November was a stabilizing month for the New England casino industry. After three months, the region’s existing casinos seem to be adjusting to the two new casino properties in Springfield, Massachusetts and Tiverton, Rhode Island.
Year-over-year revenues at three of the four southern New England casinos fell for the third consecutive month, but the decline was far less precipitous than it had been in September and October.
More importantly, the new casinos are significantly growing the overall market, adding some $20 million per month to the region’s collective haul.
Players benefit from New England casino competition
Another interesting development is a shift in slot hold percentages at multiple casinos. With Plainridge Park and the Connecticut casinos returning 92 percent to slot players, MGM’s slot RTP has crept up from 90 to 92 percent since it opened its doors in late August.
Even the extremely stingy Twin River is adjusting to the increased competition, as its slot RTP has risen from 85 percent to 86 percent.
A closer look at this month’s slot revenue
New England slot revenue November 2018:
- Mohegan Sun Casino – CT: $44,264,700
- Foxwoods Casino – CT: $35,287,300
- Twin River Lincoln – RI: $34,646,200
- MGM Springfield – MA: $13,371,900
- Plainridge Park Casino – MA: $12,852,300
- Twin River Tiverton – RI: $7,555,900
- Oxford Casino – ME: $5,351,300
- Hollywood Casino – ME: $2,919,400
Here’s how each facility stacks up:
| # Slot Machines | Average RTP | |
|---|---|---|
| MGM Springfield | 2,550 | 92% |
| Plainridge Park | 1,200 | 92% |
| Foxwoods | 4,100 | 92% |
| Mohegan Sun | 4,800 | 92% |
| Twin River Lincoln | 4,200 | 86% |
| Twin River Tiverton | 1,000 | 85% |
| Oxford Casino | 950 | 90% |
| Hollywood Casino | 725 | 90% |
A closer look at this month’s table game revenue
Table game revenue November 2018:
- Twin River Lincoln – RI: $11,574,436
- MGM Springfield – MA: $7,876,010
- Twin River Tiverton – RI: $2,142,535
- Oxford Casino – ME: $1,066,209
- Hollywood Casino – ME: $718,188
Here’s how each facility stacks up:
| # Table Games | # of Poker Tables | |
|---|---|---|
| MGM Springfield | 120 | 23 |
| Plainridge Park | N/A | N/A |
| Foxwoods | 250 | 100 |
| Mohegan Sun | 300 | 42 |
| Twin River Lincoln | 100 | 22 |
| Twin River Tiverton | 32+18 Stadium Games | N/A |
| Hollywood Casino | 18 | 4 |
| Oxford Casino | 28 | N/A |
State-by-state casino revenue breakdown
Massachusetts
It’s still early, but MGM Springfield is shaping up to be a $20-$25 million/month property.
More importantly, its impact on Plainridge Park seems negligible. Plainridge’s Y/Y revenue has been relatively steady since the opening of MGM. The racino is even flirting with the idea of petitioning the state for the remaining casino license that the Massachusetts Gaming Commission shelved after a proposed tribal casino in Taunton fell through.
Connecticut
October was a tough month for the two Connecticut casinos, with Y/Y revenue falling 10 percent at Foxwoods and Mohegan Sun. Both properties were down again in November, but by 6.8 percent and 8 percent respectively.
Considering the new competition the two casinos are dealing with, those declines could be seen as wins.
Of course, with a third, and much grander casino (Encore Boston Harbor in Everett, Massachusetts) opening in June, Foxwoods and Mohegan aren’t out of the woods yet.
Rhode Island
Twin River owns and operates both Rhode Island casinos, and after relocating Newport Grand’s casino license to its new Tiverton location, monthly gaming revenue has quadrupled.
And neither the new Tiverton property or MGM Springfield seem to be having an impact on the company’s flagship property, Twin River Lincoln. In fact, Twin River Lincoln saw revenue rise Y/Y in November, the first southern New England casino to pull that off since the new properties opened their doors.
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Rhode Island also gave its casinos an assist when it legalized sports betting. Both properties’ sportsbooks are now up and running, with which will further add to their revenue tallies going forward.
Maine
They may technically be in New England, but Maine’s two casinos are far enough away that the opening of the two new casinos has had little impact on their operations.
So, for the most part, it’s been business as usual at Hollywood Casino and Oxford Casino.
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