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Massachusetts Casino Revenue Drops 10.9% in September

Massachusetts' land-based casinos saw a 10.9% revenue decline in September 2024, dropping from $103.3 million in August to $92.1 million. Despite the downturn, year-on-year revenue increased by 1.9%. The potential legalization of online casinos in 2025 could reshape the state's gaming industry.
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Massachusetts

Branimir Ivanov | Senior News Contributor

Updated: Oct 19, 2024

Drops Across Massachusetts

Massachusetts' three land-based casinos experienced a significant decline in revenue in September 2024, marking the first double-digit drop since April. According to data from the Massachusetts Gaming Commission, casino revenue fell 10.9% from August, dropping from $103.3 million to $92.1 million. Despite the month-to-month decline, the industry saw a modest year-on-year increase of 1.9%, highlighting a mix of challenges and resilience in the market.

The September drop translates to a loss of $11.2 million across the state's three casinos—Encore Boston Harbor, MGM Springfield, and Plainridge Park. All three venues saw declines, with Encore and MGM experiencing drops of over 11%. Specifically, Encore Boston Harbor's revenue fell from $64.9 million in August to $57.7 million in September, while MGM Springfield saw a decrease from $23.7 million to $20.9 million. Plainridge Park, a smaller contributor to overall revenue, also saw a decline, dropping from $14.7 million to $13.4 million.

This downturn follows a relatively stable summer period, where monthly revenues had shown incremental gains. For example, August recorded a 3.83% increase compared to July, when total revenue reached $99.5 million. However, September’s downturn was the most significant since April, when the state’s casinos recorded a 12.2% revenue drop.

 

Industry Resilience and Year-on-Year Growth

Despite the challenging month, Massachusetts' casino market demonstrated resilience in its annual performance. Revenue rose 1.9% compared to September 2023, increasing from $90.4 million to $92.1 million. This growth, though modest, underscores the state’s ability to maintain a steady player base even as the broader economy and consumer behavior continue to fluctuate.

Massachusetts' revenue figures align with broader industry trends, where casino markets across the country often see fluctuations based on seasonal factors, economic conditions, and shifts in player preferences. While the month-to-month decline is notable, the year-over-year improvement suggests that the state's casinos are still on a positive trajectory despite the occasional dip in monthly earnings.

The decline in September's revenue raises questions about the future of gaming in Massachusetts, especially as online gambling remains illegal in the state. Despite this, there is growing potential for a shift toward online casinos, which industry analysts believe could significantly boost revenues. According to projections from PlayUSA, Massachusetts could have generated over $120 million in August if online casinos were operational, aligning with revenue patterns in other states with legal iGaming like Pennsylvania and Michigan.

Rep. David Muradian aims to address this potential market gap with plans to introduce a bill to legalize online casinos in 2025. If successful, the legislation would allow Massachusetts to follow the path of online sports betting, which the state has already embraced. The upcoming launch of online lottery sales could also ease the transition for lawmakers considering iGaming, offering a template for integrating digital gaming into the state’s regulatory framework.

 

Challenges and Opportunities Ahead

Though the timeline for the legalization of online casinos remains uncertain, the potential of iGaming could drastically alter the landscape for Massachusetts’ gaming industry. If approved, online platforms could supplement and even surpass the revenue generated by traditional venues, offering a new avenue for growth. This shift could make Massachusetts more competitive with neighboring states like New Jersey and Pennsylvania, where online gaming has become a major revenue driver.

For now, Massachusetts' land-based casinos continue to face the ups and downs of a competitive market. The 10.9% revenue drop in September highlights the challenges of sustaining momentum, particularly as the industry adjusts to changes in consumer behavior. However, the year-on-year increase indicates that the market remains strong, with a solid foundation that could support future expansion into online gaming.

The potential shift toward online gambling represents a path to sustained growth in the years to come. If lawmakers move forward with legalization efforts, Massachusetts could join the ranks of states where iGaming has become a significant contributor to overall gaming revenue. Until then, the state’s casinos will need to navigate the fluctuations in their monthly performance while positioning themselves for the next wave of industry evolution.

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