Eleven years have passed and the State of Massachusetts has been able to collect over $1 billion in tax revenue and assessments from its ample and sprawling casino and slots parlor industry. While the journey has been long, and the economic windfall steady, it has taken a while to cross the threshold.
Steady Income Generates Predictable Revenue for Massachusetts
Nevertheless, the state has benefited in other ways as well, including job creation, social benefits, and complementary economic activity, such as private enterprises sprouting around gambling establishments.
The latest results by the Massachusetts Gaming Commission released this Tuesday showed that February was also a strong month for the Bay State. For one, Plainridge Park Casino, Encore Boston Harbor, and MGM Springfield managed to pull in $86 million in gross gaming revenue this February, with the bulk of this scooped by the Encore Boston property.
The casino managed to generate $54.7 million along with $19.9 million for MGM Springfield and $10.9 million for Plainridge in Plainville. The results were indicative of the unflagging strength of gambling establishments in the state, and a statement by the commission acknowledged that.
In an address to the public, MGA chairwoman Cathy Judd-Stein praised the lasting impact gambling revenue has had on the state, its infrastructure, social initiatives, and more:
“Just over 11 years since this law was signed, the Commonwealth has collected over $1 billion in total taxes and assessments from casinos operating in Massachusetts. This revenue has and continues to benefit the Massachusetts economy by bolstering local aid, funding transportation and infrastructure projects, ensuring essential community mitigation initiatives are backed, and that the health and safety of the industry and those who engage with it are a top priority.”
MGA chairwoman Cathy Judd-Stein
All of this has been made possible through the selfless work of the commission, legislators, and the commitment by licensees.
MGA’s Efforts Lead to a Successful and Sustainable Industry
Past and present staff commissioners have made it possible for the gambling industry in the state to remain vibrant and strong. Encore and MGM are both taxed at 25% as casinos based on their gross gaming revenue, which is then split into various other brackets.
In the meantime, Plainridge Park runs at a much higher tax rate because it focuses on slots exclusively with 49% of its gross gaming revenue. Crossing the one-billion threshold is indicative of how much the Bay State has benefited over the past decade from its gambling tax collection.