Gaming revenues down in November at MGM Springfield, Plainridge
Photo/Courtesy
MGM opened the state's first full-service casino in Springfield this summer.
Revenue was down last month at Plainridge Park Casino and MGM Springfield, but the state will still count about $11.6 million in gaming tax collections from November.
Players wagered $169.21 million on MGM Springfield's slot machines in November and while 92.10 percent of it was returned to players as winnings, MGM Springfield reported $13.37 million in gross slot revenue last month.
The casino also counted $7.87 million in gross revenue from its table games in November for total monthly revenue of about $21.24 million, according to revenue figures released Monday by the Massachusetts Gaming Commission.
MGM's November revenue is the casino's smallest full-month take since it opened in late August. November's revenue represented a roughly 4.5 percent drop from October.
Full-scale casinos in Massachusetts are taxed at a rate of 25 percent of their gross gaming revenue and the monthly state tax haul from MGM in November was $5.31 million, the Gaming Commission said.
At Plainridge Park Casino in Plainville, officials reported slots revenue of $12.85 million last month from $164.78 million in wagers, the commission said. November's revenues were about 5 percent below October's and were 18.8 percent lower than March, which was Plainridge Park's best month of 2018.
The state is entitled to more than $5.14 million of Plainridge's November revenue in the form of state taxes intended for local aid and another $1.15 million for the Race Horse Development Fund. That works out to a total tax or assessment hit of about $6.3 million last month, according to the Gaming Commission.
Plainridge is taxed on 49 percent of its gross gaming revenue, with 82 percent of the levy going to local aid and 18 percent to a fund set up with the goal of supporting horse racing, an industry that is struggling in Massachusetts.
WBJ Web Partners
Most Recent
Most Recent
0 Comments