The Massachusetts Gaming Commission recently released its report on the gross gaming revenue (GGR) generated by the state’s three casinos in August. While the total revenue reached an impressive $92 million, it showed a slight 0.4% decline compared to the same period last year and a 6.7% drop from July 2022’s figures.
Casino Revenues in August:
In August, Encore Boston Harbor emerged as the top earner, raking in $58 million in gross gaming revenue. It was closely followed by MGM Springfield, reporting $21.9 million, and Plainridge Park Casino, which contributed $11.9 million. Despite the slight year-on-year dip in GGR, these casinos continued to thrive, bolstering Massachusetts’ gaming industry.
Tax Revenues and Allocations:
The three casinos collectively contributed $25.8 million in tax revenue during the same month. Encore Boston Harbor led the way with $14.5 million, while MGM Springfield contributed $5.4 million, and Plainridge Park Casino added $5.8 million to the state’s coffers. Since the inception of each gaming facility, Massachusetts has successfully collected a staggering $1.18 billion in total taxes and assessments.
For Plainridge Park Casino, classified as a category 2 slots facility, the tax is imposed on 49% of GGR. This amount is then split, with 82% dedicated to Local Aid and 18% allocated to the Race Horse Development Fund. On the other hand, MGM Springfield and Encore Boston Harbor, both category 1 resort casinos, are taxed at 25% of GGR, with the proceeds distributed among various state funds as specified in the gaming statute.
Sports Betting Legalization:
In a groundbreaking move, Massachusetts became the 36th state in the US to legalize sports betting. Governor Charlie Baker signed House Bill 5164 into law after the state legislature passed the bill in the final hours of the recent legislative session. The approval marks the end of weeks of negotiations between the House and Senate, paving the way for a new era of sports betting in the state.
The Massachusetts gaming industry continues to demonstrate resilience, with the state’s three casinos collectively generating $92 million in gross gaming revenue in August. Despite a slight decline compared to last year, the casinos remain vital contributors to the state’s economy, with significant tax revenues aiding various sectors. Additionally, the recent legalization of sports betting promises to further enrich the gaming landscape in Massachusetts, creating new opportunities for both operators and enthusiastic bettors. As the industry evolves, Massachusetts is poised to strengthen its position as a key player in the US gaming market.