April 2024
This week’s casino news includes disappointing revenue reports from Encore Boston Harbor and the Macau casino industry. Our news report also includes the Cosmopolitan Las Vegas suing an NHL player for unpaid gambling debts. When it was approved by Massachusetts voters in 2012, Encore Boston Harbor was sold to the public as a remedy for the commonwealth’s revenue shortages.
There was a lot of hype about the city of Boston getting a casino but the locals have been tepid in terms of visiting it. We’ll start with that story as we recap this week’s casino news.
Encore Boston Harbor Falls Far Short Of Expectations in 1st Year
There were massive expectations for the Encore Boston Harbor when it first opened earlier this year but as we approach the end of the calendar year, it looks like they’ll miss out on their goals.
The Encore Boston Harbor is on pace to fall nearly $100 million shy of its first-year projections. The casino resort, which cost $2.6 billion to build, still made $175.8 million during its first full quarter of operation, so it’s not as if anyone is complaining. However, while that number is impressive, it still puts Encore Boston Harbor on pace to fall $100 million short of its projected $800 million revenue for the year. Of course, that projection doesn’t take in to account that the revenues for the company could continue to fall short of its monthly projections moving forward.
To put that in perspective, though, the other Las Vegas-style casino in the state, the MGM Springfield, fell $144 million shy of its projections for its first year. While there has been some debate about the reason for the casinos falling short of their expectations, the reality is that patrons in the state of Massachusetts just aren’t wagering as much money at those establishments this year. We’ll see if they can pull in some extra business during holiday season and give the numbers a boost.
San Jose Sharks’ Star Evander Kane Sued By Las Vegas Casino
San Jose Sharks forward Evander Kane has been sued $500,000 by the Cosmopolitan Las Vegas for unpaid gambling debts. According to the lawsuit, the Cosmopolitan is seeking damages after the NHL veteran took out eight markers between $20K and $100K around April 15th and never paid the casino back. The Sharks were in Las Vegas around that time for Game 3 and Game 4 of their first-round playoff series with the Vegas Golden Knights.
Kane, who signed a seven-year, $49 million deal with San Jose in 2018, is being asked to pay about one-sixteenth of his $8 million salary for this season. After earning approximately $49 million so far in his NHL career, Kane should have no problem paying the casino back. The debts amount to 1% of Evander Kane’s 2018 contract.
However, the fact that he is being sued indicates that there’s either some conflict or some possible financial hardships. It’s also alleged that this incident took place in the middle of a playoff series against the Golden Knights, which could be of substantial concern for the Sharks and the league at this point.
Macau Gaming Revenue Numbers Take Another Hit In October
Macau casinos took another hit in their year-over-year gaming revenue numbers compared to a year ago in October. According to a report released by the Macau Gaming Inspection and Coordination Bureau, the casinos suffered a 3.2-percent drop in comparison with their numbers from October of 2018. Still, it’s worth noting that Macau casinos took in $3.3 billion from gamblers in a single month. That number still represents a substantial revenue stream, as well as a 19-percent increase from September’s 12-month low of $2.7 billion in revenue.