Tribal Casinos in Connecticut Report Huge Revenue Decline of 12% in April

As far as April statistics say, the slot revenue of two Connecticut tribal casinos has decreased by 12%. Both venues, Mohegan and Foxwoods, have announced a year-over-year fall in revenue…

…coming from slot machines. The numbers clearly confirm that it was the worst month for Connecticut casinos. It is believed that MGM Springfield influenced the negative trend.

Numbers in Constant Decline

Mohegan Sun reported US$45.2 million in slot revenue, drop from US$51.4 million. On the other hand, Foxwoods Resort Casino acquired US$36.2 million in total from slots revenue after paying prizes. The amount is significantly lower as it fell down from US$41.2. Revenues from both establishments…

… have been affected by MGM Springfield, the hub situated in neighboring Massachusetts. The Gaming Commission from the state reported that the faction collected US$15.5 million in slots revenue last month and US$6.3 million in table-games revenue. However, slots revenue also dropped down in that facility for 17% over the previous month.

Connecticut Feels Pressured

Going back to January, when the state was catching up with regulations from surrounding states such as New Jersey, Delaware, Pennsylvania, and Rhode Island; those were the first ones opening doors to sports wagering after the US Supreme Court cleared the way for legalization. According to Bill SB665…

… only land-based parlors in this state will have exclusive rights to operate sportsbooks. This was the expected next step toward green-lighting this particular segment of gaming which has been on the table for quite a significant period of time.

Busy Times for Sports Betting

A significant proposal for law alteration took place during February and March, as there were proposals to make online keno and sports betting legal in that state. There was a special hearing to be held, which was supposed to…

… come up with competitive wagering on the results of certain sports events. The real duty was handed over to the state legislature, which had the task to establish a complete regulatory scheme which would encom the entire sports betting vertical.

Waiting for the Next Session?

The situation in Connecticut seemed to be heading in a positive direction and was expected to be easily approved by the committee. However, the bill which was brought in front of the Committee of Public Safety and Security, on March 13th, encountered strong opposition which questions the final outcome of the proposal. The meeting itself lasted for several hours…

…and the gathered representatives expressed confronting opinions on the idea of accepting sports betting as a legal activity. The whole procedure hasn’t finished yet, as the committee still hasn’t voted on it. However, the legislative session is expected to finish on June 5th which may result in prolonging the final approval (or disapproval) until the 2020 session.

Source:

“Slot Revenue Decreases in Connecticut Tribal Casinos”, Niji Narayan, europeangaming.eu, May 22, 2019.