Plainridge Park Casino Generates $12.9 Million in October

The Massachusetts Gaming Commission posted on Monday information about the financial performance of Plainridge Park Casino in October. The state’s first licensed gambling venue generated gross gaming revenue of $12.9 million last month.

Under the Massachusetts gambling regulations, the slots parlor has to pay a 49% tax on its gaming revenue to the state. Of those, 82% go for local aid and 18% go to the state’s Race Horse Development Fund. Last month, the amount of $5.2 million was contributed to local aid initiatives and $1.2 million went to the organization supporting the Massachusetts’ horse racing industry.

The gambling regulator announced on Monday that the state has collected a total of $31.9 million in gaming taxes from the facility since it opened doors on June 24. Since its launch, the Category 2 gaming venue has paid $29 million to aid cities and towns and $3 million to the state’s horse racing industry.

Revenue at Plainridge Park Casino dropped about 1% last month. In fact, October was the third consecutive month of revenue decline at the Category 2 slots parlor. Given this, the venue may not be able to meet the initial expectations of full-year revenue of $200 million. During the first four months of operation, Plainridge Park Casino generated an overall of $58.8 million, which suggests annual turnover of $176 million.

Average daily revenue per slot machine amounted to $277 last month, down from the $280 posted for September, the $327 in August, and the $389 in July. The venue generated daily revenue per slot machine of $580 in the first week of its operations. Plainridge Park Casino has 1,500 slot and other gaming machines at its premises.

As mentioned above, October revenue totaled $12.9 million compared to the amount of $12.6 reported for September. Given the fact that October is a day longer than September, the figures for the last month actually represented a drop of almost 1%.

Commenting on the posted results, Plainridge Park Casino General Manager Lance George said that it is not uncommon for revenue to “taper down” a little after a gambling venue’s official opening. The executive added that they expect the results to stabilize and that the latest figures are completely in line with their expectations.