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 Machines||Average RTP|
|Twin River Lincoln||4,200||92%|
|Twin River Tiverton||1,000||92%|
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|
|Twin River Lincoln||93 +48 Stadium Games||23|
|Twin River Tiverton||32+18 Stadium Games||N/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:
- The $35 million fine and criticisms of CEO Matt Maddox
- Where will employees park and the cost to park on-site
- The exorbitant room rates to stay at the property’s hotel.
New Hampshire lottery prevails in Wire Act case
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.
State-by-state casino revenue breakdown
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.
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.
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.
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.