Connecticut’s tribal casinos have revealed another month of slot revenue in July, making up 13 months of losses.
Mohegan Gaming & Entertainment (MGE) which owns Mohegan Sun and Foxwoods Resort Casino, operated by the Mashantucket Pequot Tribal Nation, have both reported declines in the millions.
MGE was down 15.1% from July last year, recording profits of $46.7 million.
Foxwoods has seen an 11.2% loss over the year, reporting slot revenues of $38 million.
Wagers from slot betters at MGE were down 14.1% on last year, coming to $570.2 million.
Those at Foxwoods wagered $479.2 million, down 10.3%.
Both casinos pay 25% of slot revenue to the state in taxes. Mohegan said it paid out $11.6 million in July, while Foxwoods paid $9.8 million.
It comes at a time when Foxwoods has introduced its new President and CEO John J. James into the mix.
James has 25 years of experience in the industry, which includes working in competitive markets such as California versus Nevada.
He was previously vice president and general manager at Station Casino venues in Las Vegas and his last post was as chief operating officer at Morongo Casino Resort & Spa in Cabazon.
Although set to face many challenges in his first year – James has high hopes for the company.
In a statement released to the media, he said: “Foxwoods is the premier destination in the Northeast and a pioneer in the tribal gaming community, and I’m thrilled to be joining their stellar team.”
Regardless of losses, the tribes are still going ahead with their plan to build and launch a $300 million casino and entertainment complex in East Windsor.
The project would help the casinos to make back the money lost from the opening of MGM Springfield last year.
It would also help to support the venues in a time where MGM is looking to open another casino in Bridgeport.
The bottom line is that venues around the tribe’s casinos are deemed as easier to access with a better experience on offer for many.
As the Northeast becomes saturated with gambling arenas, it becomes more and more difficult for casinos to competitively appeal to visitors.
Although doing better than the two tribes, MGM is currently looking at selling some of its assets in an attempt to restructure.
A bill is currently in the hands of lawmakers that would allow MGE and Foxwood to open gaming venues together in Bridgeport and East Windsor.
Yet there are still many debates surfacing as to the ideal location.
Despite attempts, it appears that Gov. Ned Lamont may not be ‘all in’ when it comes to signing it off, after expressing concerns of simply awarding the two venues a new license rather than opening it up for bids.
It is thought that the Governor may also see potential in doing a larger deal factoring in MGM.
Rumors are surfacing that the two tribes may look to purchase downtown Hartford’s XL Center, however, they are refusing to give up on their East Windsor dream.