Despite the surge in commercially available multiplayer mixed reality (XR) devices and applications, few studies have focused on the player experience during co-located, multiplayer gameplay in XR environments. To address this gap, we designed and developed Escape from Kyle-Earth, a co-located, multiplayer XR game that can be played in both AR and VR using a head-mounted display. We then conducted a user study with 26 participants, in which each participant played both versions of the game. Our results indicate that VR evoked a stronger sense of presence while its AR counterpart increased co-presence between players. However, there was no significant difference in game enjoyment between the two platforms. Our work contributes to the burgeoning literature on co-located immersive gaming.