Connecticut casinos report $162m losses in 2020
Annual reports for the 2020 fiscal year reveal the impact of the coronavirus pandemic on Foxwoods Resort Casino and The Mohegan Sun.
US.- The two Native American casinos in Connecticut reported losses of $162m in fiscal year 2020, highlighting the impact the Covid-19 pandemic had on the industry.
Foxwoods Resort Casino, owned by the Mashantucket Pequot Tribal Nation reported, revenues of $539.2m for the fiscal year ending September 2020, a 31.6 per cent decline from the $787.8m it generated during the previous fiscal year.
The Mohegan Sun casino’s revenues fell to $715.7m, a 27.9 per cent decrease from the $992m brought in during the same period in 2019.
The huge losses also equate to a smaller state budget, since Connecticut receives 25 per cent of the casino’s gross gaming revenue derived from slot machines.
The two tribes which own the casinos have a new casino project planned for East Windsor, but due to economic hardships faced throughout the pandemic, the tribes have decided to put the project on hold and focus on their existing activities.
Foxwoods also had to temporarily reduce operations and furlough up to 100 workers last month due to low customer demand.
