Slot revenues: More of the same
Slot-machine revenues were down significantly in November, the casinos reported Friday.
Foxwoods Resort Casino, which includes MGM Grand at Foxwoods, released figures showing its slots "win" - the amount from wagers it keeps after paying out prizes - was just under $43 million, down 10.2 percent over November 2011. Mohegan Sun's win was slightly less than $50 million, a 9.1 percent decline over the same month the previous year.
"It's a reflection of the continued soft economy," Bobby Soper, Mohegan Sun's president and chief executive officer, said.
The latest declines were not as great as those the casinos reported for October, when Superstorm Sandy blew through southeastern Connecticut near the end of the month, disrupting lives and businesses. October slots win was down 17.6 percent at Mohegan Sun and 15.6 percent at Foxwoods.
The casinos last reported a monthly year-over-year gain in slots revenue in December 2011.
Until Foxwoods' October win of $42.9 million, it hadn't reported a win of less than $43 million since February 1997, according to data posted on the state Department of Consumer Protection website. Back then, MGM Grand had yet to be built and Foxwoods operated 1,600 fewer machines than it does today.
Mohegan Sun had last reported a win of less than $50 million in January 2002.
In addition to the sluggish economy, the Connecticut casinos have been hurt by competition from Resorts World Casino at the Aqueduct horse racing track in New York City. The slots facility opened in October 2011, and November was the first full month that provided a year-over-year comparison. Resorts World reported a November win of $52.1 million, a 28 percent increase over the $40.7 million it won in November 2011.
Battling the trends, the Connecticut casinos continue to tout the nongaming features of their destination resorts, including hotels, dining options and entertainment.
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