The Massachusetts gambling industry is off to a roaring start after state gambling regulators revealed that the Plainridge Park Casino made more than $18 million in gross gambling revenue during its first full month in operation. For the state, that figure translates to approximately $8.9 million in added revenue, further demonstrating the immense financial benefits offered by the gambling industry. In an additional report, the Massachusetts gambling commission stated that Plainridge is currently on pace to reach $200 million in gambling revenue in its first full year, which would provide about $98 million to the state to fund a collection of worthwhile causes.
The new casino’s early successes fall in line with expectations, as it continues to benefit from being the only casino operating in Massachusetts. However, the Plainridge is likely to be tested when two resort casinos in nearby Springfield and Everett open to customers in the coming years. Plainridge currently offers 1,200 slot machines, as well as electronic table games such as video blackjack, video poker and video roulette.
Earlier this month, the Plainridge Park Casino made headlines when it handed over its first payment toward its $2.7 million annual fee to the town of Plainridge in the form of a giant, ceremonial check. In addition to about $2 million in property taxes, the casino’s host agreement with the town includes approximately $225,000 each month in fees.
The new casino’s impact on the local economy goes well beyond taxes, however, as the operations have also created approximately 600 new jobs in the area. Each of these employees much be certified by the gaming commission, which includes the need for a full background check. On the flipside, the casino hasn’t caused any noteworthy traffic issues, according to local officials, meaning that the negative impacts of its operation have been minimal.
The new casino’s owner, Penn National Gaming, has been experience strong growth on the back of its favorable position in the young Massachusetts gambling market. Despite struggles from many of the country’s largest casino operators, Penn National shares are up 70 percent over the last year and 35 percent since the beginning of 2015. This prosperity has helped the company expand upon its recent progress, receiving preliminary approval for its first property on the Las Vegas strip earlier this month. Penn National currently operates in 16 states and in Canada’s Ontario Province.
As the Bay State’s gambling industry continues to heat up, analysts are excited to see what happens in the months to come. Look for the Plainridge Park Casino to continue capitalizing on its exclusive presence in the state for the time being, but impending casinos in and around the Boston market will almost certainly change the trajectory of the industry when construction is completed.
In any case, the casino’s recent financial performance is yet another indication of the insatiable thirst for gambling options currently present in markets around the United States. Which state will be the next to accept these possibilities and legalize casinos? Only time will tell.