Massachusetts is home to a relatively small casino industry compared to many areas of the country. With that being said, this state is home to some world-class casino-resorts. Today, we’ll talk about what is happening over at MGM Springfield.
This gaming venue has been struggling over the past few years. There are some signs that things are beginning to bounce back, though.
Here’s what you need to know about this property!
US Gambling Revenue Surged in 2021’s First Quarter
The US gambling industry was devastated by the events that unfolded in 2021. Early in the year, all land-based casinos across the country were forced to shut down. It took months for any casinos to begin operating again.
2021 is proving to be a much different story. Major casino companies are now reporting consistent revenue surges every month. Not long ago, reports surfaced that showed just how much US gambling revenue has been increasing.
Incredibly, gambling revenue through 2021’s first quarter increased by 17.7% when compared to the same quarter in 2020. It’s also risen by 4.1% compared to 2019’s first quarter. It goes to show how far things have come over the past few months.
Overall, gambling revenue throughout the country surpassed $11 billion. That makes it the highest-earning quarter in the history of the US gambling industry. Much of this is due to the massive surge of revenue earned during the month of March.
Both casino gambling and sports betting revenue have been steadily increasing lately. Major casino hubs such as Las Vegas and Atlantic City are starting to see massive surges in their tourism figures. Many expect this trend to ramp up over the summer months.
The casinos in Massachusetts are beginning to experience a comeback. Here’s a look at what is happening with one of the most popular casino-resorts here.
Here’s an Update on the MGM Springfield
For many years, Massachusetts banned most forms of traditional gambling. Even casinos were prohibited from operating in this state. Things changed about a decade ago and there are now several popular gaming venues operating around the state.
The MGM Springfield first opened its doors to the public in 2018. As the name suggests, this property is owned and operated by MGM Resorts. It quickly became the most popular casino-resort in the city and drew in many gamblers from neighboring states.
Eventually, the Encore Boston Harbor opened its doors here. This ended up capturing much of the state’s casino market. As the years went on, MGM Springfield’s revenue figures began to decrease.
News broke this week that MGM Resorts has sold MGM Springfield to the company’s real estate trust. This will not have any impact on the casino-resort’s day-to-day operations. MGM Resorts will now lease the property and continue running it as before.
MGM Resorts CEO Bill Hornbuckle spoke to the media this week and claimed this transaction “serves the best interests of the shareholders of both companies and further advances our asset-light commitment… [MGM Springfield] has exhibited strong financial performance as it emerges from the pandemic.”
It’s interesting news. MGM Resorts is clearly happy with the progress that this MA-based casino is making right now. It has received a large sum of money for the recent transaction and can still retain control of its operations. We’ll be sure to offer more updates on this situation over the next few months!
New Jersey Casinos Brace for Summer Tourism Boom
Massachusetts is far from the only casino hub on the East Coast. As many are aware, New Jersey is still home to the biggest casino market in this area of the country. Lately, the casinos here have been seeing a major surge of tourism and revenue.
Gambling revenue has been steadily rising here throughout 2021. Some of the gambling venues here are experiencing bigger monetary increases than others. Most analysts expect a huge surge of tourism here by the time summer rolls around.
As a result, some of the casino companies here have recently announced upcoming renovations. The Ocean Casino-Resort is set for a $15 million renovation over the next few months. Caesars Entertainment has also announced it will invest $400 million into its Atlantic City properties over the next few years.
More entertainment options are becoming available in this city. It seems likely that major shows will be able to take place at 100% crowd capacity by the time July rolls around. This should help to boost tourism rates in the city as the months go on, too.
In the meantime, the state’s online gambling options have been growing steadily. Internet sports betting is more popular here than ever before. Hope is now that the land-based casinos here will see pre-pandemic revenue figures over the next few months.
Are you surprised to hear what is happening with MGM Springfield? Let us know in the comments section below!