safety measures the state is imposing, could cause the reopening to be put off a few days or even a week or two.

Shortly, however, one way or the other, for better or worse, the casino will be reopened, thus ending a closure which began on March 15 and which has resulted in tens of millions of dollars of losses on a variety of fronts. When the doors open, the casino operation will be a vastly different venue than before the Coronavirus changed our world.
No poker, craps or roulette will be allowed. Blackjack style gaming tables will be capped at three players, and slot machines will be separated with some sort of barriers between them to protect players from contracting the virus.

The MGC is also weighing occupancy limits, an issue the licensees have raised issues about.

At a fraction of occupancy, Encore, and the other casinos operating in Massachusetts, cannot possibly generate the income needed to meet their obligations and to turn a profit.

Encore’s question to the MGC: “Will reduced capacity include taking into consideration employee counts?”

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