MGM Springfield reported an increase in revenue this year compared to 2022. Neither economic crisis nor growing competition in the online and mobile sports betting industry hasn’t had a chance against this industry giant.
Massachusetts Gaming Commission released the revenue the company reported for this year.
The revenue report:
In April 2023, the company earned $23.7 million in gross revenue for slot and table games, while the revenue for the same month last year was $22.5 million. In March, slot and table games got the casino $24 million, and in February, that amount was $23.2 million. However, it’s natural and expected that the revenue depends on the season.
This $1 billion worth of resort has existed for almost five years now, and March 2023 was the second busiest month since its opening in August 2018. The first one was also in March, but in 2022. Along with that, these two months were the only ones in the history of the casino when the casino’s revenues were bigger than $24 million.
From the total amount of bets in in-person sports betting, the company earned $1.65 million in April. The revenue was similar in March, when it was $1.66 million, while in February, it was $1.7 million. The reason that may lie behind the popularity of sports betting in February is the fact that it was the first month with full operation in the casino.
The Commission commented on earnings of other casinos as well and stated that Plainridge Park Casino, MGM Springfield, and Encore Boston Harbor got about $101 million in April in gross gambling revenue.
Encore’s revenue was $64 million in table games and slots in April, which is a decrease in revenue compared to Marth when revenue was $66 million. However, an increase of $1 million is noticed compared to the previous year.
Plainridge got smaller revenue, but since the casino doesn’t offer table games, it’s expected. The gross slot revenue in April was $13.4 million, which is a significant increase compared to the last April when it was $12.9 million. However, the decrease is noticed when compared to March this year, when the revenue was $14 million.
The popularity of sports betting:
The state reported that taxable sports betting revenue for all the casinos in the state in April was $58.91 million. BetMGM, MGM’s online sportsbook, earned $43 million from online sports betting, and that amount in March was $44 million. March was the first month of offering this service in Massachusetts for the company.
Encore got $8 million from on-site sports betting, and Plainridge Park $3.4 million.
Last year, MGM Springfield had 1.382 employees, which were divided into 918 full-time employees, 275 part-time, and 189 on-call. However, new hiring numbers are expected to be announced after the Gaming Commission finishes with the report.
Source: Read Full Article