Foxwoods reports year-over-year declines in revenue
Mashantucket — Foxwoods Resort Casino’s net revenues for the three months that ended March 31 were down 6.3 percent over the same period last year, according to a financial report posted last week.
Gaming revenues totaled $171.9 million for the quarter, a 6.7 percent decrease, while nongaming revenues came to $47.7 million, which was down 4.8 percent. Net revenues totaled $202.7 million.
Foxwoods’ quarterly report was posted on the website of the Electronic Municipal Markets Access system. It covers the second quarter of the Mashantucket Pequot Gaming Enterprise’s fiscal year.
Net income, or profit, for the quarter was $16.6 million, down 28 percent over the same quarter last year.
EBITDA, which casino managers and gaming analysts consider a more reliable measure of performance, was $37.6 million, down 20 percent. Foxwoods defines EBITDA as net income minus certain non-recurring expenses plus interest charges, federal and state taxes, depreciation, amortization and other non-cash expenses.
Foxwoods’ payroll costs were lower for the quarter, according to the report, which says the casino’s workforce numbered about 4,800 full-time workers, or “FTEs,” during the period.
The report’s breakdown of gaming revenues shows slot-machine revenue decreased by $2 million, or 1.8 percent. Table games revenue fell $10.5 million, or 16.3 percent.
Gaming accounted for 78.3 percent of the casino’s gross revenue, virtually the same percentage as a year ago.
The Mashantucket Pequot Gaming Enterprise continues to operate under the terms of a forbearance agreement it reached with senior lenders in September 2014, soon after violating the terms of a 2013 debt-restructuring. The forbearance agreement extends through Dec. 31.
In 2016, the enterprise entered into a strategic partnership to develop and operate a Foxwoods-branded resort casino in Biloxi, Miss., a project “currently in the pre-development stage,” according to the quarterly report.
The Mashantucket Pequot and Mohegan tribes have jointly signed a development agreement with the town of East Windsor, and will proceed with a casino project there if the state approves it.
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