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    Saturday, April 27, 2024

    Slot revenues: Sun up, Foxwoods down

    Mohegan Sun posted a 6.7 percent increase in slot-machine "win," last month, its best year-over-year performance in three years.

    Figures released Thursday show the Uncasville casino won - or kept, after paying out prizes - $49 million in wagers, up from the $45.9 million it won in December 2013. Foxwoods Resort Casino, meanwhile, kept $36.2 million, down 3.8 percent over the $37.6 million it kept the same month last year.

    Bobby Soper, Mohegan Sun's president and chief executive officer, attributed his casino's showing last month to falling gas and oil prices and favorable comparisons with December 2013, which featured especially bad weather. He also noted that Christmas and New Year's Day fell on Thursdays, leading to the kind of long holiday weekends casinos crave.

    "In December, the volume of people (at the casino) and the revenue itself were strong," Soper said. "The huge declines we're seeing in oil and gas prices is creating more discretionary income."

    Mohegan Sun increased its share of the Connecticut slots win in December, capturing 57.5 percent to Foxwoods' 42.5 percent. During the month, Mohegan Sun operated, on average, 5,337 machines.

    Foxwoods averaged 4,961 machines, the first time it's averaged fewer than 5,000 machines in any month since June 1997.

    Foxwoods operated more than 8,000 machines for a time after opening MGM Grand at Foxwoods in 2008. MGM Grand has since been renamed The Fox Tower.

    Soper said Mohegan Sun was more interested in profitability than its share of the local slots market.

    "We've reduced our marketing expenses and used them more effectively, and we've been able to grow revenues," he said.

    Both casinos reported year-over-year increases in slots "handle" - the total amount bet on their machines - in December. Mohegan Sun's handle was up 5.2 percent to $600.4 million while Foxwoods' climbed 3.4 percent to $446.3 million.

    Handle includes the amount of free-play coupons and credits redeemed by casino patrons. Win is considered a more important indicator of performance. In December, patrons at Foxwoods and Mohegan Sun redeemed $4.8 million and $4.1 million worth of free play, respectively.

    Year-over-year increases in slots revenue at the casinos have been exceedingly rare in recent years. Until Thursday, Mohegan Sun had not posted one since a 1 percent increase in October 2013. Foxwoods' last year-over-year increase, of 2 percent, came in February.

    The casinos sent 25 percent of their December slots wins to the state, Mohegan Sun remitting $12.2 million and Foxwoods $9.3 million.

    b.hallenbeck@theday.com

    Twitter: @bjhallenbeck

    DECEMBER 2014 SLOT-MACHINE REVENUES

    FOXWOODS

    Total win (in millions): $36.2

    Yearly change: –3.8%

    State contribution (in millions): $9.3

    * Hold: 8.1%

    Operating units: 4,961

    MOHEGAN SUN

    Total win (in millions): $49.0

    Yearly change: +6.7%

    State contribution (in millions): $12.2

    * Hold: 8.2%

    Operating units: 5,337

    *Hold is the average percent of total wagers kept by the casino.

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