Massachusetts Casino Tax Benefit to Commonwealth Eclipses $1B
Massachusetts legalized commercial play inwards 2011 with its Expanded Gaming Act. The vizor authorised as many as 3 destination holiday resort casinos, positive a slots-only facility.
More than a decade since then-Governor Deval St. Patrick (D) signed the Expanded Gaming Act, Massachusetts Bay Colony today is nursing home to deuce terminus casinos — Encore Bean Town Harbor and MGM Springfield — positive a slots parlor with Plainridge Park.
The state’s run a risk on commercial casinos has certainly paid off. The Old Colony Gaming Commission (MGC) this week announced that the ternion gaming properties hold collectively directed to a greater extent than $1 one million million inward gaming taxes to the commonwealth.
Just over 11 years since this natural law was signed, the Commonwealth has gathered o'er $1 billion in add up taxes and assessments from casinos operating inwards Massachusetts. This revenue has and continues to welfare the Massachusetts Bay Colony economic system past bolstering local aid, funding conveyance and base projects, ensuring indispensable biotic community mitigation initiatives are backed, and that the health and safety of the industry and those who enlist with it are a top side priority,” said MGC Chair Cathy Judd-Stein.
The MGC allay possesses i final destination casino license earmarked for the state’s southeastern region. Market chroma concerns because of commercial-grade casinos inwards nearby Rhode Island, positive an ongoing exertion past a Massachusetts Bay Colony federation of tribes to establish a gaming property inward Taunton, make resulted inwards the MGC holding on to the concession.
Industry Success
Plainridge Park was the world-class casino in Bay State to open after the Expanded Gaming Act’s passage. The slots began ringing at the gymnastic horse raceway inward June of 2015.
MGM Springfield, a $960 million undertaking, was the first of all destination casino to open up in August of 2018. Encore Bean Town Harbor, which was originally sledding to live named Wynn Beantown Harbor before career-ending sexual misconduct allegations were levied against Steve Wynn in too soon 2018, opened inwards June of the followers year.
MGM Resorts and Wynn Resorts apiece paid Old Colony $85 one thousand thousand for their destination casino licenses. William Penn National Gaming, which operates Plainridge, was required to make up a $25 one thousand thousand one-time fee.
The two categories of gaming licenses are taxed drastically differently. MGM and Encore receipts gaming revenue (GGR) is content to a 25% tax, while Plainridge’s slots unmediated 49% of their win to the government.
February Rebound
The MGC also proclaimed today Feb GGR numbers, and the cover signals that the threesome casinos are nearly backward to pre-pandemic byplay levels. GGR cobbler's last month totaled $85.5 jillion — just now shy of the $86 one thousand thousand the terzetto casinos won inward Feb of 2020.
Encore continues to dominate the res publica gaming industry. The Wynn Resorts holding won $54.7 jillion turned of gamblers cobbler's last month. MGM was a remote 2d at $19.9 million, and Plainridge thirdly at $10.9 million.
Massachusetts could presently make another gaming taxation generator. Legislative discussions surrounding sports betting uphold inwards Boston.
But yet if sportsbooks are authorized inward the commonwealth, country lawmakers would live smart non to overly cast a bounty of new assess income from the expanded gaming. Sports betting is a low-margin business, which is wherefore associated taxation revenue is minimal compared with one-armed bandit machines and fifty-fifty tabulate games.