Casino revenues continue skid; Encore off $3 million in October

By Josh Resnek

Gaming revenues fell at Encore Boston Harbor by another $3 million in October, according to figures released last Friday by the Massachusetts Gaming Commission.

October figures totaled $45.8 million. September figures were $48.9 million.
The soft gaming revenue figures have been a in downward spiral since August.

August figures showed $51 million in gaming revenues from the Everett casino.

Studying the casino revenue chart reveals total gaming revenues down more than $6 million since August.

Casino officials have previously said that the casino is presently in a building phase of the business that is expected to take as long as three years to grow properly to achieve maximum revenues.

Continue reading Casino revenues continue skid; Encore off $3 million in October

Encore, other casinos here missing revenue Targets

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

MGM Springfield rocking; Plainridge right up there With big gains in March

By Josh Resnek

Figures just released baby the Massachusetts Gaming position should be paid close attention to by Everett residents about to welcome a casino here.

Business should be brisk if these figures tell the story.

They do indeed tell a story of great success.

MGM Springfield, the state’s major casino at this time, has reported sharply higher earnings all around for March.

The total of wagers at MGM Springfield last month amounted to $203 million. That’s up by more than $30 million over February.

Since it opened in August, MGM Springfield has generated $1.345 billion in revenues.

Encore, when it opens, is expected to generate at least $1.2 billion a year, a figure which should be much higher given the level of investment and the positioning of the casino in Everett – so close to Boston.

State taxes amounted to $6.421 million – up by $1.1 million over the February figure.

Continue reading MGM Springfield rocking; Plainridge right up there With big gains in March

— Eye on Everett —

Christmas 2018

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By Josh Resnek

When the Leader Herald hits the stands on Wednesday, there will be exactly six days until Christmas.

If you are like me, you haven’t yet bought a single present.

I don’t know what I want to buy.

I’m not even sure this year if I want to buy anyone anything.

You see, I’m still mourning the death of my mother in July. She won’t be around this Christmas, the first time in my life ado I don’t feel myself wanting to celebrate and frankly, I would feel guilty celebrating.

— Eye on Everett —

The End of Homecoming

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By Josh Resnek
There will be no Homecoming this year.

The powers that be, mainly the mayor and CFO Eric Demas, have deemed it too expensive and there for irrelevant.

They both believe that every dime of spending by the School Department for items like the Homecoming is an abomination. What is gained and what is lost?

The School Department will save as much as $50,000 when all is said and done. This can be put against the annual underfunding effort that has led to 100 teachers and aids being dismissed from the School Department. In this instance, the end of Homecoming can be perceived as a gain.

What is lost is not quite as easy to demarcate exactly.

What is lost is the city’s major annual parade, a giant event with thousands of Everett residents from all walks of life participating.

Continue reading — Eye on Everett —