LOS ANGELES – Wynn Resorts Ltd.’s new Boston-area resort generated $48.6 million in gambling revenue in its first full month, more than the state’s two other casinos combined, according to casino data released Thursday.
The $2.6 billion Encore Boston Harbor, which opened June 23, is one of three casinos in Massachusetts. MGM Resorts International’s resort in Springfield, which opened in August of last year, took in $20.4 million in gambling revenue in July.
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Penn National Gaming Inc.’s Plainridge Park Casino, which operates only slot machines, generated $12.5 million.
Plainridge, which is located about an hour’s drive south of Boston, took in $15.1 million in July of last year, suggesting that the new Wynn resort has taken business from that property.
Wynn CEO Matt Maddox said on a conference call with investors earlier this month that slot-machine play at the new property wasn’t as strong as table games and that the company had yet to begin marketing to high rollers in its customer database.
Encore’s slot machines each produced about $216 in revenue per day, more than at Springfield but less than at Plainridge, according to J.P. Morgan analyst Joseph Greff. Its table-games revenue, at $3,829 per table, per day, was almost three times as much as Springfield’s but below that of some other resorts on the East Coast. MGM’s National Harbor in Maryland took in $5,743 per table, per day.
In the same time period Rhode Island’s three gaming offerings – video lottery terminals, table games and sports gambling – had $57.5 million in net revenue, which is defined as the amount of money bet minus the amount paid out in winnings. This figure does not take into account operating expenses and revenue sharing with Lincoln and Tiverton, where the two Twin River properties are located.
Christopher Palmeri is a Bloomberg News staff writer. PBN contributed to this report.
