Tag: Taxes

Single-family residential tax rate meaningless in multi-unit Kingdom

The mayor has been touting that Everett has the area’s second lowest single-family tax rate.

Such a statistic is all well and good, but is rather meaningless in a city populated largely by multi-unit structures such as 2, 3, and 6 family homes and dozens of multi-unit apartment houses.

The Everett single family home is a like a stranger in a strange land compared with the thousands of multi-unit homes dotting the crowded landscape here.

The lower tax rate for single family homes, and the attendant smaller tax bills is not what is driving older families out of the city.

Continue reading Single-family residential tax rate meaningless in multi-unit Kingdom

Encore Income Figures Meet all Expectations; Spectacularly

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

City should net $40 million Yearly from casino success

by Josh Resnek

In the coming year, if all goes as it is expected with the casino and hotel, the city should net at least $40 million above the $208 million budget just approved.

By any stretch of imagination in the world we live in, $40 million is a mighty amount of free cash to do with as you please in a small city of 50,000 residents.

Forty million a year for many years to come from the casino

and hotel, or more, should make Everett’s treasury among the richest in Massachusetts.

At a finance meeting last week at city hall, the mayor and the city’s Chief Financial Officer Eric Demas detailed the windfall.

As part of the Encore Host Agreement, the city receives $25 million a year for in lieu of tax payments.

The bonus ball, is the per room tax income the city will receive from the 670 room hotel.

With most of the rooms renting for more than $600 and many of them at the $1200 level per night, “this could add from $6 million to $10 million,” said Demas.

More likely than not, he hinted, the amount could be closer to $12 million.

This is every year, amazingly enough.

Continue reading City should net $40 million Yearly from casino success

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

June 19 Casino Opening at Risk; City Must Prepare

This is not about doom and gloom.

It is not about being pro or anti-casino.

It is about a harsh reality; that the casino opening on June 19 is appearing to be less and less a possibility.

The city right now needs to be planning for a potential short – term economic crisis if the grand opening is put off for several months.

Continue reading June 19 Casino Opening at Risk; City Must Prepare