Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 10, 2020

Foxwoods’ 3Q revenues down 71% amid pandemic shutdown

HBJ Photo | Joe Cooper The Grand Pequot tower at Foxwoods Resorts Casino.
By Joe Cooper

Foxwoods Resort Casino said its revenues declined by more than 71% in the third quarter as the casino and entertainment complex closed for more than two months to limit the spread of COVID-19.

For the April-June period, the casino, operated by the Mashantucket Pequot tribe, on Friday posted net revenues of $55.6 million, down $137 million from $192.6 million in the third quarter of 2019.

Foxwoods, which was closed from March 17 to June 1, posted gaming revenues of $48.1 million in the quarter, down nearly 70% from $159.1 million in the year-ago period. It recorded non-gaming revenues of just $9.6 million, down about 81% from $51.2 million.

For the year, the casino's net revenues of $401.8 million are down more than $185 million, or 31.5%, from the year prior. Its earnings before interest, taxes, depreciation and amortization (EBITDA) are down 79% to $18.4 million.

A summary of Foxwoods' operating results in 2020.

Foxwoods, required by a state gaming compact to pay 25% of its slot revenues to Connecticut’s General Fund, in the third quarter contributed $8.4 million to the state last month. That's down about 69% from $27.6 million it contributed to the state in the third quarter of 2019.

The casino said it's invested approximately $6.2 million through June on new slot machines, IT upgrades and other general property maintenance projects. That represents roughly a quarter of the $24.3 million it spent on capital improvements in the nine-month period a year ago.

Foxwoods expects to spend a total of $10 million on capital projects in 2020.

In recent weeks, S&P Global Ratings downgraded its outlook on the Mashantucket tribe's outstanding bond debt due to a major decline in gaming and entertainment profits during the pandemic.

Last week, the owner-operator of the 312,000-square-foot Tanger Outlets at Foxwoods and nearly 40 other shopping centers across North America said its operations became cash-positive in July, with virtually all of its centers now reopen for business.

Sign up for Enews

Most Recent

Most Recent

Related Content

Thumbnail Pokemoto to open new location at Foxwoods
Thumbnail Foxwoods announces launch of Wahlburgers restaurant
Thumbnail Foxwoods rakes in $28.4M in May slot revenue 
Thumbnail Foxwoods’ new bingo hall opens today

0 Comments

Order a PDF