Connecticut increases estimates for slot machine revenue

Officials are increasing the estimations for casino slot machine revenue from the two local casinos.

US.- The General Assembly’s Office of Fiscal Analysis projected last week that the state’s 25% share of the casinos would total US$248.6 million for fiscal 2019. Now, Connecticut officials are increasing their estimates for slot machine revenue from the two local casinos.

The first predictions set that slots revenue in the 2019 fiscal year, which extends to June 20, would be close the US$250 million mark, but the current estimate is about US$20 million higher than last November’s estimate.

The Office says that payments that the state received from the Mashantucket Pequot and Mohegan tribes will total US$223.7 million in the 2020 fiscal year. Spokesman Chris McClure said that the numbers were reviewed because the recently-opened MGM Springfield in neighboring Massachusetts did not affect Connecticut revenue as much as they had anticipated.

Last week, it was reported that both tribes suffered a slight decrease in slot revenues in December 2018. Mohegan Gaming & Entertainment (MGE) detailed that it totalled over US$49.7 million in slot revenue in December 2018, which is less than 1% when compared to the US$50 million recorded in the same month a previous year. The company provides 25% of its slot profits to the state of Connecticut, and it sent over US$12.4 million to the general fund in December.

Foxwoods also reported a revenue fall as it recorded US$37 million in slot revenue in December, which is 5.2% less from the US$39 million it totalled in December 2017. The company informed that it contributed US$9.6 million to the state last month.