On the same day that Connecticut casinos reported a 19th straight month of declining slot revenues, a Moody's analyst said the gambling resorts' best bet is in Massachusetts.

On Wednesday, Foxwoods Resort Casino in Mashantucket reported slot revenue of $48.7 million in July, down 4.6 percent from $51 million in July 2012. Mohegan Sun in Uncasville reported slot revenue of $54.6 million, down 8.8 percent from $59.9 million the year before.

At Foxwoods, the total amount wagered — called he slot's handle — was $572.3 million, down 2.9 percent from $589.4 million in July 2012. Mohegan Sun reported a handle of $673.7 million for July, down 8.7 percent from $737.9 million the year before.

Also on Wednesday, Moody's Investor Service released a report outlining how casino revenue in Connecticut has been on a steady decline for two years. Mohegan Sun and Foxwoods saw a combined decline of 10.2 percent in the 12-month period ending June 30, from $1.3 billion to $1.17 billion, Moody's analyst Peter Trombetta wrote in his research note. The note was released independently of the slot reports issued the same day.

Connecticut casinos have struggled since Genting Berhad's Resorts World in Queens opened its second phase in December 2011 with about 5,000 slots and table games, Trombetta wrote.

Additionally, Yonkers Racing Corporation's Empire City Casino in Yonkers, N.Y., recently finished a $52 million expansion of its gaming floor.

"Both Mohegan and Mashantucket recently announced facility expansions to attract more patrons with non-gaming amenities, such as new retail stores," Trombetta wrote. "However, these expansions are unlikely to be sufficient to offset the loss of gaming revenue."

Mohegan Sun and Foxwoods both are trying to get one of the three regional licenses to operate a resort style casino in Massachusetts: Mohegan in the Western Massachusetts and Foxwoods in Greater Boston.

"If their bids fail, they will face continuing deterioration in gaming revenue," Trombetta wrote. "If they are selected, they would see their business prospects brighten considerably."

Foxwoods and Mohegan Sun contribute 25 percent of their slot revenue to the state each month. For July, Foxwoods contributed $12.3 million and Mohegan Sun contributed $13.66 million to the state's special revenue fund.

Lottery Overtakes Slots

The Courant reported earlier this week that, for the first time since casino gambling took off in Connecticut in the late 1990s, state lottery revenue has overtaken slots revenue returned to the state.

The lottery has brought in $312,100,270 while the slot machines have turned over $296,395,892 so far for 2013, according to the state Department of Revenue Services.

The state's casinos last posted a year-over-year increase in slot revenues in December 2011.


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