Encore Boston Harbor Casino | 1 Broadway | Everett

stick n move said:
Pffff, this is a joke.

“National Competition: Why Go To Everett, Mass., When You Can Go To Las Vegas?”

-Umm because Vegas is corny and instead of wandering around aimlessly from casino to casino you could instead take a trip to Boston ..... Hold off on the death certificate for a little bit longer...
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I agree on all the points you listed.

Really, this "column" lost me before it began, because Seeking Alpha is the biz journalism equivalent of Open Mic Night:

"Editor's note: Seeking Alpha is proud to welcome DP Technologies as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Essential. Click here to find out more »"

I read it anyway and saw exactly what you saw. Probably not worth giving it any more attention whatsoever.

.
 
KentXie said:
I wouldn't necessarily say it needs too much transit for it to be successful. Just looking across the border at the casino in Montreal where the only transportation there is basically uber or a cab. I think people's expectation is just incredibly high or because this is more of a resort, people expect higher revenue to justify the cost.
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From their stated projections it looks like they are looking to reach around a billion a year in revenue plus or minus a couple hundred million in the next three years.
 
Globe article on possible expansion.

Maddox said the company is evaluating various proposals, isn’t in a rush, but thinks a broader entertainment district will add to casino revenues over the long term.

His comments offer a new window into the company’s would-be grand plans for the undeveloped land, which it has quietly bought up over the years. Maddox has previously said the company’s idea “is to continue to redevelop this area so that it’s known as the entertainment district in the Northeast.”
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https://www.bostonglobe.com/metro/2...rett-casino/8xCrym4X8zPJdPAkG1Q4JN/story.html
 
My girlfriend was at the races in Saratoga this weekend. She sent me a couple of pics, but Encore Boston Harbor is marketing hard out there. They have posters, banners, they're sponsoring events and things within the park, they're in all the publications (full page ads), it's kind of wild and sort of surprising to me. But it was interesting to see.
 
Encore made $48.5M last month

It's actually quite intriguing that more than half of that money ($27M, 55%) was from table game revenue. Compared to what Vegas casino numbers look like, that's an insanely high ratio of revenue generated from table games.
 
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dshoost88 said:
Encore made $48.5M last month
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For context, here's how Altantic City did:


Borgata continued its reign as the highest-revenue generating property in the market with a reported $88 million in total gaming revenue, which was the best overall month in the casino’s 16-year history. More than $31.8 million of that was revenue from table games, also a monthly record for Borgata.

Hard Rock, which spent more than $500 million renovating the former Trump Taj Mahal Casino Resort, was second in the market in total gaming revenue last month. The casino reported nearly $40.8 million in total gaming revenue in July, an increase of 24.6% compared to its first full month of operation last summer.

Golden Nugget, bolstered by market-dominating online gaming figures, was third in total gaming revenue, reporting just under $35 million for the month. Nearly $14.9 million of the casino’s 17.4% overall monthly growth came from online gaming. The property did, however, report a 3.3% drop in casino win, which is the combined revenue from table games and slot machines.
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https://www.pressofatlanticcity.com...cle_b9533bcf-10c8-59a1-9a44-cb061f38a923.html
 
dshoost88 said:
Encore made $48.5M last month

It's actually quite intriguing that more than half of that money ($27M, 55%) was from table game revenue. Compared to what Vegas casino numbers look like, that's an insanely high ratio of revenue generated from table games.
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A good start. The higher revenue targets were 2 to 3 years out. I noticed multiple empty tables both on the casino floor and in restaurants even at peak times when the floor was full of people and there were waits at restaurants. They were clearly still staffing up or figuring out the right staffing levels the first few weeks so there is potential for even higher revenue with built capacity and then there is the potential for expansion.
 
This seems like good news for Encore and not goo news for the RI casino.

Encore just opened their doors, as their own people stated, it will take some time to get such a large operation running smoothly, even by an experienced operator like Wynn.
 
They change out the flowers in the lobby sometimes DAILY???
 
 
Check this out:

So it was reported that Encore was buying up properties along the “strip” and then recently that they plan to turn this strip into the entertainment hub of NE.

Well looking on apple maps theres definitely movement directly across the street with even a house being demolished. When you look on 3d its an older view, but top down is more recently updated and you can see quite a few buildings missing now. Should get interesting...

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Birds eye view:

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Wouldn't we know if they were planning to build though? They have to file information and stuff in Everett too, right? This means they got a demo permit, but are just land-banking/building parking for the short-term.
 
Yea I didnt say “construction is imminent” all I said is that theyve scooped up some nearby parcels and have already demoed some of the structures on them.

My guess would be that its just to get the lots cleared out ready and then they can just sit on them and be used as parking for now. Then later on they can figure out what direction they wanna take, theyve got plenty of time to get it right.
 
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I think they have been quoted as saying as much in recent articles... that is exactly right: They are land banking, creating parking and do have an intent if not yet a plan for additional development on those properties.

It is an opportunity (and also a risk). The opportunity is that there is a single developer that has bought up a lot of the surrounding land and is establishing a significant cash flow that could be used to provide additional capital investment in the next few years. The risk is that they are just land banking to block anyone else from building additional hotels or entertainment amenities that would be built by others looking to leverage proximity to the casino. Both are probably true, but at the moment it is just blocking development with surface parking lots... so it would be good to see a plan for additional development sooner rather than later.

A cautious 'see how it goes' and plan later is less desirable than an aggressive Wynn/Encore looking to really remake the area in coordination with the City and state to be a real compelling regional entertainment destination.
 
tangent said:
A cautious 'see how it goes' and plan later is less desirable than an aggressive Wynn/Encore looking to really remake the area in coordination with the City and state to be a real compelling regional entertainment destination.
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I think this was the plan all along, to get neighboring property to eventually add to the hotel/casino. If you remember, it was tough enough for Wynn to get the hotel/casino built without major pushback from Everett, and neighboring towns, and even the mention of adding nightclubs, music venues, etc. the usual extras found in Vegas resorts, was met with major resistance! Now that the hotel/casino is operating and seen as a good neighbor, I do believe that any announcement by the Wynn Corp. to add entertainment venues will be met with a more positive reaction from Everett. The time for a cautious, see how it goes, has past. No doubt, the next few years will bring major announcements from Wynn Corp concerning Wynn Boston Harbor in terms of adding new entertainment venues.
 
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atlantaden said:
I think this was the plan all along, to get neighboring property to eventually add to the hotel/casino. If you remember, it was tough enough for Wynn to get the hotel/casino built without major pushback from Everett, and neighboring towns, and even the mention of adding nightclubs, music venues, etc. the usual extras found in Vegas resorts, was met with major resistance! Now that the hotel/casino is operating and seen as a good neighbor, I do believe that any announcement by the Wynn Corp. to add entertainment venues will be met with a more positive reaction from Everett. The time for a cautious, see how it goes, has past. No doubt, the next few years will bring major announcements from Wynn Corp concerning Wynn Boston Harbor in terms of adding new entertainment venues.
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I think you are right. I am more concerned about the surrounding municipalities acting through the state government and media to stall additional development. I think you have already seen the type of slow down tactics from competing interests. With grumblings from local interests about how Encore has hired away their staff and the media attention you wouldn't usually get about a restuarant's staff turnover (which is high to begin with).

Legitimately other entertainment venues and areas are concerned about their businesses. There is certainly the potential of Encore to out compete some places for entertainment and restaurant dollars.

But that is competition. And for the area to compete with other big tourist cities then the state needs to balance the local interests of moderating disruption in the local market with the bigger picture of needing to compete nationally and internationally to make Encore a net benefit for the region.
 
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