According to the state’s regulator, the Massachusetts Gaming Commission, Encore Boston Harbor led the way in terms of GGR with $63.98m (2022: $63.7m), followed by MGM Springfield with $23.74m (2022: $22.5m) and Plainridge Park Casino with $13.44m (2022: $12.9m).

Per vertical, slots GGR came in at $68.1m while table GGR amounted to $33.1m.

Massachusetts collected $28.5m in state taxes during April, up on the previous year’s $27.9m. Encore Boston Harbor and MGM Springfield are taxed at 25 per cent of GGR, while Plainridge Park Casino is taxed at 49 per cent of GGR.

In sports betting, the Bay State’s six online sportsbooks and three land-based locations generated $58.91m in GGR from a handle of $579.3m, up on the previous month (March: $47.1m GGR, $568.2m handle).

Online operations generated most of the sports wagering GGR in April, accounting for $58.5m of the total amount for the month.

DraftKings led the way with $28.3m in GGR, followed by FanDuel ($21.7m), BetMGM ($4.6m), Barstool Sportsbook ($1.9m), Caesars Sportsbook ($1.6m) and WynnBet ($405,977).

In terms of land-based operations, Plainridge Park Casino earned $366,166 in GGR, followed by Encore Boston Harbor with $230,808, while MGM Springfield made a loss of $232,493.

For the month, the state collected $11.8m in taxes from sports betting, $89,546 from land-based operations and $11.7m from online operators. Retail operations are taxed at 15 per cent GGR while online licences are taxed at 20 per cent.

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According to a report from the Michigan Gaming Control Board, combined commercial and tribal operations from 15 operators in the Wolverine State earned $159.4m in igaming revenue and $36.3m in sports betting income.

Both of these figures have decreased compared to what the state achieved in March, as during that month, igaming earned a record gross receipts of $171.8m, while sports wagering achieved gross receipts of $44.6m.

In April, Michigan’s combined total internet gaming and internet sports betting adjusted gross receipts were $167.9m – $143.4m from igaming and $24.5m from online sports betting.

While the segment numbers were an improvement of 20.2 per cent and 46.8 per cent respectively compared to the previous year, they were down by 7.3 per cent and 22 per cent respectively in comparison to March.

Michigan’s online sports betting operators declared a total handle of $322.8m for April, a 20.8 per cent drop compared to March’s $407.7m.

The state received $31m in taxes and payments from operators during the month, with $29.4m from igaming and $1.6m from online sports betting. Tribal operators paid $3.6m during the period to governing bodies.

In addition, the three Detroit casinos paid the city of Detroit $8.1m in wagering taxes and municipal services, with $7.5m from igaming and $620,743 from online sports wagering.

Earlier this month, Detroit’s three casinos reported slight declines in revenue during April as sports betting and table games and slots income all fell compared to the previous year.

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Publishing the latest Commercial Gaming Revenue Tracker report for Q1 2023, the AGA stated that GGR grew by 15.5 per cent year-over-year with every vertical improving compared to Q1 2022.

March revenue was also higher compared to the previous year by 10.3 per cent, hitting a new single-month revenue record of $5.9bn.

Out of the country’s 35 commercial gaming markets, 18 managed to achieve new Q1 revenue records, while Mississippi was the only state to not beat its Q1 2022 figures.

The states that set new revenue highs were Arkansas, Connecticut, Florida, Indiana, Louisiana, Massachusetts, Michigan, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island and Virginia.

Commenting on the results, AGA President and CEO Bill Miller, said: “After two full years of successive growth post-COVID, the US gaming industry has never been stronger.

“With records across every gaming vertical—from brick-and-mortar casinos to mobile gaming—American adults continue to choose gaming as one of their top entertainment options.”

Breaking down Q1 by vertical, the combined revenue from land-based casino slot machines and table games rose by 7 per cent YoY to $12.3bn, surpassing the previous high set in Q3 2022 of $12.26bn.

Slot GGR improved by 13.8 per cent YoY to $8.83bn, while table games rose by 13.5 per cent to $2.5bn.

Several states were able to attribute the quarter’s growth to “fewer, but higher spending patrons” as casinos in Illinois, Iowa, Louisiana, Mississippi and Missouri reported an average increase in revenue per admission of 37.7 per cent.

Out of the 25 states that had land-based casino operations a year ago, 23 witnessed an improvement in gaming revenues, with Louisiana and Mississippi being the only states seeing declines of 0.4 per cent and 1.6 per cent respectively.

Looking at individual properties outside of Nevada, 17 of the top 20 highest-grossing commercial casinos in terms of gaming revenue achieved growth.

MGM National Harbor in Maryland led the way, followed by Encore Boston Harbor in Massachusetts and Live! Casino in Maryland rounding off the top three.

Igaming and sports betting set new quarterly revenue records. Igaming income grew by 22.7 per cent YoY to $1.48bn despite the number of markets which offer igaming remaining at just six across the country.

Meanwhile, sports betting GGR improved by 70.1 per cent YoY to $2.79bn, largely due to new market launches in Kansas, Massachusetts and Ohio, with the latter becoming the country’s second-largest sports betting market behind New York.

A record $31.11bn was wagered on sports in Q1, up 15.1 per cent YoY following handle growth in 15 out of 26 betting markets operating in Q1 2022 as well as the three new markets mentioned above.

The AGA has also released the State of the States report for 2022, revealing that tax revenue paid directly to state and local governments from commercial gaming was up 15.3 per cent from 2021 figures to $13.48bn.

Miller added: “As one of the biggest taxpayers in states across the country, we know that when gaming is successful, so are our communities.

“Beyond our significant tax contributions, our industry is engrained in local communities, bolstering economic development through job creation, supporting local charities and nonprofits, and setting the standard on corporate responsibility.”

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Commenting on the results, President and CEO Keith Smith noted that a “proven business model and experienced team” gives the operator confidence in its ability to navigate the current economic climate.

Publishing its Q1 financial update, Boyd Gaming declared revenues of $964m, up 12 per cent year-over-year (Q1 2022: $860.7m) with net income growing to $199.7m (2022: $162.9m).

The company’s total adjusted EBITDAR rose by 8.4 per cent YoY during the quarter to $367.1m (2022: $338.8m).

Smith commented: “The first quarter was an excellent start to 2023 for our company, as we again demonstrated the strength of our business model and the resilience of our diversified portfolio.

“We continued to see increased play from our core customers across the country, as well as strong growth in our non-gaming operations.”

Per segment, gaming revenues declined slightly YoY to $664.3m (2022: $668m), whilst food & beverage revenue rose to $71.6m (2022: $63.7m), and room revenue increased to $50m (2022: $42.4m).

However, online revenue – which includes the company’s sports betting partnership with FanDuel, online market access agreements, and online casino Boyd Interactive – had the largest growth YoY, rising by 123 per cent to $122.9m (2022: $55.1m).

Boyd Gaming attributed the online growth to the launch of “sports-betting operations in Ohio and Kansas, continued growth in existing markets, and contributions from Boyd Interactive”.

Per region, Smith noted that Boyd Gaming’s Nevada segments “delivered outstanding performances” with revenues of $240.3m for Las Vegas Locals (2022: $227.6m) and $56.6m for Downtown Las Vegas (2022: $49.5m).

The CEO added that increased tourism in the area and growing play drove “record first-quarter EBITDAR and operating margins” in both Las Vegas segments. 

Midwest & South revenue fell slightly YoY to $512.2m (2022: $517.1m) as the company said results were “impacted by continued softness” at Louisiana and Mississippi properties. Managed & other revenue also rose to $32.1m (2022: $11.6m).

Smith added that the Sky River Casino at Elk Grove near Sacramento, in partnership with the Wilton Rancheria tribe, continues “to perform ahead of expectations” thanks to recent property investments. 

“Our proven business model and experienced team are delivering strong results for our shareholders, giving us confidence in our continued ability to successfully navigate the current economic environment,” the CEO concluded.

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Under the terms of the deal, FanDuel will launch four Inspired titles on its platform in the Wolverine State – Big Fishing Fortune, Big Santa Fortune, Gold Cash Free Spins, and Big Spin Bonus, which is its top-performing game in the North American market.

“We are thrilled to once again partner with the Inspired team to provide players with best-in-class igaming content in Michigan,” noted Asaf Noifeld, Managing Director, Casino at FanDuel.

“We began our partnership with Inspired through our launch in Ontario to great success, and we are excited to expand that partnership now in Michigan, one of the largest igaming states.”

In March, Inspired President and CEO Brooks Pierce provided details about the company’s plans for more integration in North America to capitalise on its performance with operators.

Commenting on the FanDuel partnership, Pierce stated: “We are thrilled to partner with FanDuel in Michigan to deliver premium igaming content. This agreement adds another operator we have partnered with in Michigan, making it seven in total.

“Michigan remains a very important market for us, as we have reached over 90% market coverage through our partners, and which now represents our biggest US state. It is a pleasure to work with the FanDuel team, and we congratulate them on this exciting launch.”

Earlier this month, Inspired also launched its premium igaming content with Caesars Sportsbook & Casino in Pennsylvania.

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Rebranding the mychoice programme, PENN has stated that PENN Play will make it easier for customers to earn, track and redeem the company’s loyalty currency – PENN Cash – across several gaming and entertainment experiences at various US locations and online.

Jay Snowden, CEO and President of PENN Entertainment, commented: “PENN’s business has transformed over the last few years as we’ve expanded our retail, online gaming and entertainment experiences.

“With the rebranding of our loyalty program to PENN Play, we are taking steps to better align all of our brands under the PENN umbrella and create a more seamless omni-channel experience for our customers, which we believe will have a meaningful impact on both our retail and online gaming performance.”

Through PENN Play, members can unlock rewards at five different levels (Play, Advantage, Preferred, Elite and Owners Club), access a marketplace of popular retailers to redeem gifts and earn points and PENN Cash.

PENN Play also has a rewards website and app for members to track their progress and take part in exclusive promotions, is supported by the company’s 3 C’s technology (cardless, cashless and contactless) and also features PENN Mastercard credit card sign-up incentives.

As part of the customer loyalty programme rebrand, myheroes – the company’s rewards programming honouring US active-duty military, veterans and first responders – has been renamed PENN Heroes.

PENN also has a promotional campaign as part of the PENN Play launch where it is giving away $1.5m in PENN Cash and prizes to members.

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According to data from the New Jersey Division of Gaming Enforcement (DGE), Garden State’s operators – casinos, racetracks and their partners – achieved a total gaming revenue in March of $487.4m, a 15 per cent improvement YoY on March 2022’s results of $423.7m.

Year to date, New Jersey gaming revenue currently stands at $1.34bn, a 13.4 per cent uptick YoY (2022: $1.18bn).

Top 3 lead New Jersey igaming pack 

A breakdown saw igaming revenues rise by 17.8 per cent YoY in March to $165.7m (2022: $140.7m). YTD, igaming win stood 12.9 per cent higher than the previous year at $461.2m (2022: $408.5m).

The market’s top three were led by Resorts Digital generating $44.9m (2022: $30.8m), followed closely by Borgata with $43.9m (2022: $41.4m) and Golden Nugget with $42.7m (2022: $38.3m). No other operator made more than $8.5m in revenue during the month.

Bally’s saw the biggest YoY increase in terms of revenue, rising by 274.6 per cent to $6.7m (2022: $1.8m), followed by Ocean Casino with a 96 per cent increase to $4.6m (2022: $2.3m), and Resort Digital with a 45.5 per cent improvement.

Only two operators saw their revenue decrease YoY – Tropicana revenue fell by 26.5 per cent to $7.6m (2022: $10.4m) while Caesars Interactive NJ revenue dropped by 15.2 per cent to $8.4m (2022: $9.9m).

Borgata Tops the Broadwalk 

New Jersey’s nine casino hotel properties saw their revenue rise by 5.6 per cent YoY in March to $228.6m (2022: $216.6m). YTD, land-based casino revenue stands at $655.3m, a seven per cent increase (2022: $612.7m).

Per vertical, slot machine win rose by 5.1 per cent during the month to $164.7m (2022: $156.7m) while table games win improved by 6.7 per cent to $63.9m (2022: $59.9m).

YTD, slot revenue is up by 8.2 per cent YoY to $475.9m (2022: $439.7m) while table game revenue has grown by 3.7 per cent to $179.4m (2022: $172.9m).

Borgata was the top land-based casino operator in March with $61.5m in revenue (2022: $55m), followed by Hard Rock with $40m (2022: $39.3m) and Ocean Casino with $34.6m (2022: $25.4m), who also saw their revenues increase by the largest amount – 36.1 per cent.

Four operators saw their revenues decrease during the month – Bally’s revenues fell by 21.7 per cent to $10.6m (2022: $13.5m), Caesars revenue dropped by 7.2 per cent to $17.1m (2022: $18.5m), Golden Nugget revenue declined by 2.8 per cent to $12.3m (2022: $12.6m) and Resorts revenue decreased by 2.6 per cent to $12.7m (2022: $13m).

Borgata/BetMGM witness an NJ sportsbook decline 

New Jersey sports betting operators saw their revenue improve by 40  per cent YoY in March to $93m (2022: $66.4m). YTD, sports wagering gross revenue increased by 39.7 per cent to $220m (2022: $157.5m).

For the month, sports betting handle came in at $1.03bn with $975.2m from online operations. YTD, sports wagering handle stands at $2.96bn with $2.79bn generated online. 

Per operator, Meadowlands/FanDuel/PointsBet was the state’s top sportsbook in terms of revenue with $39.8m, a 7.9 per cent increase (2022: $36.9m).

Next up was Resorts Digital/DraftKings/FoxBet with $29.8m, a 153.6 per cent increase (2022: $11.7m) followed by Borgata/BetMGM with $8.2m, a 23.1 per cent decline (2022: $10.6m), Tropicana/William Hill/Mojo with $5.4m, a 312.8 per cent improvement (2022: $1.3m) and Hard Rock/Unibet/Bet365 with $3m, a 234.9 per cent uptick (2022: $889,689).

No other operator earned more than $1m in March revenue.

For March, New Jersey operators paid $51.3m in taxes to the state, bringing the total amount paid in taxes on the year so far to $139.5m.

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CEO and Co-Chairman John Farahi noted the company’s Black Hawk property was the “primary driver” towards Monarch’s “healthy” Q1 results as all revenue segments underwent growth.

Publishing its Q1 financials, Monarch reported a record net revenue for the measuring period of $116.6m, up 7.7 per cent year-over-year (Q1 2022: $108.3m) and a new high adjusted EBITDA of $36.5m, a 6.2 per cent increase (2022: $34.3m).

The company, which owns and operates the Atlantis Casino Resort Spa in Reno, Nevada, and Colorado’s Monarch Casino Resort Spa Black Hawk, stated that the revenue improvement was “driven primarily by the ongoing growth in business at Monarch Black Hawk”. 

Per segment, casino revenue rose by 6.5 per cent YoY to $66.9m (2022: $62.8m), food and beverage grew by 12.6 per cent to $29.3m (2022: $26m) and hotel revenues increased by 1.8 per cent to $15.5m (2022: $15.2m).

Farahi commented: “Our 2023 fiscal year is off to a strong start as the operating momentum builds at Monarch in Black Hawk, Colorado. In Reno, the first quarter results were materially impacted by unprecedented weather disruptions in Northern California, which is a key feeder market for Atlantis.

“Net revenue and Adjusted EBITDA grew to all-time first quarter records of $116.6m and $36.5m, respectively. The Company’s performance in Black Hawk was a primary driver in generating a healthy consolidated Adjusted EBITDA margin of 31.3% in what is historically our slowest quarter of the year in both markets.

“In Black Hawk, we continued to expand market share. All revenue categories, including casino, food and beverage and hotel continued their growth and we believe Monarch Black Hawk has yet to realise its full potential.

“At Atlantis, our primary focus remains the ongoing enhancement of the property. We believe our newly installed casino carpet has revitalised the casino floor. The redesign and upgrade of the hotel rooms in the second tower is on schedule for an anticipated completion before Memorial Day 2023.”

Monarch’s Q1 net income decreased by 2.5 per cent YoY to $17.7m (2022: $18.1m), while selling, general and administrative expenses rose to $25.1m (2022: $24.2m) “driven primarily by increases in utility expense and repair and maintenance expense”.

Farahi added: “With our strong balance sheet and free cash flow, Monarch remains ideally positioned to evaluate and act on potential acquisitions where we can employ our development and operating disciplines to drive long-term value for our stockholders. In the meantime, we will continue to invest in our existing properties and remain committed to returning capital to stockholders. 

“In the first quarter of 2023, we paid a one-time cash dividend of $5.00 per outstanding share of common stock. In the second quarter of 2023, we will pay cash dividend of $0.30 per outstanding share of common stock and we intend to continue to make quarterly payments as part of the previously announced annual cash dividend of $1.20 per share.”

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According to the Pennsylvania Gaming Control Board, the March revenue figure is an 11.35 per cent improvement year-over-year compared to the $462.7m generated by the Keystone State’s operators in March 2022.

Per casino destination, Hollywood Casino at Penn National earned $80.9m in March revenue, a 27.02 per cent increase YoY (2022: $63.7m), followed by Valley Forge Casino Resort with $68.5m, a 32.25 per cent uptick (2022: $51.8m) and Parx Casino with $60.44m, a slight decrease compared to the previous year (2022: $60.46m).

Hollywood Casino Morgantown had the biggest monthly revenue rise YoY by 66.87 per cent to $9.5m (2022: $5.7m), followed by Hollywood Casino at the Meadows with a 51.98 per cent improvement to $31.2m (2022: $20.5m). 

Breaking down the monthly revenue figure by game type, retail slots led the way while new monthly records were set in igaming, online slots and web table games.

Retail slots generated the most revenue with $225.4m, a 4.98 per cent rise YoY (2022: $214.7m), followed by igaming slots with $104.8m, a 32.36 increase (2022: $79.2m) and retail tables with $85.9m, an 8.91 per cent decline (2022: $94.3m).

Sports wagering revenue was next at $50.6m in March revenue, up 66.59 per cent YoY (2022: $30.4m), followed by igaming tables with $40.5m, a 13.42 per cent increase (2022: $35.7m) and video gaming terminals with $3.8m, a 1.87 per cent loss (2022: $3.8m).

Sports wagering handle for the month was $723.5m, up by 1.2 per cent compared to March 2022’s $715m.

Igaming poker had the biggest YoY revenue loss in the month with a 10.82 per cent decline to $2.9m (2022: $3.2m) while fantasy contests earned $1.4m revenue, a slight increase compared to the previous year (2022: $1.39m).

The total state tax revenue collected from operators by Pennsylvania for March was $212.4m.

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According to the AGA’s Commercial Gaming Revenue Tracker, February’s $5.08bn was a 13.5 per cent increase year-over-year, with income growth across all verticals occurring but at a slower pace than January.

Alongside the half a year of over $5bn in revenue, the US commercial gaming industry has now accomplished 24 consecutive months of growth.

The AGA noted that February is “the last month of relatively soft annual comparisons due to COVID concerns,” as March 2022 was the first month that the industry topped $5bn in monthly revenue, which it has done in every month except for two since.

Out of the 33 commercial gaming states that were operational a year ago, 29 of them posted YoY revenue growth during the month. However, due to the seasonality of sports betting earnings, in-person gaming income held the largest overall revenue share at 79.1 per cent, its largest share since before the football season began last August.

The AGA stated several “smaller, idiosyncratic” sports betting states witnessed revenue declines including Montana by 20.6 per cent and Delaware by 1.7 per cent. South Dakota and Louisiana also saw revenue drops by three per cent and 3.5 per cent respectively.

Per segment, land-based casino revenue from slots and table games came in at $3.97bn, up eight per cent YoY. Broken down, slots generated $2.86bn, an 8.4 per cent increase, while table games produced $812.2m, a 9.1 per cent uptick.

Igaming operations in Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia reported $465m in revenue for February, a 20.6 per cent increase YoY with every state declaring annual growth.

However, February’s figures were 3.3 per cent lower than the revenue highs reported by the industry in December 2022 and January 2023.

In sports betting, activity slowed down following the end of the college and professional football seasons, with handle dropping by 26.9 per cent compared to January to $8.41bn, and revenue falling as well to $636.1m, a 40.3 per cent decline.

Yet, sports wagering was up on a YoY basis, with handle improving by 5.8 per cent and revenue growing by 60.8 per cent thanks to new market launches in Ohio (retail and online), Massachusetts (retail) and Maryland (online). The total number of live commercial markets has grown to 29 from 26 a year ago.

US customers are now to place an online sports wager in 24 jurisdictions, with three states – Kansas, Maryland and Ohio – launching operations over the past year. Excluding new sports betting markets and online expansions, sports betting revenue rose by 29.1 per cent YoY.

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