Connecticut slots post revenue drop in February

Tribal casinos posted a poor month during February as the Connecticut slots recorded a revenue decline year-on-year.

US.- February wasn’t the best month for the casino industry in Connecticut as slots posted a revenue decline year-on-year. As informed by the Mohegan Sun, slots took in 7.1% less than February 2018, while Foxwoods’ dropped 8% from last year.

Mohegan Sun revealed its slot machines barely reached US$43.5 million in revenue, down said 7.1% from last year. In 2018, the segment had taken US$46.9 million, nearly US$5 million more than this year. The total wagered was also down 6.6% to US$535.8 million, from the US$573.9 million in February 2018.

Meanwhile, Foxwoods’ slot revenue reached US$34.2 million, down 8% from that of February 2018, which totalled US$37.1 million. Its handle was also US$411.5 million, down from the US$445.9 million of the previous year.

It was the eighth consecutive month in which Connecticut slots revenue was down, which the segment blames on neighbouring states venues, such as MGM’s casino in Massachusetts.

Both tribes are attempting to push a casino development outside tribal land through a joint venture, the MMCT, but have been facing major hurdles, including the lack of approval from the U.S. Department of the Interior.

The MMCT proposal

The tribes’ joint venture has been pushing for a casino but has hit several hurdles. Senator Richard Blumenthal had even urged the successor to Department of Interior (DoI) Secretary Ryan Zinke to approve changes to Connecticut’s revenue-sharing compact. That way, they would get the venue up and running as soon as possible, but yet another slump has surged.

One of the bills under consideration to grant the permission required both tribes to have a federal compact in place. However, the DoI approved a compact for the Mohegan tribe, but not for the Pequot tribe.