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September 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut’s casinos post slot revenue declines

Connecticut’s chilly February weather did not help to drive people indoors into the warmth of the tribal casinos, with Mohegan Sun and Foxwoods reporting year-over-year declines in their respective slot revenues.

Last month, Mohegan Sun took in $43.5 million in slot revenue, a 7.1 percent decline from the $46.9 million level recorded one year earlier. The total amount that slot machine players wagered, also known as a handle, was $535.8 million in February, a 6.6 percent drop from the $573.9 million in February 2017. As part of the casino’s pact with the state for providing 25 percent of its slot revenue, Mohegan Sun ferried $10.8 million into the state’s coffers last month.

Over at Foxwoods, February’s slot revenue of $34.2 million was down 8 percent from the $37.1 million generated one year earlier. Foxwoods’ handle was $411.5 million, down from the $445.9 million of the previous year. Foxwoods’ 25 percent slot revenue contribution to the state totaled $8.5 million last month.

February marked the eighth consecutive month of declining slot revenues for the Connecticut casinos, a situation that can be attributed to increased casino competition from neighboring states.

The slot revenue news is the latest in a string of complications impacting the Mohegan and Mashantucket Pequot tribal nations that run the casinos – they are also dealing with the lingering state of limbo on their planned Tribal Winds Casino in East Windsor, which has been unable to proceed due to a lack of final approval from the U.S. Department of the Interior, coupled with a renewed effort spearheaded by MGM Resorts International to open Connecticut to casino ownership by nontribal entities.