Category Archives: Massachusetts

Wynn Resorts strips Wynn name from Boston Harbor project


wynn-resorts-encore-boston-harbor-casinoCasino operator Wynn Resorts is renaming its half-finished Massachusetts casino project to further distance itself from its former chairman’s sexual harassment allegations.

On Friday, Wynn CEO Steve Maddox met with members of the Massachusetts Gaming Commission (MGC) to discuss removing Wynn Resorts founder Steve Wynn’s name from the gaming license of the $2.4b Wynn Boston Harbor resort casino project in Everett, just north of Boston, which is scheduled to open in June 2019.

Wynn Resorts suggested in March that a rebrand of the property was likely. At Friday’s hearing, Maddox announced that the property would now be known as Encore Boston Harbor. Encore is the name of a resort property that opened in 2008 as the second phase of the Wynn Las Vegas resort.

Maddox told the MGC members that while “the Wynn brand is strong,’ he also understood “the cultural sensitivity” surrounding the numerous harassment allegations brought against Steve Wynn this year by female staff members.

Steve resigned in February and has sold off his entire holdings in the casino company. Maddox told the MGC that the company now had “no business association with Steve Wynn,” yet this separation, whether in terms of business and branding, may not be enough to ensure the company retains control over the Everett project.

The MGC hope to make a ruling on removing Steve’s name from the gaming license next week, but that’s a separate issue from the ongoing probe the MGC is conducting into how much Wynn’s senior management knew about the allegations against their former leader. Should the MGC not like what its probe uncovers, it could declare Wynn Resorts unsuitable to operate gaming in Massachusetts.

Should that worst-case scenario play out, it’s unknown who might take over the unfinished Everett project. On Thursday, rival MGM Resorts, which is opening its own Massachusetts casino this August, played down reports that it was planning on swapping projects, insisting it was committed to its own MGM Springfield project.

The Mohegan Tribe, whose casino properties include the Mohegan Sun in Connecticut and which unsuccessfully vied for the sole Boston-area casino license that Wynn received, told The Day that it remained interested in setting up shop in Boston, should that sole license go back on the market.

However, the MMCT Joint Venture between the Mohegans and the Mashantucket Pequot Tribal Nation that is building a casino in northern Connecticut close to MGM Springfield, shot down media reports that it would be interested in taking over the Springfield property should MGM take over the Everett project. An MMCT spokesperson called such reports “rumor mill trash.”

Comments



Source link

Plainridge Park staff survey shows casino’s broad economic benefits


plainridge-park-casino-employee-surveyMassachusetts’ first casino’s revenue to date may be underwhelming but its impact on local employment has been a clear winner.

Penn National Gaming (PNG) opened its Plainridge Park Casino in June 2015 and while the slots-only venue hasn’t exactly set the world on fire with its ability to generate revenue, a new Massachusetts Gaming Commission (MGC) survey of casino staff shows how valuable the venue has been to their futures.

The MGC commissioned the survey to gauge the economic impact of Plainridge Park, the first of three commercial casinos and one (possibly two) tribal venue called for under the state’s gambling legislation. Given the survey’s findings, the MGC was understandably keen to promote the results.

The survey found that slightly over half (50.1%) of Plainridge Park’s new hires had been working only part-time or were unemployed before their new casino jobs. Over 86% of these new hires had no prior gaming experience before joining Plainridge Park.

Even more favorable, only 3.5% of Plainridge Park new hires had transferred from other PNG venues, and nearly 93% of new hires didn’t need to move house in order to commute to their new job. Of the 7% who did move, one-quarter relocated from within Massachusetts.

MGC chairman Steve Crosby recalled that a key motivator behind the legislature’s willingness to pass the state’s Gaming Act was to goose broad-based economic development, and Crosby said the survey was proof that this “legislative intent is being achieved.”

Given the negative narrative that usually surrounds gaming activity, it’s worth celebrating gaming’s obvious positive achievements. Plainridge Park’s launch also dispelled certain myths propagated by anti-gambling campaigners during the push to pass the Gaming Act, including the canard that casinos would boost crime rates or that state lottery sales would decline.

GLOBAL GAMING SUPPLIER INDUSTRY WORTH $18B
An unrelated survey by Applied Analysis on behalf of the Association of Gaming Equipment Manufacturers (AGEM) estimated that the average salary of the planet’s 55k gaming supplier industry employees was around $90k, significantly above the average salary in pretty much every jurisdiction except (possibly) the United Arab Emirates or the Vatican.

However, these 55k employees include not just rank-and-file staffers but also senior management, some of whom earn eight-figure annual pay packets, which tends to skew the individual average upward. Regardless, the survey estimates that the total economic output of the gaming supplier industry was $17.9b in 2016, up from $16.8b in 2015.

Comments

comments



Source link

Boosted payouts ship Plainridge Park’s October earnings tumbling five%


Massachusetts initially gambling location observed its earnings dropped by more than five % in October—it’s worst thirty day period since January.

Boosted payouts send Plainridge Park’s October revenue tumbling 5%In accordance to the Massachusetts Gaming Commission, the Plainridge Park Casino’s gross gaming earnings for October dropped to $12.fifty eight million from the $12.eighty one million created in September.

The Plainville-primarily based casino’s total bets was up 20 % from January. Even so, the casino has also made the decision to boost its payouts in purchase to establish “a resilient consumer foundation,” according to The Boston World report.

In simple fact, Plainridge Park experienced more wins for every spin sent in October since it opened in June 2015, which, in switch, resulted in happier players but reduce revenue. Previous year, the casino’s devices retained shut to 10 cents for every dollar, but in October, it held 7.2 % of wagers. And with “coin in” approaching $one hundred seventy five million, every single transform in the payout percentage is certain to have an impact on the casino’s revenues.

The casino must also pay forty nine % of its earnings to the point out.

Paul DeBole, assistant political science professor at Lasell College in Newtown and a specialist in gambling regulation, explained to the information outlet that October’s numbers marked a “lackluster performance” for the casino.

“If the keep is about 7 % and about 50 % of that goes to the point out ideal off the best, that does not go away considerably to pay all the costs and nonetheless get a revenue,” DeBole reported, according to the report.

Plainridge Park On line casino, operated by Penn Countrywide Gaming, opened to the public final June 24. The $250-million casino is an integrated racing and gaming facility that features are living harness-racing track in Plainville, Massachusetts. Its gaming area capabilities 1,250 of slot devices, movie poker, and movie blackjack, among the other individuals, but it does not have table game titles.

The casino took in $a hundred and sixty million in its initially year, falling very well limited of forecasts. And in the initially quarter of this fiscal year, Plainridge’s earnings has fallen off 11 % in excess of the identical span final year.

Responses

reviews



Source backlink