Massachusetts casinos reported just under $98 million in gross gaming revenue (GGR) in May. It was the second month in a row with casino revenue below $100 million after exceeding that mark three times in four months, dating back to December 2023.
Casino revenue grew by 0.5% from $97.5 million in April, but it fell 0.7% short of the $98.7 million reported in May 2023.
Tax revenue totaled more than $27.9 million, a 0.9% increase from April’s $27.7 million and a 0.8% boost from May 2023’s $27.8 million.
Encore Boston Harbor leads Massachusetts casino revenue for May 2024
Massachusetts has three retail casinos, all licensed and regulated by the Massachusetts Gaming Commission. Massachusetts online casinos are prohibited.
Two of those casinos are Category 1 resort-casinos, Encore Boston Harbor and MGM Springfield. These two properties are larger than the state’s only Category 2 slots parlor, Plainridge Park Casino.
Encore Boston Harbor accounted for $61.2 million of the state’s May GGR. This was a slight boost from April’s $60.9 million (+0.4%) and resulted in a 62.4% market share, the same percentage held in April. That said, Encore’s GGR declined by 2.2% from May 2023, when it reported $62.5 million.
MGM Springfield reported $22.4 million in May GGR, a 22.9% market share. Its revenue was 1.5% less than April ($22.8 million) and 4% less than May 2023 ($23.3 million).
Plainridge Park made up the remaining $14.4 million, a 4% gain from its April casino revenue in Massachusetts ($13.8 million). That number also marks a 12.3% boost compared to May 2023 ($12.8 million).
Overall, May 2024 revenue for Massachusetts casinos is as follows:
| Casino | Slot Machine Revenue | Table Games Revenue | Gross Gaming Revenue |
|---|---|---|---|
| Encore Boston Harbor | $35,779,121 | $25,396,391 | $61,175,512 |
| MGM Springfield | $18,567,661 | $3,855,033 | $22,422,694 |
| Plainridge Park | $14,390,837 | $0 | $14,390,837 |
| Total | $68,737,618 | $29,251,424 | $97,989,042 |
Massachusetts casinos find May revenue success in slot play
Slot machines accounted for $68.7 million (70%) of Massachusetts casinos’ GGR in May. All three casinos had year-over-year growth from slots:
- Encore Boston Harbor: $35.8 million (+3.4% YoY)
- MGM Springfield: $18.6 million (+2.4% YoY)
- Plainridge Park: $14.4 million (+12.3% YoY).
Table games fared worse in May. Encore Boston Harbor, with $25.4 million in revenue, made up nearly all of the state’s table games revenue, but its revenue declined by 9.1% year over year (from $28 million). MGM’s $3.9 million plummeted 26.2% year over year (from $5.2 million).
Retail sportsbooks also struggled inside Massachusetts casinos during the month, though MGM Springfield was by far the hardest hit. According to the May 2024 sports betting report, MGM Springfield’s sportsbook reported a 40.9% decrease in YoY revenue, logging a $569,000 loss for the month.
Plainridge Park shows most growth, accounts for YoY tax increase
In Massachusetts, Category 1 facilities face a 25% tax on all GGR. Encore Boston Harbor paid $15.3 million (-2.2% YoY) in taxes, and MGM paid $5.6 million (-4% YoY).
Category 2 facilities are taxed at 49%, though. As a result, Plainridge Park had a $7.1 million tax bill, a higher total than MGM despite reporting 64% as much revenue for the month.
A year ago, Plainridge Park paid $6.3 million in taxes. Its 12.3% higher tax bill made up the difference in the other two’s declines and was the main reason tax contributions grew year over year despite the lower GGR.
MA casino revenue surpasses $1 billion in FY 2024, down 7.2% YoY
May marks the penultimate month of Fiscal Year 2024. Through 11 months, Massachusetts Casinos have now reported $1,000,208,385 in GGR.
However, despite reaching $1 billion, year-to-date revenue is down 7.1%. A year ago, casinos had brought in nearly $1.08 billion.
It’s unlikely Massachusetts will show YoY growth in FY 2024. Despite that, casinos broke $100 million in GGR in June 2023. All they can do is hope to do it again and carry that momentum into FY 2025.
