Massachusetts Gaming Revenue Report - $100.57M GGR & $52.55M TSWR

In addition to numerous partnerships and amazing games, we want to bring you the latest news from the rest of the industry. Today’s report also includes the latest report regarding income in the federal state of Massachusetts.

According to the latest announcement from the Massachusetts Gaming Commission, the combined Gross Gaming Revenue (GGR) from Plainridge Park Casino (PPC), MGM Springfield (MGM), and Encore Boston Harbor (EBH) for February 2024 totaled approximately $100.57 million.

• PPC, ranked as a category 2 slots facility, donated a noteworthy portion to the GGR, with specific tax grants helping Local Aid and the Race Horse Development Fund.
• MGM Springfield and Encore Boston Harbor, ranked as category 1 resort-casinos, also made powerful contributions, with taxes from their GGR distributed to various state funds as mandated by gaming regulations.

Sports Wagering Revenue Insights

In addition to casino gaming earnings, the report highlighted the success of sports wagering in Massachusetts. For the month of February, approximately $52.55 million in taxable sports wagering revenue (TSWR) was generated.

EBH, MGM, and PPC operate as Category 1 Sports Wagering Operators, contributing to the state’s sports wagering revenue with taxes levied on a percentage of their TSWR.

Licensed Category 3 Sports Wagering Operators, including prominent names like BetMGM, DraftKings, and FanDuel, also played a significant role in the overall sports wagering revenue.

The tax distribution from casino gaming and sports wagering operations is structured to benefit various state funds and initiatives:

• Casino gaming taxes  Local Aid, the Race Horse Development Fund, and other specific state funds, amounting to approximately $1.677 billion collected since the casinos’ openings.
• Sports wagering taxes are allocated to the General Fund, the Workforce Investment Trust Fund, the Gaming Local Aid Fund, and other designated funds, with approximately $118.56 million collected since the inception of sports wagering in the state.

Noteworthy Tax Considerations

The Sports Wagering Law allows operators with negative adjusted gross sports wagering receipts for a month to carry over the negative tax liability to subsequent months, ensuring fair taxation practices in the industry.

The February 2024 gaming revenue report underscores the significant contributions of casino gaming and sports wagering to the Massachusetts economy. With robust tax allocations benefiting various state initiatives, the gaming industry continues to thrive, providing entertainment and revenue opportunities for operators and the state alike.

Source:

”The Massachusetts Gaming Commission Releases February 2024 Casino and Sports Wagering Revenue”, gamingamericas.com, March 19, 2024.