Encore Boston Harbor is on pace to fall nearly $100 million short of its projected $800 million revenue following the release of its first full quarter of earnings Wednesday.
According to the numbers released by its parent company, Wynn Resorts, Encore Boston Harbor made $175.8 million during July, August and September. The casino made $114.9 million, about 65 percent, from gambling revenue, while the other $60.9 million came from food and beverages, entertainment, retail sales and hotel rooms.
Gamblers lost $150 million at the $2.6 billion resort that opened June 23. The government taxes gambling profit at 25 percent, which left the company with $114.9 million
At its current pace, the Everett, MA property will make $703.2 million in its first year of operation, falling well short of its original projection. The only other Las Vegas-style casino in the state, MGM Springfield, fell $144 million shy of its projections in its first year.
Despite being on pace to miss projections, Encore Boston Harbor is still the most successful casino in the state by a wide margin. In its first month of operation, it made up 60 percent of the Massachusetts gaming revenue.
Wynn Resorts CEO Matt Maddox isn’t discouraged by the pace. He said in a conference call that the table games revenue was “quite encouraging.” He also said that he expected slot revenue to ramp up as they continue to develop their business and their customer base.
“When we opened our doors, in our local database, we had zero customers,” said Maddox. “Fast forward 136 days, we have 250,000 people in our database.”
Encore Boston Harbor is the first Wynn Resorts property outside of Las Vegas or Macau. As the company expands, the company will create a customer loyalty program with tiers similar to Caesars and other nationwide casino gambling companies. Maddox said in the call that the program would be launched in early 2020.