The Massachusetts Gaming Commission released its gross gaming revenue report for December 2022. The state’s three casinos posted $103 million for the month, consisting of a record high of about $68.46 million at Encore Boston Harbor, $22.47 million at MGM Springfield and $12.31 million at Plainville’s Plainridge slots parlor.
Massachusetts took in more in taxes and fees from casino-style gambling in December than in any other month on record, reports WBUR. The December haul was translated to $28.76 million in state revenue, surpassing the previous record set in March.
Encore and MGM are each taxed at a rate of 25% of gross gaming revenue and the money collected is split into buckets, like local aid, the Transportation Infrastructure Fund, and an education fund. For the former, that meant a state tax hit of just more than $17.11 million last month. MGM Springfield’s performance meant a state tax liability of nearly $5.62 million.
Plainridge Park Casino’s December results worked out to just more than $6 million in taxes and fees for the state. Plainridge Park pays a 49% tax on its gross gaming revenue, with 82% of what is collected earmarked for local aid and the remaining 18% allotted to the state’s Race Horse Development Fund.
Since Plainridge opened in June 2015, Massachusetts has collected just shy of $1.29 billion from casino gambling and has averaged about $23.25 million in revenue each month since Encore opened in June 2019.
By late January, Massachusetts will begin to see revenue from legal sports betting. Estimates for annual revenue from wagering have ranged from $35 million to more than $60 million.
Sports betting was officially legalized in Massachusetts in the final moments of the state’s 2022 legislative session. Since then, most of the responsibility for its implementation was turned over to the MGC to build a regulatory framework.
The MGC intends to launch retail sports betting at category 1 licensees on January 31, with online and mobile wagering scheduled to follow in March. A “soft launch” of in-person betting will be held at each facility on Jan. 30 to allow regulators to observe how they handle taking bets from staff and invited guests. In-person betting would then become available to the public the following day.
Original article: https://www.yogonet.com/international/news/2023/01/19/65782-massachusetts-posts-103m-gaming-revenue-in-december-driven-by-record-encore-boston-harbor-performance
