SPRINGFIELD (CBS) – The first resort casino to open in Massachusetts is not doing as well as hoped. The outgoing CEO of MGM acknowledged in a conference call this week that the casino in the western part of the state is failing to meet expectations.
“MGM Springfield has admittedly performed below our expectations, and we’ve recently made some changes there to better position the property,” CEO Jim Murren said. Murren also announced he will be stepping down as CEO before his contract expires.
MGM Springfield had its worst full month ever in December, bringing in just under $19 million from slots and table revenue, according to Massachusetts Gaming Commission figures.
MGM reports that net revenue in Springfield for October, November and December 2019 is a little over $71.1 million – down from almost $78 million for the same three-month period in 2018.
Murren said the company will continue to evaluate paths to maximize the value of “the real estate of MGM Springfield.”
The $1 billion casino opened in Springfield in August 2018.