Encore Boston Harbor
The Massachusetts Gaming Commission Releases February 2024 Casino and Sports Wagering Revenue
The Massachusetts Gaming Commission reported that the month of February 2024 at Plainridge Park Casino (PPC), MGM Springfield (MGM) and Encore Boston Harbor (EBH) generated approximately $100.57 million in Gross Gaming Revenue (GGR).
Additionally, approximately $52.55 million in taxable sports wagering revenue (TSWR) was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of February.
Gross Gaming Revenue (Casino Gaming)
PPC, a category 2 slots facility, is taxed on 49% of GGR. Of that total taxed amount, 82% is paid to Local Aid and 18% is allotted to the Race Horse Development Fund. MGM Springfield and Encore Boston Harbor, category 1 resort-casinos, are taxed on 25% of GGR; those monies are allocated to several specific state funds as determined by the gaming statute.
To date, the Commonwealth has collected approximately $1.677 billion in total taxes and assessments from the casino operations of PPC, MGM and Encore since the respective openings of each gaming facility.
Sports Wagering Revenue
EBH, MGM, and PPC are licensed as Category 1 Sports Wagering Operators, which allows them to operate a retail sportsbook at their respective property. Category 1 operators are taxed on 15% of TSWR.
BetMGM, Betr, Caesars Sportsbook, DraftKings, Fanatics Betting & Gaming, FanDuel, Penn Sports Interactive, and WynnBet are licensed as Category 3 Sports Wagering Operators, which allows them to operate a mobile or online sportsbook. Category 3 operators are taxed on 20% of TWSR.
Of the total taxed amount for all operators, 45% is allotted to the General Fund, 17.5% to the Workforce Investment Trust Fund, 27.5% to the Gaming Local Aid Fund, 1% to the Youth Development and Achievement Fund, and 9% to the Public Health Trust Fund.
To date, the Commonwealth has collected approximately $118.56 million in total taxes and assessments from the sports wagering operations of licensed operators since sports wagering began in person on January 31, 2023 and online on March 10, 2023.
When an operator’s adjusted gross sports wagering receipts for a month is a negative number because the winnings paid to wagerers and excise taxes paid pursuant to federal law exceed the operator’s total gross receipts from sports wagering, the Sports Wagering Law allows the operator to carry over the negative amount in tax liability to returns filed for subsequent months.
The Massachusetts Gaming Commission has issued a $40,000 fine to Encore Boston Harbor (EBH) as a result of Encore’s sportsbook accepting wagers on two events involving a collegiate team based in Massachusetts not competing in a tournament.
These wagers are prohibited under Massachusetts General Law Chapter 23N Section 3, MGC regulation 205 CMR 247.01(2)(a)(2), and the Massachusetts Sports Wagering Catalog.
The Commission issued the fine following an Investigation and Enforcement Bureau investigation and an adjudicatory hearing in which the operator participated.
Encore Boston Harbor announced a multi-year partnership with the nine-time World Series champions, the Boston Red Sox. With the newly formed collaboration, Encore Boston Harbor now has partnerships with all the region’s professional sports teams, the Boston Red Sox, Boston Bruins, Boston Celtics, New England Patriots, and New England Revolution.
“Boston is the city of champions and Encore Boston Harbor is proud to be a partner of all the city’s major sports teams. We truly believe this makes us the premiere destination for all sports enthusiasts and entertainment seekers,” Jenny Holaday, president of Encore Boston Harbor, said.
To celebrate the partnership, Encore Boston Harbor has made $25,000 donations to the Red Sox Foundation, Shamrock Foundation, Boston Bruins Foundation, and Patriots Foundation. The donations were commemorated by check presentations with Encore Boston Harbor President Jenny Holaday; Bekah Salwasser, Executive Vice President, Social Impact and Executive Director of the Red Sox Foundation, Dave Hoffman, Senior Vice President of the Boston Celtics; Kerry Collins, Senior Director of Community Relations of the Boston Bruins, and Andre Tippett, Pro Football Hall of Fame and Executive Director of Community Affairs for the New England Patriots.
“The Red Sox are proud to partner with Encore Boston Harbor, an organization that is highly regarded as a staple to Boston locals and tourists alike and revered for playing an active role in the Greater Boston community. Through this partnership, Red Sox fans will have access to exclusive offers to enhance their gameday experience with Encore Boston Harbor as a post-game destination,” Troup Parkinson, EVP of Partnerships at Boston Red Sox, said.
This newest collaboration between two of Boston’s most recognizable organizations demonstrates commitment to the fundamentals of what makes Boston special. Together, both the Boston Red Sox and Encore Boston Harbor will continue to invest in community organizations, build on Boston’s passion for sports and offer top-level entertainment to Encore Boston Harbor guests and baseball fans alike.
The Massachusetts Gaming Commission (MGC) reported that the month of January 2023 at Plainridge Park Casino (PPC), MGM Springfield (MGM), and Encore Boston Harbor (EBH) generated approximately $96.9 million in Gross Gaming Revenue (GGR).
Additionally, each property launched sports wagering on January 31, 2023. Approximately $65,706 in gross sports wagering revenue (GSWR) was generated at MGM and PPC for the month of January, which consisted of one day of operations. EBH reported losses of $75,230 in GSWR for January.
Gross Gaming Revenue (Casino Gaming)
PPC, a category 2 slots facility, is taxed on 49% of GGR. Of that total taxed amount, 82% is paid to Local Aid and 18% is allotted to the Race Horse Development Fund. MGM Springfield and Encore Boston Harbor, category 1 resort-casinos, are taxed on 25% of GGR; those monies are allocated to several specific state funds as determined by the gaming statute.
The Commonwealth has collected approximately $1.317 billion in total taxes and assessments from the casino operations of PPC, MGM, and Encore since the respective openings of each gaming facility.
Gross Sports Wagering Revenue
EBH, MGM, and PPC are licensed as Category 1 Sports Wagering Operators, which allows them to operate a retail sports book at their respective property. Category 1 operators are taxed on 15% of GSWR. Of that total taxed amount, 45% is allotted to the General Fund, 17.5% to the Workforce Investment Trust Fund, 27.5% to the Gaming Local Aid Fund, 1% to the Youth Development and Achievement Fund, and 9% to the Public Health Trust Fund.
The Commonwealth has collected approximately $9861 in total taxes and assessments from the sports wagering operations of PPC and MGM since sports wagering began on January 31, 2022. Encore Boston Harbor reported GSWR losses for January.
-
Africa3 weeks ago
BMM Testlabs Continues Its Expansion in Africa with New Licenses in Botswana and Nigeria to Test Land-Based and Digital Products
-
Australia3 weeks ago
VGCCC Fines Bookmaker MintBet $100,000 for Repeat Breaches of its Responsible Gambling Code of Conduct
-
Compliance Updates4 weeks ago3 Oaks Gaming extends European reach with Romania licence
-
Central Europe4 weeks agoGaming Corps makes key European addition with Fortuna Entertainment Group partnership
-
Press Releases2 weeks agoOpenBet Powers Record-Breaking 100,000+ Peak Bets per Minute at Grand National 2024
-
Africa3 weeks ago
KingMakers’ Nigerian operating business, BetKing, selects Genius Sports to power growth with in-play trading services
-
Baltics2 weeks agoLithuania’s Nese enters iGaming with a record sponsorship deal
-
Africa3 weeks agoIESF African Regional Qualifiers Host Announced
Pingback: URL