Slot Revenue Down At Casinos
HARTFORD, Conn. (AP) _ Slot-machine revenue plunged again last month at Connecticut’s two tribal-owned casinos, according to figures released Wednesday.
Foxwoods Resort Casino kept $48.7 million in July, down 4.6 percent from its take in the same month last year. Mohegan Sun reported slot revenue of $54.6 million, down 8.8 percent from the year before.
It was the 19th straight month that the two casinos in southeastern Connecticut reported year-over declines in slot revenue.
“Our financial results remain on target,” Foxwoods president Scott Butera said in a statement. “The casino is performing as expected given the constant pressure of new competition, and the remainder of our operations are producing in line with expectations.”
The two casinos face growing competition from new gambling venues in New York and Rhode Island, and Massachusetts is planning to introduce casino gambling as well.
A report by Moody’s Investors Service on Wednesday said the best home for the two Connecticut casino operators may be across the state line in Massachusetts, where both are seeking gambling licenses.
“If they are awarded licenses to operate there, their prospects will brighten considerably, but if not, both will see continuing deterioration in gaming revenue amid competition from nearby states,” report author Peter Trombetta wrote.