New Hampshire’s Casino advocates can’t be happy with this news. The MGM Casino in Springfield, a year after opening, has shed hundreds of jobs. And locals say, “the promised downtown revival hasn’t materialized.”
Related: New Hampshire Casino Gambling Bill Officially Dead for This Session
Casino president Michael Mathis promises the resort is retooling for its second year. Ahead of Saturday’s festivities, he said the facility plans to emphasize non-gambling entertainment, overhaul its slot machine offerings and lobby for legalized sports gambling in Massachusetts.
But Colin Mansfield, a casino expert with Fitch, isn’t convinced the adjustments will be game-changers.
They won’t. And we called it. Last year I reported on some local suspicions about the project after a North Country advocate pointed to the MGM as a positive sign from the Casino gods.
The townies think that within 3-5 years the operator may want to pull out and cut their losses, meaning take their winnings and go before they become losers. They are not all-in, so to speak.
Because the casino money people think the market may already be saturated. So, Springfield is not an example of why the Granite State needs casino’s it is another warning to stay the hell away from them.
Year one failed to meet estimated revenues. That means the city made a lot less in taxes after whatever breaks they gave the project to get it. The Casino has already cut hundreds of jobs. The local community is not feeling the promised love. That 3-5 year time-line of decline is looking prophetic.
Meanwhile, New Hampshire’s economy and tourism, without any casino’s, is doing great. But Casino advocates are a lot like someone who can’t escape an abusive relationship. They are certain at any moment their true love will turn a corner and deliver.
It would be nice to see the investment pay off, but Springfield gambled. And while they are still at the table if the first year was that bad the odds do not look good.
Will the Casino folks in the Granite State see it as a sign? New England was already saturated before the MGM opened its doors. That it’s a false promise and NH’s economy can manage fine without one?
Probably not.
