MGM Springfield is the brand new casino resort which set foot in the booming Massachusetts area and over the span of its first month of operation the location managed to meet the high projections previously made. Ever since it welcomed its first customers on 24th August, the location succeeded in generating almost $27 million in gross gaming revenue.
This Monday was special for the community as the most recent report coming from the Massachusetts Gaming Commission was issued in the public space. It aims to provide people with the needed information regarding the casino resort performance. People interested in the wide variety of gaming offerings available on site were able to boost the revenue with a total of $26,952,096,39 over the span of its first full month.
If we take a detailed look into the said figure, some $18 million comes from the operation of the slot machines available on site and this only comes to show that the location has the potential to diversify the field. Table games available in the premium casino at MGM Springfield was able to rake up a total of $8 million.
Springfield Strongly Attracted to New Venue
Probably the most importation figure when it comes to the community’s benefit in this situation is the amount which state coffers were able to obtain as a result. Across the first month, it reached some $6,738,024.10 in taxes which would be reinvested in the future improvement of the region and various initiatives.
This performance was expected as the first week of operation of the new property managed to draw a total of $9,456,976.90 in gross gaming revenue. People were more than eager to take a good look at the new venue and see what the hype is all about. In addition to this, taxes generated by its operation reached $2,364,244.23 over only 8 days following its opening.
The opening weekend drew in huge crowds to the downtown casino with plenty of shows on the Armory Plaza stage. More than 150,000 individuals made their way to the venue over the weekend which not only benefited the casino venue and the resort but also shops and restaurants in the vicinity.
MGM Springfield Impacts Neighboring Casino Veues
In the meantime, while performance in Springfield is booming, neighboring states already feel the impact of its operation in their revenue reports. Connecticut is the state directly affected by MGM Springfield’s launch and excellent performance in the gaming field. MGM Springfield is located only 70 miles away from Mohegan Sun in Uncasville, Connecticut and being a new location boasting quite the competitive offerings, it could result in some portion of Mohegan’s player pool redirecting to it.
Mohegan Gaming and Entertainment issued its official report pinpointing the exact moment when revenue commenced dropping, marking a third consecutive month of revenue plunge. Over the span of the past month the tribal casino developer and operator was able to rake up some $47.2 million from slot machines available on site, marking an 8.8-percent drop in year-on-year comparison.
In the meantime, Foxwoods Resort Casino managed to witness an only 5-percent drop in its gaming revenue over the span of MGM Springfield’s first month of operation. Players attending the location overseen by Native American tribe Mashantucket Pequot Tribal Nation boosted its performance with about $38 million.
For the time being, both tribal casino operators have hit a roadblock on the way towards building their joint $400-million tribal casino resort in East Windsor. Its main objective would be to be a direct rival to MGM Springfield and potentially reduce the negative impact on casino revenue on Connecticut’s field.