January Revenues Fall At MGM Springfield And Plainridge Park
In terms of revenue, January was the worst month in the short history of MGM Springfield and the worst month in almost two years for the slots parlor at Plainridge Park Casino.
According to revenue reports published last week by the Gaming Commission, MGM Springfield reported $19.7 million in gaming revenue during January, a decline of about 8.7 percent over December and the smallest revenue haul for an entire month since the casino opened in August 2018.
Players wagered $180.77 million on MGM's slot machines last month and while 92.76 percent of it was returned to players as winnings, MGM Springfield reported $13.1 million in gross slot revenue in January. The casino reported another $6.6 million in table game revenue last month.
Full-scale casinos in Massachusetts, like MGM Springfield, are taxed at a rate of 25 percent of their gross gaming revenue and the monthly state tax haul from MGM in January was $4.92 million, the commission said.
At Plainridge Park Casino in Plainville, officials reported slots revenue of $12.38 million last month from $156.43 million in wagers, the commission said.
January was the worst month for revenue at the slots parlor since February 2017, when officials reported revenues of $12.06 million.
The state is entitled to more than $4.95 million of Plainridge's January revenue in the form of taxes intended for local aid and another $1.11 million for the Race Horse Development Fund. That works out to a total tax or assessment hit of about $6.06 million last month, according to the Gaming Commission.
Plainridge is taxed on 49 percent of its gross gaming revenue, with 82 percent of the levy going to local aid and 18 percent to a fund set up with the goal of supporting horse racing, an industry that is struggling in Massachusetts.