Foxwoods Resort Casino and Mohegan Sun Casino, the two tribal gaming operators in Connecticut, have reported an annual revenue decline in 2019.
On the New Year’s annual revenue reviewing, the two companies that hold a monopoly in the Connecticut gaming industry reported a revenue drop in the fiscal year, which ended on 30th September 2019. The two casinos blamed the new regional rival for the decline.
Mohegan Gaming & Entertainment (MGE) overall revenue increased by 2.4 percent from the 2018 results, but its Connecticut property revenue dropped by 7.2 percent from the previous year reporting. MGE overall gain was attributed to its operations in the Niagara Falls, Ontario.
Foxwoods, the gaming property operated by Mashantucket Pequot Tribe, its revenue dropped by 5 percent to $787.8 million.
In Massachusetts, Wynn Resorts opened a lavish $2.5 billion Encore Boston Harbor in the summer of 2019, and in 2018, MGM Resorts opened the MGM Springfield property, which is just near the border with Connecticut. The two gaming properties are being blamed for the falling gaming revenue in Connecticut.
According to calvinayre.com, Connecticut, the gaming agreement requires the gaming operators to share their slot revenue with the state; thus, the revenue announced publicly is from slots gaming. Since 2018 when MGM Springfield opened, the two Connecticut gaming property slot revenue has been falling. The only months this trend came to a halt was in October when they reported a modest gain.