The Connecticut House of Cards continues in full view with both Tribal Casinos experiences continuing declines in revenue, facing a wall of debt.
Casinos Slot Revenue Slide Slows
Foxwoods Resort Casino and Mohegan Sun reported Friday that they experienced a sixth straight month of year-over-year declines in slot-machine revenue in June.
Foxwoods, including MGM Grand at Foxwoods, "won," or kept, $49.5 million wagered on its machines last month, down 3 percent over June 2011, while Mohegan Sun's win of $54.8 million was down 3.7 percent.
The declines were less steep than in April, when both casinos reported double-digit declines, and May, when each was down more than 9 percent.
"We're pleased about the mitigation in the decline," said Jeffrey Hartmann, Mohegan Sun's president and chief executive officer. "The combination of 5,000 more machines in New York City and 2,400 at Revel in Atlantic City ... and less-than-stellar economic news has created challenges for all operators in the Northeast, from New York to New Jersey to Connecticut."
Hartmann was referring to the impact of Resorts World, the slots parlor that opened in October at the Aqueduct racetrack in New York City, and Revel, the $2.4 billion casino that debuted this spring. Resorts World announced last month that its slot revenue surpassed that of Mohegan Sun and Foxwoods in May, making it the highest-grossing slots venue in the United States.
Resorts World's reign was short lived, however. According to figures posted on the New York Lottery's website, the slots parlor's June win was $54.1 million, less than Mohegan Sun's.
Foxwoods and Mohegan Sun experienced almost identical declines in "handle," the total amount wagered on their slot machines, in June. Foxwoods' handle of $575.7 million was down 6.6 percent, while Mohegan Sun's handle of $679.3 million was down 6.7 percent.
Foxwoods forwarded $13.2 million of its June win to the state, bringing its total contribution for the 2011-12 fiscal year that concluded last month to $165.5 million. Mohegan Sun sent $14.6 million to Hartford in June, pushing its total for the fiscal year to $178.8 million.
Combined, the casinos contributed $344.3 million to state coffers in fiscal 2011-12, a 4.2 percent decline over the previous fiscal year.
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