MGM Springfield casino earnings Collapse $4.7m in October

Following what President and Chief Operating Officer for MGM Springfield, Mike Mathis known as a “solid visitor volume” to its new casino’s first full month of operations, a recent report shows that players in both the Springfield venue and also the Penn National Gaming-owned and managed, Plainridge Park Casino, wagered less in October.

October gross gaming revenue:

According to the Massachusetts Gaming Commission (pdf), for the month of October, the $960 million resort casino which opened on August 24 this season reported bringing in upwards of $22,242,742 million in gross gaming revenue, which includes more than $7 million in table games and over $14 million in slots.

The figure was $4.7 million less than the $26,952,096.39 in gross gaming revenue MGM reported for September’s gross gaming revenues.

Players at MGM Springfield allegedly wagered a total amount of $165,684,708 on slot machines at October, which the casino profited at a speed of 8.83 percent, compared to 9.55 percent the month before.

Taxes paid out to say :

According to the commission, the payout to the state in October in the MGM Resorts International-owned land was $5,560.685 in taxes.

To date, $58,651,815 in gross gaming revenues has been generated by MGM Springfield resort casino and of that taxes totaling $14,662,953 has gone to the state’s coffers.

Expected gross gaming revenue:

According to Mass Live, before, the resort casino situated in the heart of Metro Center, Springfield, Massachusetts reported on the state’s gaming commission that approximately $418 million in gross gaming revenue was expected annually one of surgeries, with that figure normalizing to somewhere in the neighborhood of $500 million annually by the third year of operations.

Taxed in 25 percent:

Those earnings are apportioned to various specific state funds according to state law. Under the conditions of its host community agreement, in lieu of taxation, MGM makes payments, which started this season, to the town of roughly $17.6 million yearly.

Meanwhile, Plainridge Park Casino, that is located about 84 kilometers east of MGM Springfield reported gross gaming revenue in the amount of $13,525,789 at October. Opened in 2015, the Category 2 slots facility is taxed on a percentage less than 50 percent of its gross reported grossprofit, with local aid receiving 82% and the Race Horse Development Fund allocated 18 percent.

In October, the harness racing track and slot machine parlor that is only 40 minutes from Boston paid taxes to the state in the amount of $6,627,636.

Thus far, approximately $285,489,004 in complete assessments and taxes have been collected by the state in MGM Springfield and Plainridge Park Casino because their separate openings.