Encore scores major revenue gains


Gaming giant roaring back to life as gamblers stream to casino

Encore Boston Harbor. (Photo by Jim Mahoney)

By JOSH RESNEK

Encore Boston Harbor reported an $8 million gain in revenues in March over February’s revenues, which were up $7 million from January.

The back-to-back monthly gains in revenues signal a major change in revenue direction for the gaming giant which has suffered horribly during the pandemic.

The March total, as reported by the Massachusetts Gaming Commission came to $49 million.

The breakdown revealed $20.3 million in table game revenues and $29.2 million in slot machine revenue.

Encore generated more than 2 times the total taken in by MGM Springfield which reported $22 million in revenues.

Encore’s revenues dwarfed those of Plainridge Park Casino which came in at $12.2 million.

Continue reading Encore scores major revenue gains

Encore Casino sees revenue jump $7M between January and February


January revenue report for Encore Casino.


Revenues rose at the Encore Boston Harbor dramatically from January to February by $7 million – a remarkable uptick.

Slot and game table revenues totaled about $40M compared with last month’s figure of $33M.

The expansion of hours and pent-up energy among gamblers is believed to be the catalyst for the huge 30-day jump.

The lessening danger of the virus and vaccinations are also apparently the extraordinary rise in revenues.

Continue reading Encore Casino sees revenue jump $7M between January and February

Mayor silent on how much Encore owes of the yearly $30M

By JOSH RESNEK

The mayor remains exquisitely quiet and without a public answer to one of the most important financial difficulties the city faces.

Has Encore paid up its yearly $30M in lieu of tax payment to the treasury or has it not?

This is the question.

The city needs everything it is owed to fulfill its budgetary requirements and spending initiatives.

Without full payment from Encore – which should be paid like a tax bill on time when due – the city likely faces a shortfall that must somehow be made up.

Last year, the Leader Herald reported that Encore had not paid on time or in full, the $30M owe.

Encore unilaterally said it had begun sending the state the Everett payments and that the state was expected to pass the money on to the city.

Efforts to reach out to the mayor regarding this issue have not been answered.

Continue reading Mayor silent on how much Encore owes of the yearly $30M

Encore coming to life

Revenues start to recover, Wall Street bullish on casino industry

By JOSH RESNEK

Encore is revving up.

The return to 24/7 gambling hours at the casino and the reopening of the hotel led to higher revenue figures in January.

In addition, Wall Street’s bullishness on gaming stocks, and in particular Wynn Resorts, led to a respectable run.

Wynn’s stock price closed at $126 a share Tuesday, outperforming all other gaming stocks on the major exchanges.

Analysts nearly all agree – the pent-up demand to experience again the excitement of casino venues is much more to bet on in the future than the depressed earnings reports for the past year.

In other words, when the virus is finally under control, whenever that time arrives, the casinos and their hotels will once again flourish.

Continue reading Encore coming to life

Encore earnings drop 60 percent

FEBRUARY 5: Signage at the entrance to the Encore Boston Harbor resort. (Photo by Jim Mahoney)

Despite brutal 2020 numbers analysts remain bullish on strong future

By JOSH RESNEK

About two weeks ago, Apple Corporation reported incredible earnings. The company beat Wall Street expectations for the quarter. The company didn’t just beat them, the company blew them out.

The next day, Apple stock sank about $4.00 a share and has remained somewhat dizzy and unmoving since.

Try to explain this?

Call if the fickleness of Wall Street and of the peregrinations of the stock market.

Sometimes what should go up goes down. Other times what should go down goes the other way.

Last week, Wynn Resorts, the owner of Encore, reported the worst quarter in the company’s history.

Revenues were down by 60%.

What happened with Wynn Resorts stock?

It trended upward by 10% last Friday to $115 a share. A stock rising in the face of such terrible earnings figures implies that gaming is one of the darlings of Wall Street.

Why?

Continue reading Encore earnings drop 60 percent