MGM Springfield Could Soon Go For Sale

MGM Resorts International is having a busy year. In order to generate more revenue for expansion overseas, this company is working to sell some of its major properties. This week, officials within the company announced they were interested in selling the MGM Springfield.

MGM Springfield Casino

This Massachusetts hotel-casino has struggled to perform over the past year. It’s disappointing news for MGM, which has invested major resources into this venue. Today, we’re going to look at why exactly this casino could soon go up for sale.

MGM Resorts International Continues to Sell Property

MGM Resorts is one of the biggest and most profitable casino companies in the world. It owns a huge number of gambling venues around the world, including many in Las Vegas. Some of these MGM-owned properties are located on the Strip including the MGM Grand, Mandalay Bay Hotel & Casino, and The Mirage.

This company is undergoing a major transition right now. Recently, MGM revealed that it was working on selling many of its biggest properties. The idea is to sell properties and invest the money towards expansion throughout the US and abroad.

Just last month, MGM Resorts International announced that it sold Circus Circus Hotel & Casino. This venue was purchased by Phil Ruffin, owner of Treasure Island in Las Vegas. It’s unclear exactly what Ruffin plans to do with his new hotel-casino.

To the surprise of many, MGM Resorts International also sold the world-famous Bellagio Casino-Resort last month. It went to the Blackstone Group for an astounding $4.2 billion, making it the largest property sale in Las Vegas history.

Jim Murren, CEO of MGM Resorts International, recently told the media that additional property sales are likely to take place in the future.

Company Officials Are Now Interested in Selling MGM Springfield

Massachusetts has always been considered a lucrative casino market. Until fairly recently, however, no commercial gambling venues were able to operate here. This is no longer the case and today there are several popular privately owned casinos in Massachusetts.

MGM Springfield opened its doors back in August of 2018. At the time, it was the biggest and most impressive gambling establishment in the state. MGM Resorts International invested nearly $1 billion to open this casino in hopes of dominating the New England gambling market.

For a while, it was successful. MGM Springfield drew in thousands of visitors every month and revenue continued to increase. Recently, however, things have been going downhill for this casino.

In June, Wynn Resorts finally opened its own Massachusetts-based casino, called the Encore Boston Harbor. As the name suggests, this venue is located near Boston and immediately gained tremendous success. It’s so successful, in fact, that it’s captured a significant portion of the Massachusetts gambling market.

MGM Springfield’s revenue has continued to drop since the Encore Boston Harbor opened its doors. Officials are now interested in selling this property.

One plan that’s being discussed is selling the venue and then leasing it back. It’s the same strategy that MGM is using for the Bellagio. Some are skeptical that this plan will work in Massachusetts.

Officials Remain Skeptical of MGM’s Massachusetts Casino Sale

Selling a billion-dollar gambling venue doesn’t come easy. Recently, several politicians in Massachusetts voiced their skepticism over the sale of MGM Springfield. Domenic J. Sarno, Mayor of Springfield, spoke on this issue to the media this week.

“(The city has a) very strong Host Community Agreement with MGM and we will certainly hold MGM to this legally binding agreement,” he said. “Part of this mandates the city and the Massachusetts Gaming Commission must approve any and all adjustments to said agreement.” 

Others believe that a sale could be completed, yet the lease-back process that MGM is looking for might be more difficult.

It’s clear that MGM Resorts is bleeding cash from this venue. State officials recognize this, as well. Hopefully, they’re able to come to an agreement on how to best proceed next.

Stay tuned for more news on MGM Springfield over the next few months!

Massachusetts Casino Revenue Dips in September

Massachusetts is just beginning to embrace the casino industry. There are a few major gambling hubs here, all of which are fiercely competitive with each other. Unfortunately, new reports indicate that Massachusetts casino revenue fell in September. Massachusetts State Symbol

Today, we’ll be looking at the expansion of Massachusetts’ casino market. We will also talk about how much money these casinos managed to bring in last month. Let’s get into it!

More Casinos Begin to Open in Massachusetts

The US gambling industry has never been stronger. Many states around the country are beginning to liberalize their casino gambling laws and are experiencing massive revenue earnings as a result. Several major companies have begun looking at Massachusetts as a lucrative new casino market to break into.

Wynn Resorts is one such company. Back in June, Wynn opened the Encore Boston Harbor casino-resort in Everett, MA. The location was concerning for some; it was previously an unattractive industrial area.

Fortunately, Wynn Resorts’ new casino in Massachusetts has proven to be massively successful. It’s been generating major revenue for the company and state since opening its doors to the public. Encore Boston Harbor was also been outperforming the MGM Springfield gambling venue, which was once the most popular gaming hub in the state.

Many companies are now working to open gambling venues here. Over the next few years, two new venues could open their doors here including the Aquinnah Cliffs Casino and Project First Light Resort & Casino.

Some analysts believe that Massachusetts will become the next major casino destination in the US. Of course, even here gambling revenue can sometimes dip.

Massachusetts Casino Revenue Finally Drops

For a time, it looked like casinos in MA would continue to experience an increase in gambling revenue for the remainder of 2019. Multiple reports have now proven otherwise. Massachusetts casino revenue fell in September and companies are taking notice.

MGM Springfield experienced one of its worst months of the year. Overall gambling revenue fell by 5.1%. The gambling venue brought in $19.8 in September, a pretty significant decrease from the $20.9 million made in August.

Encore Boston Harbor experienced a dip in revenue, as well. According to the Massachusetts Gaming Commission, this casino-resort earned $48.9 million last month. $27 million came from slots and $21.8 million from table games. These revenue earnings also represent a pretty serious decrease from August, where the casino made $52 million.

There’s no real cause for concern, though. Many analysts have pointed out that September is always a less-profitable month than August. Many individuals experience the end of their summer vacations and head back to work.

It’s likely that Massachusetts casino revenue will bounce back this month. This state has never been earning more from its gambling industry and it’s only going to get better.

More Gambling Options Coming to MA

Many lawmakers in Massachusetts are interested in adding even more gambling options to the state. Since May of 2018, when PASPA was struck down, several politicians have called for sports betting to become legal and regulated here. State Representative Brad Hill gave his opinion on the matter to the media a few months ago.

“I want to get us up and running because there is another football season nearly upon us,” he said. “We’re missing a huge opportunity for revenue in this state. Massachusetts likes to gamble, we like our sports, and I should be able, as a citizen, to go bet on a football game. Why is this taking so long? We’re not reinventing the wheel here.”

Many are also calling for online casino gambling to become regulated here. Today, there are a huge number of great online casinos in MA available yet none are monitored by lawmakers in the state. Hope is that in time, this will change.

Massachusetts casino revenue has fallen yet the state still has one of the most lucrative gambling markets in the country. We’ll need to wait and see which new gambling options become available here in the future.

Stay tuned for more Massachusetts gambling news over the next few months!

MGM Springfield Casino Fails to Meet Revenue Projections

One of the biggest casinos in Massachusetts isn’t performing as well as many thought it would. According to new reports, the MGM Springfield Casino has failed to meet the revenue projects set on it this year. It’s tough news for the gaming venue, which is facing new competition from the Encore Boston Harbor.

State Flag Of Massachusetts

It’s disappointing news to see this casino struggle. Today, we’re going to look at how much the casino revenue fell short. We’ll also talk about the state of Massachusetts’ gambling industry as a whole. Let’s get started!

Massachusetts’ Casino Industry Continues to Grow

For many years, lawmakers in Massachusetts worked to close off the gaming industry. Residents here voted to open a casino in 2012, yet no casinos were constructed here for years. Finally, in 2018, MGM Resorts opened a casino in Springfield.

The $960 million casino complex is one of the biggest on the East Coast. It features 125,000 square feet of total gaming space and a number of non-gaming activities. Hope was that this new casino would bring the state millions in additional revenue each year.

In June of 2019, Wynn Resorts decided to move into the Massachusetts gaming scene. This company opened the Encore Boston Harbor in Everett, located just miles from Boston. The Encore in Boston has proved extremely successful, generating millions of dollars just days after opening.

There are also some fantastic online casinos in MA available right now. The state does not regulate these websites, yet thousands of individuals make bets through them every single year.

It’s unclear whether or not any new gaming venues will open here in the near future. The MGM Springfield Casino and the Encore Boston Harbor are now competing with each other to bring in the most revenue.

MGM Springfield Casino Brings in Less Revenue than Expected

In Massachusetts’ limited gaming market, it was assumed that the MGM Springfield would be extremely successful. When first applying for a casino license, MGM anticipated that the Springfield casino would bring in $412 million in its first year of operating. Unfortunately, the casino has failed to meet these projections.

The MGM Springfield Casino just celebrated its first anniversary. According to new reports, this gaming venue earned $253 during its first year. That’s more than $100 million less than what was expected.

Mike Mathis, President and COO of the Springfield casino, commented on the revenue earnings to the media this week.

“We’re a little bit behind, say, our first-year projections,” he said. “But I feel really good about the trajectory of it.”

Mathis believes that increased competition from the Encore Boston Harbor is partly to blame. He feels that many of the patrons at MGM Springfield are choosing to gamble inside the Encore now.

“I think we may have underestimated that level of loyalty, and what it would take for those customers to give us a shot,” Mathis said.

Future of the MGM Springfield

It’s tough to predict how this casino will fare in the future. It’s clear that the Encore Boston Harbor is winning the revenue fight, yet the MGM Springfield Casino is still the top gaming venue in the south-east of the state. Of course, Boston is the most densely-populated areas of Massachusetts and brings in significantly more gamblers.

The MGM casino will continue to struggle with the competition. This isn’t deterring the casino’s officials, though. Owners of this casino predict that it will bring in even more revenue during its second year of operating.

This casino plans to bring in more people from outside of New England next year. Some gaming analysts question whether this is feasible. Several nearby states including New York and Pennsylvania have begun to expand their gambling markets. They are now offering sports betting and have introduced plans to create new casinos.

With more states embracing gambling, the MGM Springfield Casino will struggle to bring in visitors from outside of Massachusetts. Alan Woinski, a gaming analyst for Gaming USA Corp, believes it will be years before this gambling venue meets its revenue projections.

“I don’t know if it’s just reluctance to update that model or to bring it up to reality, but it’s been going on for over 10 years now,” he said.

Make sure to stay tuned for more news on Massachusetts gambling industry!

Restaurants Hurting from Encore Boston Harbor Hiring Spree

The Wynn-owned Encore Boston Harbor opened its doors to the public in late June. It’s quickly grown to become one of the most popular gambling venues on the East Coast. Interestingly, the massive hiring spree that his casino is on is hurting Boston’s local restaurant scene. Encore Boston Harbor Hotel-Casino

Finding staff to work in restaurants in this city has been difficult for years. With thousands of workers now being hired to the casino, this is more difficult than ever before. Let’s look at how the success of this casino is affecting the local community.

Encore Boston Harbor Proves Successful

Gambling fans have been calling for a casino in Boston for years. Finally, Wynn Resorts decided it was time to act. The company began construction on the Encore Boston Harbor casino-resort in August of 2016 and opened it to the public in June of this year.

There was some concern about the casino’s location. Wynn built the Encore Boston in Everett, an area known for its industrial businesses. It’s not a place typically thought of as a major tourist destination. Of course, this casino is located just five miles from Logan International Airport, making it an easy stop for tourists.

Fears of the casino opening in Everett have proven to be unwarranted. This casino has managed to attract a huge number of gamblers and is now one of the top gaming venues on the East Coast. In its first eight days of operating, Encore Boston Harbor managed to bring in $16.79 million.

To put that into perspective, the Encore in Boston managed to earn more money in eight days than MGM Springfield, the state’s first casino, earned over an entire month. Now, some restaurant owners in the Boston area are complaining that the casino is taking in too many employees.

Boston Restaurants Hurting From Encore’s Hiring Spree

This major casino-resort employs more than 5,000 workers. For an already tight restaurant labor market, this has led to sparse pickings for local businesses. Many locals now fear that small restaurants in the area will be forced to close their doors. The Boston Herald listened to many individuals give their take on how the casino is affecting them.

Bob Luz, Massachusetts Restaurant Association chief, commented on many people’s fear that local businesses will have to close shop.

“That’s one of the fears that we have,” he said. “You reach a breaking point because you can’t just keep passing it onto the consumer.”

Encore Boston Harbor feels that their casino is benefiting the community. Spokesperson Rosie Salisbury gave an official company statement to the media this week.

“We received 135,000 applications for positions within the resort and are pleased with the caliber of candidates that we have been able to attract,” she said. 

The Encore currently employs 5,200 individuals. Rosie Salisbury claims the casino is now looking for an additional 200 workers to help with day to day operations.

Changes Coming to Massachusetts Gambling Laws

Regardless of how it’s affecting the local restaurant scene, it’s great to see the Encore Boston Harbor generate so much revenue. Lawmakers in this state are now taking a close look at how to capitalize on the gambling industry. Based on numerous reports, it looks like sports betting may be legalized here in the near future.

In February of 2018, the Massachusetts Gaming Commission released a 31-page paper that provides an outline to legalize sports gambling. In January of this year, several politicians in the state introduced bills to have this popular form of gambling legal. Many are also calling for this state to begin regulating online gambling

Fortunately, there are already a huge number of great gambling sites available in Massachusetts. Most of the top sites offer both casino and sports betting options. These sites are not regulated by the government, yet offer players safe payment options and a wide range of gambling odds.

Encore Boston Harbor isn’t going anywhere. It’s already the most successful gambling venue in Massachusetts with millions of dollars coming in each week. We’ll need to wait and see how exactly this major casino affects local restaurants businesses. Stay tuned for updates over the next few weeks!

Judge Claims Tribe Needs Approval for New MA Casino

One of Massachusetts Native American Tribes is in a row with the state over the construction of a new casino. According to a Federal Judge, the tribe needs local approval to continue working on the gaming establishment. Will this new MA casino be up and running by 2020? New MA Casino

This isn’t the first time that Native American Tribes and states have argued over gambling rights, and it won’t be the last. Let’s look at why a judge is setting restrictions on the tribe, and what this means for Massachusetts moving forward.

Aquinnah Wampanoag Pushing for New MA Casino

The Aquinnah Wampanoag Tribe has been in fighting with Massachusetts to operate a casino for years. Not long ago, the tribe pulled back from working towards a Class III gambling license. The National Indian Gambling Commission claims that this tribe is eligible to operate a casino under the 1987 Settlement Act.

In 2016, lawmakers in MA dealt a tough blow to the Wampanoag Tribe. According to District Court Judge J. Dennis Saylor IV, the tribe did not have “sufficient government control” to operate a casino within its territory. Saylor claimed the tribe lacked the infrastructure to successfully operate a major gambling venue.

The Federal government disagreed. The Wampanoag tribe has the right to open a new MA casino, yet local approval is needed before this can be done. What does this all mean?

Local Approval Needed for New MA Casino

The Wampanoag Tribe wants to continue construction on a new casino project on Martha’s Vineyard in Massachusetts. This is located on a small island just south of Cape Cod. According to the aforementioned Saylor, the tribe needs approval from the local community before construction can begin.

Saylor concedes that the tribe is not subject to state regulations. They are, however, required to abide by local permitting requirements.

Wampanoag leaders believe they have the right to begin construction without local permission. Under the laws of 1987, they argue, federally-recognized tribes can operate casinos on sovereign lands without state approval. It’s a complicated issue.

This tribe actually began construction on the casino back in February. This new legal dispute with the local regulators forced them to stop. Wampanoag Tribal leaders are expected to comment on the issue soon.

Changes to Massachusetts Casino Laws

This most recent dispute between state and tribe proves that Massachusetts’ gaming laws are not perfect. For many years, lawmakers here showed no real interest in legalizing any privately-owned casinos. In 2011, new laws were introduced to change this.

That year, the state agreed to hand out three casino licenses. Today, a number of major casino companies are operating here including MGM Resorts International and Wynn Resorts. Unfortunately, laws towards online gambling here are bleak.

Massachusetts has shown no real interest in regulating its internet casino market. As is the case throughout the country, laws on internet casino gambling in Massachusetts are unclear. The state does not specifically mention the legality of casino gaming through offshore sites.

A large number of individuals in this state enjoy playing casino games online. Others still prefer to play inside brick-and-mortar establishments. Fortunately, a new MA casino may be on its way, as long as the Wampanoag tribe can settle this most recent dispute with the state.