Connecticut casinos report revenue decline

Foxwoods and Mohegan Sun reported another month of slots revenue decline in Connecticut.

US.- Connecticut casinos once again reported a setback on their finances during June’s operations. Slot machine revenue at Foxwoods and Mohegan Sun casinos were down 12% and 5% respectively.

Foxwoods Resort Casino reported this week that slot revenue during June operations declined approximately 12% when compared to the same month a year ago. Mohegan Sun, on the other hand, reported a 5% fall.

With June results in, both Connecticut casinos have reported 12 straight months of year-over-year declines in slots revenue. These results could be attributed to the opening of MGM Springfield, the first full-scale casino in Massachusetts. Encore also opened last month, though it only operated for eight days in June.

The facilities in Connecticut are planning to operate a casino in East Windsor to counterattack MGM Springfield’s impact on their finances. Besides the Massachusetts facilities, the tribes see Rhode Island operations as direct competition. Close states like New Hampshire and New York are also able to offer sports betting services.

Foxwoods reported that it kept US$35.3 million in slots wagers, which is 11.8% less than what it registered in June 2018. Handle was also down 12.7% to US$567.8 million in June at the Connecticut casino.

Fiscal year results

The Connecticut facilities contributed US$255.2 million to the state in the 2019 fiscal year ended June 30. This figure is 6.2% smaller than the US$272.2 million that these casinos paid in the previous fiscal year.

While the Connecticut Office and Policy and Management and the state Office of Fiscal Analysis had projected that casino payments for the 2019 fiscal year would total U$254.6 million, they also said that these would fall to US$226 million in fiscal 2020, US$225.4 million in fiscal 2021 and US$221.4 million in fiscal 2022.