Plainridge Park Casino Revenues Fall
Massachusetts’ first casino, Plainridge Park Casino, experienced yet another fall in revenue in August. With a revenue of $13.1 million in August, the casino dropped 14% in revenue compared to last August.
Managers at the casino have been implementing different strategies to make sure that the casino gains more customers but their efforts seem to be going in vain. Plainridge is currently the only casino in Massachusetts to offer slots but faces stiff competition from Twin River Casino in Rhode Island. The Twin River Casino is worth more is a few hours away but experts suggest that their higher number of slots and the fact that they allow for indoor smoking has drawn more visitors.
Last month saw an increase in revenue with $178 million dollars gained through bets. This was the fourth highest monthly total in the casino’s short history. As part of their plan to attract more customers, Plainridge opted to reduce their hold from 8.75 percent to 7.5 percent. More money is pushed back to the gamblers as the wins per spin ratio has been reduced. This could give players longer times at the slots as they hope to gamble with the same amount of money for a long period of time.
The Mohegan Sun and Foxwood Casino Resorts are the 2 closest casinos and are located in Connecticut. Both of these casinos have also been slowly reducing hold percentages to deal with the competition in the industry, More competition is on the way as the Twin River Casino owners are hoping to gain authorization to open a new casino in Tiverton, R.I which is only 45 minutes away from Plainridge. MGM and Wynn Resorts are set to open new luxury resorts in the area by 2018.
