Foxwoods, Mohegan Sun see slot revenue decline in January
February 17, 2018 8:53 AM
by Robert Mann
The two Connecticut casino/resorts, Foxwoods and Mohegan Sun, broke out of the gate slowly in 2018 with Foxwoods posting a 2.5 decrease in slot revenue and Mohegan Sun a 5.3 percent slot revenue decrease for January.
Foxwoods retained $33.9 million in slot win with Mohegan Sun winning $44.9 million, year-over-year data revealed. The same winter storm that caused Atlantic City to post weak revenue numbers for January is being largely blamed for the decrease.
Industry observers note that slot revenue, the major income force for the two properties, continues to decline year by year.
In the 2016-17 fiscal year, Mohegan Sun won $602.3 million on slots, while Foxwoods won $457.5 million. A decade ago, those respective numbers were $916.3 million and $805.5 million, meaning the drops have been significant for the operators. The state receives 25 percent of the revenue in its income sharing agreement with the two casino/resorts.
MGM Resorts International will open its $960 million hotel and casino in Springfield, Mass. near the Connecticut border later this year. The opening is expected to increase competition in the region. However, the Mashantucket Pequot, tribal operator of Foxwoods, and Mohegan Sun tribal leaders say they feel they have enough brand loyalty to retain their customers even with new competition close by.