Foxwoods makes another additional slots contribution to meet revenue-sharing terms with state
With its slot-machine revenues falling well short of pre-pandemic levels, Foxwoods Resort Casino, which marked its 29th anniversary Monday, is digging deep to meet the requirements of its revenue-sharing agreement with the state.
The agreement calls for Foxwoods to forward to the state 25% of its slots “win” — the amount of wagers it keeps after paying out prizes — provided its annual contribution totals at least $80 million. If the casino’s contributions aren’t on pace to reach the minimum contribution, the rate increases to 30%.
Foxwoods forwarded $8 million to the state last month to meet a $48 million “minimum contribution” threshold for the first seven months of the fiscal year that began July 1. It met that threshold by adding nearly $1.9 million to 25% of its January slots win, which was $24,453,586. The win was down nearly 25% over January 2020.
The 25% share of Foxwoods’ January win was $6,113,397.
A month ago, Foxwoods added $716,766 to 25% of its December win to meet the six-month threshold of $40 million in state contributions. The next threshold, as of March 15, is $56 million for the first eight months of the fiscal year.
Mohegan Sun, which is subject to the same revenue-sharing terms as Foxwoods, reported Monday that it won, or kept, $37.6 million in slots win last month, which was 14.1% less than it kept in January 2020. It contributed $9.4 million to the state, bringing its seven-month contribution for the fiscal year to nearly $67 million.
Both casinos have been hit hard by the pandemic and continue to operate at far less than full capacity. Last week, they released quarterly reports for the period that ended Dec. 31, showing significant revenue declines.
Foxwoods’ report, posted on the website of the Electronic Municipal Market Access system, shows its net revenues fell to $111.9 million in the quarter, a decrease of $79 million, or 41.4%, over the same quarter the previous year. Employment was down 53%.
It was reported earlier that Mohegan Sun posted net revenues of $165.9 million in the quarter, down 31.8% over the previous year.
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