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    Wednesday, May 08, 2024

    Casinos report declines in February slots revenue

    Foxwoods Resort Casino and Mohegan Sun blamed the weather for year-over-year declines in their February slots revenue.

    In Foxwoods’ case, the numbers, released Monday, were stark.

    The Mashantucket Pequot-owned casino kept $31.6 million in slots wagers in February, down 19.8 percent over the same month a year ago and its lowest monthly “win” since February 1994, when it kept $29.2 million. Mohegan Sun’s February win of $42.1 million was down 3.9 percent.

    “The year-over-year decline in slot revenue was due almost exclusively to weather,” Felix Rappaport, Foxwoods’ president and chief executive officer, said in a statement. “Southern New England experienced record cold and snow in February, making travel to our facility … problematic for most of the month.”

    Bobby Soper, Mohegan Sun’s president and chief executive officer, said the relatively modest decline in Mohegan Sun’s February slots revenue was in keeping with recent results that suggest its business is stabilizing after years of shrinkage. Mohegan Sun had posted year-over-year gains in slots revenue in both December and January.

    “Considering the weather, we feel pretty good about our numbers,” Soper said.

    The casinos, which forward 25 percent of their monthly slots wins to the state, sent a total of $18.7 million to Hartford, where lawmakers are considering a bill that would authorize the tribes to operate up to three more casinos. The General Assembly’s Public Safety and Security Committee will hold a public hearing on Raised Bill No. 1090 at 12:30 p.m. today in Room 1D of the Legislative Office Building.

    Drafted in response to the impact that out-of-state casinos are expected to have on Foxwoods and Mohegan Sun, the bill states that the establishment of any new casino would be subject to the approval of the host municipality’s legislative body. A Springfield, Mass., casino that’s about to be built miles from Connecticut’s northern border poses the most immediate threat. Other casinos have been licensed near Boston and in upstate New York.

    Soper was asked how the struggles of Connecticut’s existing casinos could be seen as justification for additional casinos in the state.

    “Look, to the extent that people who live in Connectiut visit casinos in Massachusetts, we’re going to be losing — Connecticut is going to be losing — revenue and jobs,” he said. “So how do we preserve those jobs? One of the solutions is to extend our operations via alternative gaming facilities, in a community that wants to host an alternative gaming facility.”

    In polling results released last week by Quinnipiac University, 59 percent of state voters opposed the plan to allow the Mashantucket and Mohegan tribes to open new casinos near Massachusetts and New York. Thirty-six percent supported the plan.

    b.hallenbeck@theday.com

    Twitter: @bjhallenbeck

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