Inflation Takes a Bite Out of Massachusetts Casino Revenues
Sharply rising prices for everything from food, gasoline, rent, and utilities have left us with less money in our pockets, meaning many of us have cut back or changed how we spend our expendable cash.
It appears the state's gaming facilities may be suffering as a result. Fewer of us are going to the state's two casinos and one slots parlor, 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)." The combined haul resulted in $25.5 million in revenue for Massachusetts.
State House News Service reported Encore Boston Harbor brought in $58 million in May, the largest haul of the three, however it was "the first month since February that the Everett casino did not clear the $60 million gaming revenue threshold."
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 press release from the gaming commission explained that Plainridge Park Casino, "a category two slots facility, is taxed on 49 percent of gross gambling revenues." Of the total taxed amount, "82 percent is paid to Local Aid, and 18 percent is allotted to the Race Horse Development Fund," according to the commission.
The commission said MGM Springfield and Encore Boston Harbor are category one resort casinos and are "taxed on 25 percent of gross gambling revenues."
"Those monies are allocated to several specific state funds as determined by the gaming statute," the commission said.
The commission said Massachusetts has "collected approximately $1.101 billion in total taxes and assessments from PPC, MGM, and Encore since the respective opening of each gaming facility."
LOOK: Here is the richest town in each state
LOOK: See inside a modern day castle complete with drawbridge