December 14, 2018

Foxwoods' slot revenue down five consecutive months

HBJ Photo | Joe Cooper
HBJ Photo | Joe Cooper
Foxwoods Resort Casino in Mashantucket.

For the fifth consecutive month, Foxwoods Resort Casino on Friday reported lower slot revenues in November.

Foxwoods, operated by the Mashantucket Pequot Tribal Nation, reported slot revenue of $35.3 million last month, down 8 percent compared to $38.3 million in Nov. 2017.

The amount slot bettors wagered in November, known as the "handle," also fell 4 percent to $454.8 million vs. $473.5 million wagered in the year-ago period.

Foxwoods' year-over-year slot revenue has decreased each month since the summer: 5 percent in July; 1.6 percent in August; 5 percent in September; and 10 percent in October.

Year-over-year slot wagers are also on a steady decline at Foxwoods. The handle dropped 6.7 percent in July;less than 1 percent in August; 5.7 percent in September; and 10.6 percent in October. Foxwoods reported a 3.5 percent increase in slot wagers in June.

The Mashantucket-based casino, which provides 25 percent of its slot revenues to the state, said it contributed $9.2 million to Connecticut last month.

"With MGM Springfield in its first few months of operation, not only did we expect to see an impact, we've also consistently and publicly communicated our expectations over the last three years while proactively working toward mitigating any potential loss in revenue," Foxwoods told Hartford Business Journal in a statement. "We are pleased to say that, despite the temporary decline in November, our business volume and gaming activity still continues to exceed our expectations."

November's down month for Foxwoods marked MGM Springfield's third full month in operation.

Executives from Foxwoods and Mohegan are still optimistic they will be able to build a new $300 million entertainment complex in East Windsor to remain competitive in the northern portion of Connecticut.

State legislators are co-sponsoring a bipartisan bill in the upcoming session to bypass the federal government's role in approving changes to tribal compacts required to open the East Windsor casino. The bill is aimed at securing faster approval for the tribes to build and launch the East Windsor facility.

This story has been updated to include statements from Foxwoods

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