Lowest gross gambling revenue earned by MGM Springfield was of $19.7 million since its inception in August 2018. It leads to 9% decrease from December and overall revenue rose to $121 million since the time it opened.
MGM Springfield Falling Short of Expectations
The number suggests that the initial estimates given to Massachusetts Gaming Commission may fall below by the casino. There was an estimated revenue of $418 million during first year that will enable it to win $35 million from the players.
MGM Springfield President and COO Michael Mathis stated:
“As we enter our sixth month of operation, we continue to gain valuable insights on the market,” Mathis said in the statement. “We remain grateful for the ongoing support of the New England region and look forward to an exciting 2019 bringing more great shows to downtown and introducing legalized sports betting for the first time in the Commonwealth.”
Massachusetts contains two gambling amenities out of which one is MGM Springfield. In January a revenue for Plainridge Park Casino was reported to be $12 million which is $2 million less than in December but it was predicted as stable keeping in view the past trends of 2018 and 2017.
Northeastern Casino Market Shows Signs of Saturation
The new casino aims to make substantial profits in northeastern gambling marketplace. Whereas, many casino services in Connecticut, Rhode Island, and New York have been striving to reach the targets in an already saturated regional market that is seen to be continued in 2019.
In January, the Native American resort earned the lowest one-month revenue of $31 million in 25 years while lowest of Mohegan Sun was earned in 2001 that was $40.7 million. This decline has been ascribed to poor weather conditions and introducing sports betting in Rhode Island. Revenues for tribal casinos are only released quarterly in Connecticut because state doesn’t tax those winnings.