Revenues Down From Opening, But MGM Springfield Says Casino Is On Track
The new casino in Springfield, Massachusetts, saw a dip in revenues last month. But an MGM official says it's on track financially.
MGM Springfield said it brought in almost $27 million in September. It will pay the state nearly $7 million of that.
On a daily basis, average revenues were down 32 percent from the opening week in August.
That's not a surprise. MGM opened another casino in Maryland in 2016 and also saw a drop in revenues in its first months.
In a statement, MGM Springfield President Mike Mathis said visitor volume was solid, and the casino's financial performance is on track with expectations.
The other gambling location in the state, Plainridge Park, brought in about half as much as MGM in September, but will pay the state more.
That's because as a slots parlor, it's taxed at roughly double the rate of the Springfield casino.
Disclosure: MGM has purchased underwriting from New England Public Radio publicizing the company's non-gambling activities. The NEPR newsroom operates independently of the station's development department, and editorial decisions are made without regard to any funding relationships.