The Massachusetts Gaming Commission announced on Thursday that Plainridge Park Casino, the state’s first licensed gambling venue, generated gaming revenue of $6.15 million during the first week of its operation.
The property, which is located in Plainville, Massachusetts, officially opened doors for visitors on Wednesday, June 24.
Thus, the state was contributed about $3 million from the property’s entire revenue. In other words, 49% of the money generated is taxed, with 40% going to the state’s coffers for local aid and 9% alloted for Massachusetts’ horse racing industry.
If Plainridge Park Casino generates the projected annual revenue of $200 million, the amount of $80 million would be contributed to local towns and cities, and another $18 million would be distributed to harness and thoroughbred horse racing.
As mentioned above, the property was launched last week. It features 1,250 slot machines and a number of electronic table games. Thus, a total of 1,500 players can place their bets at the same time.
Lance George, General Manager of Plainridge Park Casino, which is run by gambling operator Penn National Gaming, had previously said that the company expected to collect about $500 per machine per day. However, it seems that the daily win reached an average of $586 per machine.
Mr. George said that they are pleased with the results as well as with the players’ response to the state’s first gambling venue.
Clyde W. Barrow, a professor at the University of Texas, who has long been studying the New England gambling market, commented that the posted results point to the fact that the market has room for more casinos. He also said that Plainridge Park Casino’s first-week success is a “honeymoon.” Yet, the professor projected that the property would most definitely generate annual revenue of $200 million to $250 million.
Mr. Barrow attributed the slot parlor’s financial performance to its location not far from Interstate 495 and Boston.
However, Plainridge Park Casino’s monopoly on the state’s gambling market will not last long. Gambling operator Wynn Resorts is to launch a $1.7-billion fully-fledged casino in Everett, which is to feature 3,000 slot machines and 150 table games. In addition, MGM Resorts has already broke ground on its $800-million project in Springfield. The first venue is to open in 2017 and the latter is to be launched in 2018.
The Massachusetts Gaming Commission is to also grant a third casino license for the southeastern part of the state by the end of 2015 or early in 2016, with the cities of New Bedford and Brockton competing for it.
