Casino News
| Published On May 17, 2023 8:59 am CEST | By iGaming Team

MGM Springfield Thrives Amid Online Betting Boom: Revenue Rise in 2023

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Despite facing a challenging economic climate and burgeoning competition in the online and mobile sports betting space, MGM Springfield has managed to post increased revenues in 2023 compared to the previous year. This showcases the resilience and strategic proficiency of this industry behemoth.

Unveiling the Revenue Figures

The Massachusetts Gaming Commission, responsible for releasing the company’s annual financial figures, recently shared the revenue data for MGM Springfield for the current year.

In the month of April 2023, MGM Springfield generated an impressive gross revenue of $23.7 million from its slot and table games, demonstrating a significant increase from the $22.5 million achieved in the same month in 2022. In the preceding months of February and March, the casino netted revenues of $23.2 million and $24 million respectively, affirming the notion that revenue generation is indeed season-dependent.

Milestones in MGM Springfield’s Journey

MGM Springfield, a resort worth $1 billion, has been operational for nearly five years. The casino witnessed its second busiest month in March 2023 since its inception in August 2018. The busiest month, however, was March 2022. These two instances mark the only occasions in the casino’s history when its revenues crossed the $24 million threshold.

In the realm of in-person sports betting, MGM Springfield recorded earnings of $1.65 million in April from the total bet volume. Similar figures were seen in March ($1.66 million) and February ($1.7 million). The popularity of sports betting in February can be attributed to the commencement of full-fledged operations in the casino that month.

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Performance of Other Casinos

The Massachusetts Gaming Commission also shared insights on other casinos’ performance. Combined gross gambling revenues for Plainridge Park Casino, MGM Springfield, and Encore Boston Harbor in April amounted to about $101 million.

In April, Encore Boston Harbor garnered $64 million in table games and slots, marking a decline from its March revenue of $66 million. Yet, a year-on-year increase of $1 million was observed.

Plainridge Park Casino, which only offers slot games, reported a gross slot revenue of $13.4 million in April, showing considerable growth from the $12.9 million figure of last April. However, a slight decline was evident compared to its March revenue of $14 million.

The Bigger Picture: State-wide Sports Betting Revenue

The state disclosed that the total taxable sports betting revenue for all casinos in April stood at $58.91 million. BetMGM, MGM Springfield’s online sportsbook, contributed significantly to this figure, earning $43 million from online sports betting, slightly lower than the $44 million in March, which marked the service’s debut month in Massachusetts. Encore and Plainridge Park Casino collected $8 million and $3.4 million respectively from on-site sports betting.

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Workforce at MGM Springfield

As of the previous year, MGM Springfield employed 1,382 individuals, comprising 918 full-time, 275 part-time, and 189 on-call workers. The updated hiring figures are anticipated once the Gaming Commission completes its report. This rise in MGM Springfield’s revenue, despite significant hurdles, underscores its enduring position in the industry.

Tags: US