Share
Massachusetts casinos started 2024 with a bang, posting at least $100 million in February and March. However, those days seem like a distant memory.
The state’s three casinos combined for $96.1 million in revenue this past month, marking the third straight month in which casinos totaled less than $100 million in revenue.
Key takeaways
- Revenue fell for the third straight month after back-to-back months of $100 million.
- Massachusetts online casinos could generate anywhere from $80 million to $130 million.
- Encore Boston Harbor’s revenue hit its lowest point in the past year.
- Revenue trends from 2023 point to a continued decline in casino revenue.
Could we see Massachusetts online casinos in 2024?
In short, no. The Bay State has taken a cautious approach to online wagering. It didn’t legalize online sports betting until Spring 2023 and there have been no significant efforts to legalize online casinos since then.
While the prospects of online casinos coming to life in 2024 are all but impossible, a future with Massachusetts iGaming is more likely because the state approved online sports betting. Typically, mobile sports wagering is the first step in a state eventually legalizing online casinos.
If lawmakers decide to bring online casinos to Massachusetts, there’s plenty of money awaiting casinos in the state. Based on revenue and Census Bureau data, PlayUSA predicts MA online casinos could bring in more than $80 million a month:
| State | July online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $215.4 million | 13 million | $16.65 |
| New Jersey | $195.4 million | 9.3 million | $20.65 |
| Michigan | $191.4 million | 10 million | $19.86 |
| Connecticut | $41.7 million | 3.6 million | $12.86 |
| West Virginia | $20 million | 1.8 million | $9.94 |
| Delaware | $6 million | 1 million | $3.90 |
| Rhode Island | $2.6 million | 1.1 million | $2.09 |
| Average | $96.1 million | 5.7 million | $16.86 |
| Illinois | $210.8 million | 12.5 million | $16.86 |
However, $80 million is a conservative estimate, as states with fewer than five million people tend to have lower per-capita revenue totals. When compared to states with at least seven million people, Massachusetts could average more than $120 million a month.
Casinos struggle to keep up with 2023 numbers
This past month, Massachusetts casinos saw their revenue drop more than $4 million year over year and nearly $2 million from May.
While a June slump isn’t abnormal — markets across the country struggled to match May’s totals — it is cause for concern. Encore Boston Harbor’s $60.4 million win was its lowest total over the past year. MGM Springfield saw its lowest revenue since January, and Plainridge Park dipped under $13.8 million for the first time since January. As a result, revenue dropped below $97 million for the first time in five months.
| Encore Boston Harbor | MGM Springfield | Plainridge Park | Total | Month-on-Month Change | |
|---|---|---|---|---|---|
| June 2024 | $60,372,754.47 | $21,924,494.33 | $13,787,078.56 | $96,084,327.36 | -1.94% |
| May 2024 | $61,175,511.90 | $22,422,693.90 | $14,390,836.53 | $97,989,042.33 | 0.50% |
| April 2024 | $60,889,925.23 | $22,771,251.59 | $13,837,470.78 | $97,498,647.60 | -12.22% |
| March 2024 | $70,417,586.39 | $25,248,645.40 | $15,408,139.97 | $111,074,371.76 | 10.44% |
| February 2024 | $64,405,266.61 | $22,977,235.45 | $13,186,169.52 | $100,568,671.58 | 7.51% |
| January 2024 | $60,949,231.05 | $20,707,304.91 | $11,884,081.94 | $93,540,617.90 | -9.22% |
| December 2023 | $65,826,442.79 | $23,610,279.58 | $13,598,675.31 | $103,035,397.68 | 9.58% |
| November 2023 | $61,431,284.04 | $20,998,830.74 | $11,600,410.06 | $94,030,524.84 | -2.73% |
| October 2023 | $62,366,934.78 | $21,534,948.52 | $12,768,619.84 | $96,670,503.14 | 6.95% |
| September 2023 | $59,820,850.47 | $17,443,073.79 | $13,125,723.80 | $90,389,648.06 | -7.70% |
| August 2023 | $61,320,321.54 | $23,525,299.32 | $13,079,840.00 | $97,925,460.86 | -0.73% |
| July 2023 | $61,276,166.88 | $23,514,534.87 | $13,851,914.27 | $98,642,616.02 | -1.94% |
| June 2023 | $65,495,804.62 | $22,211,802.81 | $12,890,231.78 | $100,597,839.21 | 1.92% |
What’s ahead for Massachusetts casinos?
If 2023’s revenue trends are any indication of where MA casinos are headed, the struggles will continue until the fall.
Revenue tallied three straight months of revenue declines from July to September 2023 before bouncing back in October. Using those trends as a guide, it’s possible we’ll see revenue drop below $95 million from now until the second month of the NFL season.
If Massachusetts casinos bust the trend they’re headed for, Encore Boston Harbor will have to reverse its revenue slide. The flagship casino earned $5 million less this past month than it did in June 2023. Even a $2 million year-on-year increase in revenue next month could help steady the state’s struggling numbers.
