Thu. Nov 28th, 2024
MGM Springfield gambling revenue holds up to sports betting competition

SPRINGFIELD — Table game and slot machine revenue at MGM Springfield continues to outpace the casino’s revenue from last year, despite the added competition of online and mobile sports betting.

MGM Springfield reported $23.7 million in gross slot and table gambling revenue for April compared with $22.5 million a year ago in April 2022, according to figures released Monday by the Massachusetts Gaming Commission.

Gross gambling revenue from table games and slots was $24 million in March and $23.2 million in February. Gambling revenue tends to vary seasonally.

March was the second busiest month in MGM Springfield’s nearly five-year history.

March 2022 and March 2023 were the only times MGM Springfield’s revenues have topped $24 million. The $1 billion resort opened in August 2018.

MGM Springfield reported a $1.65 million in-person sports wagering handle — that’s the total amount bet — for April, roughly equal to its $1.66 million handle in March and $1.7 million in February, the first full month of operation.

The Commission said the three casinos, Plainridge Park Casino, MGM Springfield and Encore Boston Harbor generated approximately $101 million in gross gambling revenue in April.

Encore reported $64 million in gross table and slot revenue in April, down from $66 million in March. Revenue at Encore was $63 million a year ago in April 2022.

Plainridge, which does not have table games, reported $13.4 million in gross slot revenue in April. That $13.4 million was down from $14 million in March and up $12.9 million a year ago in April 2022.

In Massachusetts, taxable sports wagering revenue on all six mobile and online sports wagering licensees and the three in-person licensees for the month of April totaled $58.91 million.

Online and mobile sports betting dwarfs in-person wagers, according to the figures. BetMGM, the online sportsbook for MGM, reported a $43 million online handle in April and a $44 million online handle in March, the first month of operation in the state.

Encore reported $8 million in on-site sports betting handle in April. Plainridge Park reported $3.4 million.

In January, MGM Resorts International CEO William J. Hornbuckle admitted that the five-year-old resort had never met the expectations set before its opening and that it would likely never provide the 3,000 promised jobs.

But Hornbuckle, in a meeting with Mayor Domenic J. Sarno and others promised to reopen the Indian Motocycle shop closed since COVID, add new amenities, extend restaurant hours and increase entertainment in a bid to reinvigorate MGM Springfield.

MGM Springfield said it had 1,382 employees — 918 full-time, 275 part-time and 189 on-call — at the close of 2022. The casino will report new hiring numbers next week when it delivers its newest quarterly report to the Gaming Commission.

By Xplayer