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.)

Comments

One Comment

  1. Perry Masonjar says:

    The bad economy, increased Connecticut taxes and increasing gas costs will reduce casino revenues, as will the competition from NY, whose residents comprise a significant percentage of Tribal casino patrons. Penny and nickel slots are helping offset the loss? How? With a penny or nickel slot machine, it would take a lot of plays to hit a meaningful jackpot. So what’s the point of playing them unless you are a low income person; e.g. seniors on fixed incomes….? The State of Connecticut gets a piece of the action from he casinos to fund certain State programs. But going forward, politicians should plan on lower revenue streams from the casinos due to the two competitors in NY State.

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