REPORT: FitchRatings Warns of Impact on Twin River
Thursday, July 30, 2015
“(Twin River)Management noted that they did not lose many customers to Plainridge yet. However, the Twin River customers from Massachusetts are now spending less as part of their gambling budget is spent at Plainridge. Management expects to lose some Massachusetts customers after the trials but expects to retain the bulk of the Rhode Island players…”
Fitch, an important business analyst group found that there is some Rhode Island business trying the new facility, “We observed a busy Plainridge on a Friday morning with almost all Massachusetts license plates in the garage (management said about 20% of business comes from Rhode Island). Penn is aggressively marketing in both states with the intent to build a seasoned database by the time other Massachusetts casinos open.”
The addition of Plainridge Park Casino to the New England gaming landscape has heated up the competition for gamers, according to Fitch Ratings. Plainridge is the first casino to open in Massachusetts under the ownership of Penn National Gaming.
Fitch analysts recently visited Plainridge as well as Twin River in Lincoln, RI and the two tribal casinos in Connecticut (Foxwoods and Mohegan Sun). The trip confirmed our view that Plainridge will deliver solid return on investment (ROI) at least in the first three years until Wynn Everett opens in late 2018.
We also believe that Twin River will continue to get considerable business from Massachusetts, albeit less and at a lower margin. We anticipate only modest impact on the Connecticut casinos, but expect Foxwoods to be hurt more than Mohegan Sun given its closer proximity.
We expect Boston and Springfield projects to open late 2018. The southeast region license remains in limbo as the regulators decide whether to award it to a commercial operator or wait until Mashpee Wampanoag Tribe gets its land placed into trust by the Department of Interior, a prerequisite for casino construction.
Related Slideshow: How Do Twin River Casino and Plainridge Park Casino Match Up?
With Plainridge Park Casino opening in Plainville, MA, GoLocal looked into how the new facility will measure up against Twin River Casino in Lincoln, RI.
1.) Payout Percentage: How much of each dollar spent is won back by a customer.
Number of Slot Machines
Twin River: 4,500
Plaindridge Park: 1,200
Twin River has nearly four times the number of slot machines that Plainridge Park has available.
Photo courtesy of: Flickr/Raging Wire
Number of Table Games
Twin River: 80
Plaindridge Park: 50
Twin River offers 30 more table options than Plainridge Park, including poker, blackjack, craps, and more.
Photo courtesy of Flickr/Images Money
Twin River: 90.845%
Plaindridge Park: N/A
The data for Plainridge Park will come out in the coming months, but Twin River's customers won back 90.845% of their money in May of 2015.
Photo courtesy of Flickr/Jessie Hodge
Twin River: 300,000
Plaindridge Park: 106,000
Twin River's facility is nearly triple the size of Plainridge Park's and neither is limited to gambling areas.
The former has an event center, a cigar bar, and more. The latter has several restaurants and a horse track.
Number of Hotel Rooms
Twin River: None
Plaindridge Park: None
Neither Twin River or Plainridge Park currently offer hotel accomodations for their customers. Instead, they suggest to search for nearby options.
However, plans to build a hotel at Twin River were approved in March of 2015 by the RI House of Representatives. A date for when construction would be finalized has not been announced.
Number of Restaurants
Twin River: 2
Plaindridge Park: 2
While both facilties offer food court options, each has two prominent dining locations.
Twin River: 2007
Plaindridge Park: 2015
Twin River's grounds were first established when Lincoln Downs was built in 1947. It officially became known as Twin River Casino in March of 2007.
The casino at Plainridge Park has just been finalized, but the facility first opened in 1999 as a racetrack.
Twin River: Twin River Event Center
Plaindridge Park: Revolution 1776 Lounge
Twin River's 29,000 square foot venue will play host to Whitesnake on July 24 and Boz Scaggs on August 1.
The Revolution 1776 Lounge will welcome Thirty 6 Red on June 25, Bon Jersey on June 27, and Shattered on June 28.
Hours of Operation
Twin River: 24/7
Plainridge Park: 24/7
Both casinos are open all day all year long, providing customers with the opportunity to win money at any hour of the day.
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