Fiscal Reports Show Revenue Declines At Connecticut Casinos
Revenue at Connecticut’s two casinos declined in fiscal 2019 amid new regional competition, according to new fiscal reports.
Mohegan Sun’s net revenues for the fiscal year were $992 million, down about 7% from the nearly $1.1 billion it took in the previous fiscal year, though revenue for parent company Mohegan Gaming & Entertainment increased, The Day reported.
Net revenues at Foxwoods Resort Casino were $787.8 million, down 5% from $828.9 million in fiscal 2018.
The annual fiscal reports, filed in late December, both attribute the decline to lower gaming revenues. The workforce at both casinos continues to shrink, according to the reports.
The casinos, owned by Connecticut’s two federally recognized tribes, face competition from the new MGM Springfield and Encore Boston Harbor casino, and from Rhode Island’s two casinos that launched sports betting a year ago.
Connecticut Gov. Ned Lamont tried to reach a wide-ranging gambling agreement with the tribes last year that would’ve included sports betting, but did not succeed.