Revenue Decrease for Connecticut Tribal Casinos
Connecticut’s two tribal casinos are failing to keep up with the competition. The two casinos in the state of Connecticut have reported a decrease in revenue over the past year. On the 31st of December 2019, a financial report was released for the Foxwoods resort casino and the Mohegan Sun casino. The growth reported over the 12 months was in the negative up to the 30th of September 2019. Since these two casinos hold a monopoly in the region, what could be the cause of this drop in revenue? Well, the tribal casino operators in Connecticut are blaming the drop on the recently launched new casinos in neighbouring Massachusetts. Could it be that the Foxwoods and Mohegan Sun casino are just sulking because they are not accustomed to a competitive space? Let’s find out how bad the revenue dip was for the tribal casinos in Connecticut with some figures from the reports released on New Year’s Eve.
Revenue Figures over the Last Financial Year
Although there was a revenue dip for the two casinos in Connecticut, the pace of the drop was not as bad as in the previous fiscal year. MGE as a whole reported an overall revenue of over US$ 1.3 billion, which is over 2% more than what they reported in 2018. The improvement is owed to the revenue brought in by the acquisition of Canadian Ontario casino operations which MGE managed to snag last year. The Mohegan casino in Connecticut had a 7.2% drop in revenue. While the Foxwoods casino reported a 5% drop. The fall could mainly be due to the launch of Wynn’s extravagant new Encore Boston Harbour casino in Massachusetts, which has been drawing a lot of gamblers from around the state and evidently from Connecticut as well.
It may look like Connecticut’s tribal casinos are playing victim, but it seems they are not the only ones to report a drop because of MGM and Wynn Resort’s new casinos in Springfield and Massachusetts. Plainridge Park Casino, a slots-only casino in Massachusetts, also reported a decline in revenue ever since the launch of Wynn Resort’s Encore Boston Harbor casino. As the year starts, the two tribal casinos in Connecticut might have to rethink their strategy and regain their market. After all, they do have a monopoly in the state, which is more than what other casino operators in other States have.
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