Times have been tough for casinos located within the state of Connecticut and, unfortunately, it doesn’t look like that is going to change anytime soon. Connecticut casinos have had to suffer through nine years of shrinking year-on-year business, and this hasn’t been helped by neighboring states expanding their gambling operations.
Connecticut Casinos experience big drop from peak
A Virginia-based financial firm recently released a new study that it had conducted. The study used the latest financial details that the firm could access and the report pointed to a 36% decline in revenue since 2006, which was the best year for the casinos in Connecticut.
During the course of 2015, the two casinos in Connecticut, Foxwoods and Mohegan Sun, lost one percent in revenue, when compared to 2014. While this may have been a relatively small drop, it marked the ninth consecutive year that the casinos had seen a decline in business. The drop in business was initially caused by the recession that started in late 2007. However, the drop has continued, even after the economy stabilized. Experts are now saying that the continued drop in revenue by the Connecticut casinos is due to the continued expansion of the gambling industry in neighboring states.
No End in Sight
Unfortunately, it is looking like the road ahead for the Connecticut casinos will continue to be a difficult one. The continued market saturation in states like New York, Rhode Island, Massachusetts, and Pennsylvania. This will continue to make life difficult, but there is some hope for the Connecticut casinos.
The Native American tribes who run Foxwoods and Mohegan Sun are seeking final approval from the Connecticut state government to build a satellite casino together. It will be located in East Windsor, and the current location would put it less than 15 miles away from the massive MGM resort in Springfield, Massachusetts, which cost over $900 million to build.
Before construction can even begin, the tribes need to receive approval for a non-reservation casino. Time will tell if the Connecticut casinos will be able to turn their luck around.