Casinos Post Sharply Lower December Revenue
HARTFORD, Conn. (AP) _ Connecticut’s two Indian-run casinos on Wednesday posted sharply reduced slot machine revenue in December, a month after Foxwoods Resort Casino broke a losing streak with a slight rise in revenue and the Mohegan Sun posted a tiny decline.
Revenue at Foxwoods declined nearly 15 percent, to $37.6 million in December 2013 compared with $44.2 million in December 2012. Revenue is the share of wagers the casino keeps, and betting was down 21 percent, to $431.5 million. Foxwoods is run by the Mashantucket Pequots.
Mohegan Sun reported revenue fell about 8 percent, to $45.9 million. Wagering fell by 7 percent, to $570.6 million.
“The numbers are on par with what our expectations were for December,” said Foxwoods Chief Executive Scott Butera. Bad weather and Christmas accounted for fewer customers, he said.
Foxwoods reported slot-machine revenue in November increased 2.1 percent from the same month in 2012. The increase ended a 22-month stretch of reports with year-over-year declines.
Slots revenue at the neighboring Mohegan Sun was $49.3 million for November, down 1 percent from the previous year.
The two casinos face intense competition in the Northeast as more casinos are being planned and built. In addition, the weak economy has been a drag on revenue.
Representing 25 percent of revenue that the two casinos must pay the state, Foxwoods contributed $9.4 million and Mohegan Sun’s share was $11.5 million. Because of the declining revenue, the state’s cut of the two casinos’ slot revenue dropped from $430 million in 2007 to $296 million last year.
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