Tax Revenue – Everett Leader Herald

The Massachusetts Gaming Commission releases July 2023 Casino and Sports Wagering Revenue

The Massachusetts Gaming Commission reported today that the month of July 2023 at Plainridge Park Casino (PPC), MGM Springfield (MGM) and Encore Boston Harbor (EBH) generated approximately $99 million in Gross Gaming Revenue (GGR).

Additionally, approximately $29.41 million in taxable sports wagering revenue (TSWR) was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of July.

Gross Gaming Revenue (casino gaming).

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Schnitzer Steel rebrands as Radius Recycling

**Rep. Joe McGonagle, Radius chairwoman Tamara Lundgren and Mayor Carlo DeMaria at the Radius (formerly Schnitzer) plant in** **Everett Friday afternoon.**

Affirms its position for full sustainability

By Josh Resnek

Schnitzer Steel has rebranded itself.

One of Everett’s largest businesses and biggest taxpayer, is morphing from Schnitzer Steel to Radius Recycling.

The rebranding unveiling was held in Everett Friday afternoon at the company’s sprawling Everett facility, with company employees, and its chairwoman Tamara Lundgren, presiding.

Lundgren was joined by Representative Joe McGonagle and Mayor Carlo DeMaria.

Schnitzer’s coalescence from steel shredder to one of Corporate Knight’s Most Sustainable Company in the World and Ethisphere’s World’s Most Ethical Companies for the ninth consecutive year is a indication of the esprit de corps among the leaders of Radius, who are leading this industrial giant into the vortex of the 21st Century.

As Radius Recycling, the Company’s new identity will better align with its role as one of the largest metal recyclers, better reflect its position in the circular economy, and further its commitment to advance the recovery, reuse, and recycling of the essential metals required to support global carbon reduction.

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Around the city…

New Police Officer

Congrats are in order for John DiVenuti who was appointed an Everett Police officer by a unanimous vote of the city council Monday evening.

Approval of city budget

The city’s Fiscal Year 2024 city budget, the largest in Everett’s long history was approved Monday night at the city council hearing.

The amount: $267,538,386.00!

Now that’s a budget number that one can’t easily take their eyes off of!

Tax receipts have increased following the downturn during the COVID crisis.

But the city will have to work with the Department of Revenue to justify proposed revenue increases again in 2024.

Budgets are always unpredictable because the economy goes up and down.

Encore is the bonus ball in all this budget talk.

The Host Agreement is apparently being renegotiated upward, and we hope, by a hefty amount.

The city deserves many more millions for hosting the giant gambling enterprise and its hotel and the new entertainment venues that are going to take shape and form very soon.

Water and Sewer Enterprise fund

The Fiscal Year 2024 Water and Sewer Enterprise Fund budget is also a record setter.

The amount: $21,610,128.00.

And by the way, the city budget extends over 213 pages and is available online for residents to peruse.

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Encore Figures solid at $66 million while expansion talks abound

**Sports betting having an impact on earnings.** (Photo by Joe Resnek)

By Josh Resnek

Encore Boston Harbor Casino and Hotel took in $4 million more in March than it did in February, according to the monthly earnings report issued by the MGC last week.

Total revenue figures for gaming at Encore exceeded $66 million in March, up from $62 million in February, according to a report issued by the MGC late last week.

A $4 million rise in revenues from slots and gaming tables represents a hefty month of revenue gains for the gaming giant.

With revenues coming close to annualizing $800 million just from the casino, Encore is one of the largest generators of taxes and revenues in the state of Massachusetts.

Not included in the monthly gaming figures are the hotel income figures including occupancy rates and room rental fees collected by the city.

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Huge new apartment developments changing an entire corner of city

**The former Stop and Shop facility on the parkway is being demolished and trucked away to a landfill.** (Photo by Joe Resnek)

By Josh Resnek

As the former Stop and Shop site disappears, preparations for hundreds of new apartment house units are moving ahead at full speed as this long lost quarter of the city is being remade into one of the most densely populated in the city.

For decades, the area where the Stop and Shop operated from Everett to Chelsea line wasteland.

Emptiness abound.

Not anymore.

A first major development completed last year brought more than 600 units. Another project brought hundreds more.

Now the Stop and Shop parcel is set for another 600-700 units.

Something like 1500 new units of upscale housing have been built or are being built in this area which once housed a trash transfer station and a bunch of empty, polluted lots of land.

The density of the new housing in this formerly empty space is a stunning example of how new development in Everett is giving shape and form to a future far different than anyone might have expected 25 years ago, ten years, even five years ago.

The Parkway, in other words, is giving birth to an enormous boom in the construction and the completion of upscale housing such as never experienced here in Everett, or in other cities like Revere and Malden bordering Everett.

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