Revenue down at Connecticut casinos
The state’s two Indian casinos experienced a revenue fall for the ninth straight year.
US.- According to a report released yesterday by Nathan Associates Inc, an economic consulting firm, revenue from the Mohegan Sun and Foxwoods Resort Casino fell 1 percent in 2015, a 36 percent down from its peak nine years ago.
A bigger competition in the Northeast, along with the recession are some of the reasons why the Connecticut casinos are experiencing a bad few years. “You’ve got this saturation of gaming in that region. They are fighting for their market share,” said Alan Meister, economist with Nathan Associates, as reported by the Morning Star. In order to fight neighbour MGM Resort International’s US$950 million casino in Springfield, Massachusetts, the Connecticut’s Mashantucket Pequots and Mohegans native tribes, operators of Foxwoods and Mohegan Sun respectively, are trying to build a casino in East Windsor.
The gaming project has been backed by the State’s General Assembly as it would help to maintain the tourism industry’s rates as well as increasing the local revenues by generating job positions and business opportunities. The General Assembly has also urged legislators from Connecticut to approve the measure soon. Andrew Doba, a spokesman for the tribes, said: “When Rhode Island launched its industry, we did nothing. When New York got into the game, we did nothing. We’ve got a choice now, continue to do nothing, or fight and save good paying jobs.”
