Foxwoods makes up revenue contribution shortfall from own pocket
A compact between the state and Connecticut’s tribes states that the casino must pay a minimum of $40m in slot taxes each half-year.
US.- Foxwoods Resort Casino had to dip into its own funds to meet the minimum contribution from slots revenues defined in the Mashantucket Pequot Tribe’s compact with the state.
The compact requires the tribe to share 25 per cent of its slot machine revenue with the state, or a minimum of $80m each year delivered in two payments of $40m.
Due to the drop in revenues at the casino amid the Covid-19 pandemic, the resort was required to make up the shortfall for the $40m due for the first half of the fiscal year beginning on July 1.
Foxwoods saw slot revenues of $157.13m after paying out prizes and contributed $39.28m of that to the state, falling $716,766 short of the $40m threshold outlined in the compact.
Over the course of 2020, Connecticut’s two tribal casinos reported losses of $162m. The tribes have postponed the casino project planned for East Windsor.
Meanwhile, a group of lawmakers in Connecticut have filed a sports betting and igaming bill with the legislature’s Joint Committee on Public Safety and Security in a bid to raise state revenues.
