Inflation cuts revenue at Massachusetts casinos
Soaring prices for everything from food, gas, rent and utilities have left us with less money in our pockets, which means many of us have cut back or changed the way where we spend our money.
It looks like gambling facilities in the state could suffer. Fewer of us frequent the two casinos and one state slot parlour, or we spend less money when we do.
The Massachusetts Gaming Commission reported that “The month of May 2022 at Plainridge Park Casino (PPC), MGM Springfield and Encore Boston Harbor generated approximately $91 million in gross gaming revenue (GGR).” Combined transportation generated $25.5 million in revenue for Massachusetts.
State House News Service reported Encore Boston Harbor brought in $58 million in May, the biggest gain of the three, but it was “the first month since February that the Everett casino didn’t cross the threshold. in gaming revenue of $60 million”.
The commission said MGM Springfield brought in $21.5 million in May, also less revenue than in recent months. Plainridge Park Casino took in $11.7 million, its lowest take since February.
A Gambling Commission press release explained that Plainridge Park Casino, “a category two slot establishment, is taxed on 49% of gross gaming revenue”. Of the total amount taxed, “82% is paid to Local Aid and 18% is allocated to the Race Horse Development Fund”, according to the commission.
The commission said MGM Springfield and Encore Boston Harbor are Class 1 resort casinos and are “taxed on 25% of gross gambling revenue.”
“These funds are allocated to several specific public funds, as determined by the Gaming Act,” the commission said.
The commission said Massachusetts had “collected approximately $1.101 billion in total taxes and assessments from PPC, MGM and Encore since each gambling establishment’s respective opening.”
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