New Mass., Rhode Island Casinos Are Growing The New England Market

The New England casino industry tallied over $170 million in slot revenue during the month of September. That’s a 9 percent increase compared to September 2017.

The gains can be traced to the new MGM Springfield casino in Springfield, Massachusetts, and the relocation of the poor-performing Newport Grand to Tiverton.

September was the first full month for MGM Springfield and the new Twin River Tiverton, and both look poised to be serious players in the market. That was expected from MGM, but not so much from Twin River Tiverton.

It’s only been a month, but it’s safe to say that the move from Newport to Tiverton is going to pay off big time.

There is a looming question: how much of Tiverton’s and Springfield’s revenue is due to incremental growth versus cannibalization?

It’s still too early to know, but five of the six existing casinos did experience a year-over-year reduction in slot revenue.

• Mohegan Sun Casino – CT: -8.9 percent
• Foxwoods Casino – CT: – 5.0 percent
• Twin River Lincoln – RI: -4.4 percent
• Plainridge Park Casino – MA: -4.0 percent
• Oxford Casino – ME: +7.6 percent
• Hollywood Casino – ME: -2.6 percent

A closer look at this month’s slot revenue

New England slot revenue September 2018:

• Mohegan Sun Casino – CT: $47,201,800
• Foxwoods Casino – CT: $37,986,900
• Twin River Lincoln – RI: $34,709,500
• MGM Springfield – MA: $18,149,700
• Plainridge Park Casino – MA: $14,319,200
• Twin River Tiverton – RI: $9,837,000
• Oxford Casino – ME: $6,619,400
• Hollywood Casino – ME: $3,737,700
• Total: $172,561,500

Here’s how each facility stacks up:

	# Slot Machines	Average RTP
MGM Springfield	2,550	90%
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	84%
Oxford Casino	950	90%
Hollywood Casino	725	90%

A closer look at this month’s table game revenue

Table game revenue September 2018:

• Twin River Lincoln – RI: $10,476,200
• Twin River Tiverton – RI: $125,500
• MGM Springfield – MA: $8,802,300
• Oxford Casino – ME: $1,638,900
• Hollywood Casino – ME: $598,500
• Total: $21,641,300

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

MGM Springfield is still riding high from its late-August opening, and based on September’s numbers it looks like it will settle in as a $25 million per month casino.

At the same time, the four percent year over year slot revenue decline makes Plainridge Park the least impacted of the Connecticut, Rhode Island and Massachusetts casinos.

Connecticut

Connecticut’s two tribal casinos have long feared the opening of MGM Springfield, and if September is a harbinger of things to come, they were right to be concerned.

A five percent decline at Foxwoods, and a near 9 percent drop at Mohegan could be attributable to variance, but MGM Springfield does choke off a lot of the tribal casinos’ traffic to the north and west.

Rhode Island

Twin River is pressing all the right buttons in the region.

Despite a decrease in slot revenue, Twin River Lincoln’s revenue held relatively steady thanks to a significant increase in table game revenue. the property also opened its long-awaited hotel in October, making the facility a full-fledged resort.

More importantly, the move from Newport Grand to the new Twin River Tiverton location saw revenues nearly triple for the company’s second Rhode Island casino.

Maine

Maine’s two casinos were largely unaffected by the goings on further to the south. Oxford’s revenue was up 7.6 percent (the only same-store increase in the region), while Hollywood’s slot revenue experienced a slight 2.6 percent decline.

 

The post New Mass., Rhode Island Casinos Are Growing The New England Market appeared first on Play USA.