Robert DeSalvio, President of Wynn’s Encore Boston Harbor casino, is on his way out. Falling revenue is the culprit. The Massachusetts venue just reported its first decline.
The head corporation announced the he was “stepping down” after only five months of operation. Brian Gullbrants will take his place. He is an eight-year Wynn veteran who had previously managed the resort’s hotel, food and beverage concessions.
No explanation for the sudden exit was given, although DeSalvio has been praised for his “unique talent” of getting along with community leaders and elected officials.
Apparently this wasn’t enough.
In another announcement, Jenny Holaday has been added to the Wynn Boston as the new exec VP of operations along with Eric Krauss as Senior VP of communications and public affairs. They will begin upon approval of the Massachusetts Gaming Commission (MGC).
This regulatory body has recently issued its monthly casino revenue report, revealing the Encore’s gaming decline. Looking at statewide slots and table games, we see a total take for September of $80m, about $5.6m below the prior month.
Gaming revenue is clearly responsible for the slide, falling from August’s $52.5m to just under $49m. Table games did not fare well either, dropping by $5.25m to $27.1m. Finally, while slots revenue was up $1.65m by nearly $21.9m.
We must not forget Encore’s slots handle that moved down almost one quarter in the last month. The more traditional slots held strong, however, with monthly growth.
Elsewhere in the state, the MGM Springfield property suffered falling revenues of about $1m from August to $19.9m. Sadly, this is its second worst performance since the total of $19.7m in January — and a far cry from September 2018’s $27m.
Slots in Springfield were not healthy like Encore. Moving to Penn National Gaming’s slots, only Plainridge Park Casino — with the second worst month in its four-plus years of operation — had slots perform well, bringing in $11.5m in September.
September’s slots handle fell to $147.8m, their worst showing since the $146.2m in February of 2017.
Meanwhile, the MGC is awaiting the renewal application for Plainridge’s gaming license (which expires in June 2020). For the first time, it will be reviewing a licensee’s operations. In fact, the regulator is still considering whether public hearings are part of the renewal process.