Wynn Resorts Dominated the Massachusetts Casino Market in July

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Wynn Resorts Ltd. held a whopping 66% share of the Massachusetts casino market in July, the Massachusetts Gaming Commission reported Monday.

The Commonwealth reported gross gaming revenue of $98.7 million from the state’s three casinos, with Wynn’s Encore Boston Harbor in Everett taking home $64.7 million, MGM Resorts International’s MGM Springfield collecting $21.5 million (22% market share) and the Plainridge Park Casino in Plainville, operated by Penn Entertainment Inc., $12.5 million (13%).

Revenue increased 3.1% from July 2021 and 21.1% from July 2019 before the pandemic.

Encore Boston Harbor, which opened in June 2019, had $35.1 million in gaming revenue from slots and $29.7 million from table games and, with a rate of 25% taxation contributed $16.2 million in taxes to the state.

MGM Springfield, which opened in August 2018, reported gaming revenue of $17.3 million from slots and $4.2 million from table games and, with a rate of 25% taxation, paid $5.4 million in taxes to the state.

Plainridge Park, a slots-only casino with a 49% tax rate, reported $12.5 million in revenue and paid $6.1 million in taxes.

Carlo Santarelli, a gaming industry analyst at Deutsche Bank, issued an investor report on Monday that found Encore and Plainridge Park beat expectations, while MGM was about 0.3% below forecasts. of income.

Santarelli said there were 10 weekend dates in July 2022 and 2021, but only eight in July 2019.

Joe Greff, gaming industry analyst at JP Morgan, said while the state’s daily win was up 2.6% from previous months, it lags trends reported in recent news. other states.

To date, Massachusetts has collected approximately $1.2 billion in total taxes and assessments from PPC, MGM and Encore since each casino’s respective openings, the Gaming Commission reported.

Encore and MGM Springfield are expected to generate more revenue late this year or early next year when sports betting is expected to begin. The Gambling Commission has a meeting later this week where members will begin discussing sports betting regulations.

Listed on the Nasdaq stock exchange, Wynn Resorts shares fell 0.6%, 41 cents, to $68.33 per share on volume about half the daily average Monday.

MGM shares traded on the New York Stock Exchange were down 0.17%, 6 cents, at $35.54 per share, also half the average daily volume.

Penn fell 0.66%, 25 cents, to $37.45 per share in light trading Monday.

Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.

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