State Casinos Report Drops In July Revenue
HARTFORD, Conn. (AP) – Connecticut’s two Indian-run casinos say the weak economy cut into July’s slot revenue.
The Mohegan Sun said Monday that revenue was $66.9 million, down 5 percent from July 2010 due to weak consumer spending and increased competition in the Northeast.
Foxwoods Resort Casino reported revenue of $60.5 million, down 5.5 percent from July 2010. However, revenue was higher than at any time since last summer, which Foxwoods said is customary.
CEO Scott Butera says the installation of penny and nickel slot machines also is paying off.
Executives of the Mohegan Tribal Gaming Authority told investor analysts on a conference call that Empire City Casino at Yonkers Raceway is affecting Mohegan Sun, which also is bracing for more competition with New York’s first casino opening at Aqueduct Race Track this fall.
(Copyright 2011 by The Associated Press. All Rights Reserved.)