Encore Boston Harbor Casino | 1 Broadway | Everett

BosDevelop

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I'd also add their drink service is slow, they need to add another bar or two on the gaming floor and they need to add more non-gambling options to get people in there. A concert/show venue would be great.
LOL at them getting rid of precious and lucrative gaming space so they can add bars to give out more free drinks. More people serving drinks in the casino area? Sure. More bars on the gaming floor? Never ever going to happen there.
 

JumboBuc

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I dont like this assumption.

Reminds me of Atlantic City a few years ago.

3 or 4 casinos closed due to "lack of demand"

These same casinos were charging $400 a night for rooms and $10 for parking.

No shit there was a lack of demand.
Wynn is arguably the most successful casino operator in the world. The Wynn in Vegas is the most profitable casino in the US. And Wynn's table game pricing policy is entirely in line with standard industry best practices and economic theory.

Unless you have any evidence that Wynn doesn't know what they're doing with respect to game pricing, I'll move forward under the assumption that they do.

In the Boston Magazine article that started this discussion Wynn's CEO said that operating costs are running high because they're still trying to figuring out efficiencies in their brand new facility, and that everyone's still getting up to speed and trying to work out the kinks. Absent any evidence to the contrary, this makes sense to me.
 

jass

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Wynn is arguably the most successful casino operator in the world. The Wynn in Vegas is the most profitable casino in the US. And Wynn's table game pricing policy is entirely in line with standard industry best practices and economic theory.

Unless you have any evidence that Wynn doesn't know what they're doing with respect to game pricing, I'll move forward under the assumption that they do.

In the Boston Magazine article that started this discussion Wynn's CEO said that operating costs are running high because they're still trying to figuring out efficiencies in their brand new facility, and that everyone's still getting up to speed and trying to work out the kinks. Absent any evidence to the contrary, this makes sense to me.
Sears was arguably the most successful department store operator in the world.

You're doing an appeal to authority.
 

dshoost88

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The day Encore Boston Harbor opens a sports book is when they'll really rake it in.
 

JumboBuc

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Sears was arguably the most successful department store operator in the world.

You're doing an appeal to authority.
You know what - you’re right; you’ve convinced me. Expertise, experience, and track-record are all just empty authoritarian concepts when you really think about it. Since past results are no guarantee of future performance, it makes no logical sense to form a baseline assumption that a seasoned, successful organization probably knows what it’s doing in its field.
 

Johnnyrocket891

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If the casino operation expenses are this high how can Wynn afford to cut a check to the state for gambling revenue if the casino cannot survive operational?
 

Ruairi

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The day Encore Boston Harbor opens a sports book is when they'll really rake it in.
yup, they're sitting pretty. I wouldn't worry about them.
Just biding their time till the state allows them to open a sports book.
Re-purpose/clean up the power plant, link the complex to Assembly, open a sports book. This should be enough for short term profitability. Long term, the skies the limit for that area.
I doubt they're losing any sleep over these early numbers.
 

jass

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You know what - you’re right; you’ve convinced me. Expertise, experience, and track-record are all just empty authoritarian concepts when you really think about it. Since past results are no guarantee of future performance, it makes no logical sense to form a baseline assumption that a seasoned, successful organization probably knows what it’s doing in its field.
Buddy, an appeal to authority has nothing to do with "authoritarian"

 

stellarfun

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I received this promo offer in my email today.
Receive a $250 resort credit to use on dining, entertainment, and more when you book a stay of two or more consecutive nights at Wynn Las Vegas or Encore and pay with any American Express® Card. Simply book from now until February 22, 2020, and stay by February 29, 2020. Reservations can be made by calling 1-877-770-7958 or by clicking the Learn More button in this email.
Offer is for Las Vegas only. Is business soft?
 

Johnnyrocket891

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How does a company continue to pay 25% of there revenue to the state as the company bleeds red in operating expenses by the tune of 41 Million last quarter?
 

HenryAlan

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The payment to the state is a component of their operating expenses. They are able to do it if their business plan includes early losses and eventual revenue growth to overcome the losses. It would be interesting to see some of their cash flow and net revenue projections over the next 18 months.
 

jass

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I didnt even realize there was a 3rd casino. in Plainridge.

And why do they get a higher tax rate?

Looking at it on Google Maps... WTF is this bike lane!?!

 

dshoost88

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I didnt even realize there was a 3rd casino. in Plainridge.

And why do they get a higher tax rate?

Looking at it on Google Maps... WTF is this bike lane!?!

It's a slots-only establishment. When the Gaming Commission established licenses for gaming establishments statewide, it was for a total 3 Vegas-style casinos (slots + table games) split equitably across 3 regions of the Commonwealth taxed at 25% each (Encore & MGM are 2 of the 3); and 1 slots-only establishment taxed 49%. That's Plainridge.
 

dshoost88

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I was curious what gaming revenue looked like statewide since the MGM and Encore opened, so I started tracking it in an Excel spreadsheet (raw data publicly available here), and turned it into a chart to see the taxable amount the state was getting. It basically doubled when Encore opened... if nothing else, it's good to see the state's capturing that taxable revenue to reinvest across the Commonwealth.
MassGaming Revenue.JPG
 

jass

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It's a slots-only establishment. When the Gaming Commission established licenses for gaming establishments statewide, it was for a total 3 Vegas-style casinos (slots + table games) split equitably across 3 regions of the Commonwealth taxed at 25% each (Encore & MGM are 2 of the 3); and 1 slots-only establishment taxed 49%. That's Plainridge.
What happened to the 3rd "vegas style" casino?
 

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