Plainridge Park Casino generated overall gross gaming revenue of $18.1 million during its first full month of operation, according to official information released by the Massachusetts Gaming Commission on Monday.
The venue, which is part of a harness racing track in Plainville, opened doors on June 24, thus becoming the first slot parlor to operate within the state’s borders. The property features 1,250 slot machines and several electronic table games. In other words, up to 1,500 gambling customers can place bets simultaneously. Plainridge Park Casino is expected to generate around $200 million in gross gaming revenue during the first year of its operation.
The gambling venue pays the statea 49% tax on its gaming proceeds. An 82% portion of the money goes to Local Aid. The remaining 18% is contributed to the Race Horse Development Fund. Plainridge Park Casino contributed almost $9 million to the state after one month of operation.
If the slot parlor manages to generate the predicted $200 million in full-year gross gaming revenue, that will translate into about $98 million being paid to the state. In addition, gambling experts noted that if Plainridge Park Casino posts revenue of $18.1 million or more each month over the next 11 months, its annual proceeds will exceed the $200-million mark by almost $18 million.
It is also important to note that under the Massachusetts Gaming Commission’s regulations, the slot machines at the parlor need to have a minimum payout of 80% over the course of the game. According to the information released by the state gaming regulator, players bet a total of $181.6 million during the venue’s first month of operation and the payout was 90%.
The state gaming regulator said that it will keep on posting information about the Plainridge Park Casino’s monthly financial performance. The reports will be available on the Gaming Commission’s official website and will be released on the 15th of each month.
The Plainville slot parlor is the first of four venues that were backed by the Massachusetts gambling regulator in an attempt to expand the state gaming industry. Apart from it, a total of three fully-fledged casinos are expected to open doors in the years to come.
Gambling operator MGM Resorts International is to build an $800-million hotel and casino complex in Springfield. Wynn Resorts is to launch a similar property in Everett and it is expected to cost more than $1.7 billion. And last but not least, the Massachusetts Gaming Commission is currently reviewing Brockton’s application for a casino license in the southeastern part of the state.
A tribal casino may also be launched in future. The Mashpee Wampanoag Tribe has long been interested in running a gambling venue in Tauton. However, the tribe’s land-in-trust reservation first needs to be federally approved.
