State officials unveiled that Plainridge Park Casino took in $18.155 million in gross gaming revenues in July and is on par to eclipse $200 million in its first full year – a number that the Wynn casino could potentially dwarf when it opens.
The Massachusetts Gaming Commission (MGC) reported that in its first month, Plainridge generated $18.155 million in revenues and $8.9 million in revenues for the state. That came on 1,250 slot machines, video poker machines and video blackjack machines.
“It is anticipated that Plainridge Park Casino will generate approximately $200 million of Gross Gaming Revenues in the first full year of operations, which would translate to approximately $98 million in revenues to the Commonwealth,” read the MGC statement. “Slot machine payouts are controlled by software and mandated by Commission regulation to have a minimum theoretical payout of 80 percent over the cycle of the game.”
All told, Plainridge generated $181.59 million in “coin in” revenues, but had a payout of about 91 percent. That resulted in the $18.155 million gross gaming revenues.
Of the $8.9 million in state revenues generated, 82 percent goes to Local Aid for cities and towns and 18 percent goes to the Race Horse Development Fund.
The numbers did surprise most observers, who didn’t expect such a high amount of revenues, but the surprise has generally been curbed by a “wait and see” mind set as it is a new facility.
The news bodes well for the Wynn casino in terms of a test of what could be generated at the Everett site.
Wynn will have more than twice the number of slot machines, with 3,000 scheduled to be located at the casino. Wynn will also have 150 table games that will also generate gaming revenues.