Connecticut casino revenue down for 2019 fiscal year
Connecticut’s two Native American-owned casinos saw revenue tumble in fiscal 2019 according to filings with the SEC.
Mohegan Gaming & Entertainment reported that Mohegan Sun earned $992m in FY2019, down 7% from the $1.1bn it brought in the previous year.
Mashantucket Pequot Tribal Nation’s Foxwoods Resort Casino took in $788m of revenue in thefiscal year, a decrease of 5%. In FY2018 the casino earned $829m.
Increased competition in the region served as a primary reason for the drop in
revenue according to the reports.
Nearby states New Jersey and New Hampshire have expanded gambling in the past year, while casinos are on the rise in Massachusetts, New York and Rhode Island.
Massachusetts-based MGM Springfield and Encore Boston Harbor both cut into the share of casino-goers who previously would have trekked to Connecticut to gamble.
Waning revenue figures have resulted in job cuts at the Connecticut casinos.
The filings report that the number of full-time and seasonal employees at Mohegan Sun fell from 6,950 to 6,500 year-on-year.
At Foxwoods, the number of workers dropped 5,700 to 5,144 over the fiscal year.
One way Connecticut could offset revenue losses is by introducing sports betting, but state
legislatures have so far refused to take up the effort.
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