Massachusetts’s Plainridge Casino Has An Awesome First Month
After Massachusetts passed legislation that would allow gambling in the state, the Plainridge Casino in Plainville was the first casino to open its doors to the public towards the end of June 2015. The casino had an awesome first day as locals and tourists packed the casino and had a fun time playing the 1,250 slot machines.
There were many who were skeptical and were not sure if the Plainridge casino would be a success but based on the casinos first month’s results, they have done extremely well and Penn National Gaming, owners of the Plainridge casino will be pleased with the results. The Massachusetts government had worked out a deal wherein the casino would provide the state with 40% of its profits, which will be used to develop local communities.
Between the 24th of June and the 31st of July, the slot machines were responsible for bringing in a little more than $24 million and nearly $10 million will be given to the state for them to develop cities and neighboring communities. Based on the first month’s results, analysts believe that the Plainridge casino could bring in around $200 million in gaming revenue during a 12 month period, which means that state would receive around $98 million that can be used to fund a number of critical projects that are focused on development.
The casino is also helping to improve the local economy as casino officials confirm that around $2.4 million has already been spent in this short period on operating costs such as a food and beverages. The spending will profit local vendors and they should be able to make a combined profit of around $1.5 million. The casino has also created a number of employment opportunities for the locals and employs around 600 employees who work on a full time and part-time basis. The annual payroll for the casino is expected to be around $14 million and employees will once again spend their salaries in the local community and help it to develop.
The Plainridge casino is enjoying a lot of success because there is hardly any competition in the market for the casino. Two mega-resort casinos are expected to be opened in Springfield and Everett in 2018 and could pose a challenge for Plainridge as these two casinos are being opened by MGM Resorts and Wynn Resorts. However, both casinos are facing a lot of opposition and the project completion dates could get extended.