October 16, 2018

MGM Springfield gaming nets $27M in first month

PHOTO | Contributed
PHOTO | Contributed
MGM Springfield netted nearly $27 million in gaming revenue in September, its first month in operation.

MGM Springfield raked in almost $27 million in gaming revenue in its first month, generating more than $6.7 million in taxes, according to the Massachusetts Gaming Commission.

The $960 million casino and entertainment complex in September netted over $18.1 million in slot revenue and $8.8 million from table games, the gaming commission said in a report Monday.

During its first eight days in operation, MGM recorded more than $9.4 million in gaming revenue, including $7.3 million from slots and $2.1 million from table games. The eight days drew more than $2.3 million in taxes for Massachusetts.

MGM's tax revenue from gaming, taxed on 25 percent, is split between several state funds such as local aid (20 percent), transportation infrastructure (15 percent) and education (14 percent), among others, the gaming commission said.

Michael Mathis, MGM Springfield's president and chief operating officer, on Monday said the casino's gaming revenues last month met expectations.

The casino, as previously reported, said over 150,000 guests visited the revived three-block venue during its opening weekend.

MGM Springfield is expected to swipe gaming and entertainment revenues from Connecticut's two larger casinos, Mohegan Sun and Foxwoods Resort Casino.

On Monday, Mohegan and Foxwoods each reported a decrease in slot revenues for the third consecutive month.

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