Streak ends: Mohegan, Foxwoods post higher slot revenues in October

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By Joe Cooper

Amid increased gaming competition across the Northeast, Connecticut’s two tribal casinos on Friday reported their first year-over-year slot revenue increase in more than a year.

Mohegan Sun and Foxwoods Resort Casino both posted higher slot revenues in October, ending a troubling streak of 15 consecutive months of decline. However, it’s not all good news as last month’s results are being compared to a 10 percent slot revenue decline both casinos reported in Oct. 2018 -- a month after MGM Springfield debuted.

In addition to changing consumer habits within the industry, the monthly declines began to pile up as MGM Springfield and then Encore Boston Harbor casinos launched new gaming facilities over the last year and a half.

But executives from Mohegan and Foxwoods have said struggling MGM has still poached less gaming revenue than expected.

In October, Mohegan Gaming & Entertainment (MGE), which operates Mohegan Sun, said it recorded slot revenues of more than $43.6 million, up about 2.5 percent from the year-ago period.

The amount slot bettors wagered in October, known as the “handle,” however, was $528.3 million, down 3.5 percent compared to the same month in 2018.

Mohegan, which, like Foxwoods, is required by a gaming compact to pay 25 percent of its slot revenues to the state, said it contributed $10.9 million to Connecticut’s general fund last month.

Foxwoods, meanwhile, recorded a more modest slot revenue gain and loss in its handle.

The casino, operated by the Mashantucket Pequot Tribal Nation, said its slot revenues in October rose a half-percent to $34.4 million.

Its handle for the month was $430 million, down 1.5 percent from the $436.4 million wagered in Oct. 2018.

Foxwoods said it contributed $8.8 million to the state last month.

Mohegan and Foxwoods are still pursuing to jointly build a $300 million satellite casino in East Windsor to recoup lost gaming revenues in the northern corridor of the state from MGM Springfield.

But that plan remains in limbo as MGM filed has filed a lawsuit challenging the U.S. Department of the Interior’s approval of amendments to gaming agreements struck between the state and the Mashantucket Pequot and Mohegan tribes.

The Interior Department last month asked a federal court to reject MGM’s lawsuit in an effort to pave the way for the East Windsor casino project, billed as Tribal Winds Casino.