Apr1
February Sports Betting Revenue in Rhode Island Declines to $1.5 Million
MGM Springfield Records Modest Performance; East Windsor Figure Decrease
March 2, 2020 TamaraTam
New England’s gambling market is facing some troubles recently. The whole region is known for more than a saturated casino industry and recent figures from MGM Springfield and East Windsor are showing only modest performance for both operators.
About Numbers
MGM Springfield was opened 16 months ago as one of the most promising venues in the USA. After more than a year of operation, MGM marked a constant decrease in revenues which causes obvious dissatisfaction among owners. The casino is now looking to push the legalization of sports gambling across Massachusetts.
Another casino venue planned for the same region is called Tribal Winds. The East Windsor project has been proposed by the Mashantucket Pequot Tribe which holds the Foxwoods Resort-Casino. According to the claims, the Tribe is ready to invest about $300 million in the construction of the Connecticut property. However, the ideas have been put on hold…
Commenting on the project, The chairman of the Mashantucket Pequot Tribal Nation, Rodney Butler said:
“We’ve refined it a little bit based on the data that we have. We now know more about the market. There’s been a lot of concern expressed over the past few years regarding the saturation of the market.”
Present Situation
At the moment, both Connecticut and Massachusetts state lawmakers are contemplating the possible expansion of gambling activity. The University of Massachusetts (Umass) is working on the study to determine the influence on casinos on the state, as well as what will an additional venue bring to the region.
Regarding the Connecticut plans, the state wants to expand the gambling activity outside of tribal-owned casinos. Following the idea, the state would allow online sports betting and iKeno at the Bridgeport gambling operation.
Proposals for the expansion come as a reaction to the fast-growing gambling industry in neighboring states – New York. Both locations are popular among Connecticut and Massachusetts gamblers which make the states consider the inclusion of additional options and becoming competitive in the market.
Despite all these endeavors, present properties in the area don’t meet the expectations. MGM Springfield has been facing hard times to deliver the expected projection. Even CEO Jim Murren confirmed that the $960 million casino is far from delivering favorable results.
There is also an ongoing concern that Connecticut tribal venues have an impact on MGM Springfield’s performance. The same has been acknowledged by Former MGM President Mike Mathis. It remains to be seen what will happen in Connecticut and Massachusetts over the next months and how he current operators will improve their bottom line…
Source:
„MGM Springfield struggling, East Windsor expansion scaled back“, calvinayre.com, February 17, 2020.
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MGM is a real casino giant and these modest results are unacceptable. I believe that the CEO has some ideas on how to boost the overall revenues. Looking forward to hearing additional updates from the operator…