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January 21, 2020

MGM Springfield names new president as casino underperforms

Photo | Contributed MGM Springfield debuted Aug. 2018
By Sean Teehan

MGM Springfield, a chief rival to Connecticut’s casinos whose 2018 opening helped spur a years-long debate about expanded gaming here, replaced its president following the lowest revenue-generating month since the Massachusetts venue opened.

Chris Kelley will replace Mike Mathis as president, while Mathis will now serve as senior vice president of business development for MGM, working under MGM Resorts’ chief operating officer, the casino said. Kelley now also holds the title of COO at MGM Springfield.

“Kelley has served in the same capacity at MGM Northfield Park in Ohio since April 2019, where he spearheaded the transition of the property from a Hard Rock branded entity into an MGM Resorts operated property,” MGM said.

MGM removed Mathis following a recent disclosure to the Massachusetts Gaming Commission that MGM Springfield brought in about $18.9 million from slots and table games last month, less than any full month since the casino opened in Aug. 2018. MGM Springfield posted that revenue low just after reporting $19.9 million in November, which is now the second lowest revenue the casino generated in a month.

Encore Boston Harbor Casino in Everett took in $54 million from slots and table games last month, its highest revenue-generating month since it opened last June, Gaming Commission records show. 

Mathis acknowledged lower-than-expected revenue figures during a Gaming Commission meeting last March.

“These numbers are certainly lower than what we had hoped to see in our initial months,” Mathis said at the time. “Anybody in our industry will tell you, typically we look at a three-year stabilization period.”

Photo | Contributed
Chris Kelley

Kelley joined MGM Resorts as vice president and chief financial officer of MGM Grand Detroit in 2017, according to MGM. Before that, he spent 18 years working for Viejas Casino & Resort in San Diego.

MGM’s sluggish performance has been good news for Connecticut’s casinos, which have also struggled amid heightened gaming activity in the Northeast.

Earlier this month, Connecticut’s two tribal casinos posted steep December slot revenue declines after recording consecutive months of gains.

The operator of Mohegan Sun, Mohegan Gaming & Entertainment (MGE), said the Uncasville casino recorded slot revenue of nearly $44 million in December, down 11.7 percent compared to $49.7 million a year ago.

Mohegan’s slot revenue decline comes after it notched increases of 2.5 percent and 3.5 percent in October and November, respectively. Those figures ended a troubling streak of 15 consecutive months of decline for both Mohegan and Foxwoods Resort Casino.

Meantime, Foxwoods, which is operated by  the Mashantucket Pequot Tribal Nation, posted slot revenue of $33.6 million last month, down 9.2 percent vs. $37 million in Dec. 2018. Foxwoods recorded slot revenue hikes of a half-percent and 3.8 percent in October and November, respectively.

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