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