Amid Revenue Dip, New England Casinos Brace For More Competition

There weren’t a lot of showers in April, but that didn’t stop the month from raining on the New England casino industry’s parade.

After a terrific March, revenues dipped quite a bit in April. The month-over-month drop-off isn’t unexpected (due to seasonality), but the sharpness of it was.

In 2018, Plainridge Park saw revenue fall by $1.2 million from March to April. In 2019 the revenue drop increased to nearly $1.9 million.

The drops at Foxwoods and Mohegan Sun were also more pronounced in 2019. Foxwoods saw its slot revenue decline from March to April by $2.4 million in 2018. That number increased to $3.9 million in 2019. Likewise, Mohegan’s slot revenue fell by $3.5 million in 2018 and $5.9 million in 2019.

And because these are M/M comparisons, the falloff cannot be laid at the feet of MGM Springfield. Something else was afoot.

A closer look at April slot revenue

New England slot revenue April 2019:

  • Mohegan Sun Casino – CT: $45,218,401
  • Foxwoods Casino – CT: $36,199,094
  • Twin River Lincoln – RI: $35,578,213
  • MGM Springfield – MA: $15,472,211
  • Plainridge Park Casino – MA: $14,062,059
  • Twin River Tiverton – RI: $8,624,023
  • Oxford Casino – ME: $6,613,678
  • Hollywood Casino – ME: $3,499,537

Here’s how each facility stacks up:

 # Slot MachinesAverage RTP
MGM Springfield2,55092%
Plainridge Park1,20092%
Foxwoods4,10092%
Mohegan Sun4,80092%
Twin River Lincoln4,20092%
Twin River Tiverton1,00092%
Oxford Casino95090%
Hollywood Casino72590%

A closer look at April table game revenue

Table game revenue April 2019:

  • Twin River Lincoln – RI: $11,531,400
  • MGM Springfield – MA: $6,345,874
  • Twin River Tiverton – RI: $2,050,179
  • Oxford Casino – ME: $1,415,191
  • Hollywood Casino – ME: $720,564

*Neither Foxwoods or Mohegan Sun report table game revenue to the state of Connecticut.

Here’s how each facility stacks up:

 # Table Games# of Poker Tables
MGM Springfield12023
Plainridge ParkN/AN/A
Foxwoods250100
Mohegan Sun30042
Twin River Lincoln93 +48 Stadium Games23
Twin River Tiverton32+18 Stadium GamesN/A
Hollywood Casino184
Oxford Casino28N/A

Regional New England news roundup

Encore Boston Harbor update

Things are about to get really interesting in Massachusetts.

The opening of the $2.6 billion Encore Boston Harbor is now just weeks away. You heard that right–the property will open on June 23, as planned.

While its impact on the region’s existing casinos has been noticeable, MGM Springfield wasn’t the disruptive force many thought it would be.

However, at more than double the price, and with a far better location, it’s anyone’s guess what impact Encore Boston Harbor will have on the existing casinos when it opens its doors.

Some of the other big stories surrounding the property are:

You can find an in-depth preview of the entire property here.

New Hampshire lottery prevails in Wire Act case

The New Hampshire Lottery scored a resounding victory for supporters of legal online gambling everywhere.

In his opinion, New Hampshire District Court Judge Paul Barbadoro didn’t just rule in favor of the NH Lottery over the Department of Justice, he eviscerated the DOJ’s recent re-revision of the Wire Act. At several points, the judge refers to the DOJ’s stance as incoherent and bizarre.

The final statement sums up the 60-page decision nicely:

“I hereby declare that § 1084(a) of the Wire Act, 18 U.S.C.§ 1084(a), applies only to transmissions related to bets or wagers on a sporting event or contest. The 2018 OLC Opinion is set aside.

“SO ORDERED.”

State-by-state casino revenue breakdown

Massachusetts

April was an ok month for Massachusetts’ two casinos. Even with the M/M drop, April was the second best month of the year for MGM Springfield and Plainridge Park.

Connecticut

Faced with new competition in Massachusetts and Rhode Island, Connecticut‘s tribal casinos have performed admirably. Y/Y revenue is declining, but thus far the two properties are holding their own better than anyone expected.

Rhode Island

Twin River‘s two Rhode Island locations have been the region’s unbridled success stories over the last year or so.

Investment (relocating to Tiverton and adding a hotel to the flagship Lincoln casino) and gaming expansions (sports betting and soon online sports betting) have left the Twin River casinos largely unaffected by expansion in the region.

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Maine

Considered “locals” casinos, Maine’s two casino properties are far enough north to avoid the direct competition in the increasingly crowded southern New England casino market.

The two Maine casinos had the best M/M comps of any state in the region, with revenue ticking down ever so slightly at both properties.

Steve Ruddock

About

Steve Ruddock is an avid poker player and a veteran member of the gaming media. His primary focus is on the regulated US online casino and poker markets. He writes for numerous online and print publications, including OnlinePokerReport.com, USPoker.com, and USA Today.

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