Kostrzewa – Slide in Conn. slots revenue continues
Published: February 23, 2014
By John KostrzewaJohn KostrzewaProvidence Journal
Published: February 23 2014 04:33
The gambling fever that has infected the country has hit Massachusetts, where regulators plan to award the first slots parlor license on Friday and then licenses for three resort casinos in three geographic sections of the state soon after that.
The politicians think an ever increasing supply of gamblers’ money will support state budgets and put people to work.
But take a look at what’s happening at Foxwoods and Mohegan Sun, the two Indian casinos in Connecticut that were among the first to open in the region but since have seen a long slide in revenues.
The amount wagered at the slots machines in January at Foxwoods was $433.3 million, down 14.1 percent from a year ago. The total at Mohegan Sun was $542.6 million, down 5.3 percent from the comparable month in 2013.
Casino executives blamed the snowstorms, freezing weather and sluggish economy. But you have to wonder if the region is saturated and gamblers have drifted away to newer, flashier gambling dens in nearby states.
The new Massachusetts slots parlor and resort casinos will affect the financial health of the others in the Northeast, such as Twin River in Lincoln. The only question is how much the Massachusetts facilities bring in and how much damage is done to existing locations.
http://www.providencejournal.com/business/content/20140223-kostrzewa--slide-in-conn.-slots-revenue-continues.ece
The politicians think an ever increasing supply of gamblers’ money will support state budgets and put people to work.
But take a look at what’s happening at Foxwoods and Mohegan Sun, the two Indian casinos in Connecticut that were among the first to open in the region but since have seen a long slide in revenues.
The amount wagered at the slots machines in January at Foxwoods was $433.3 million, down 14.1 percent from a year ago. The total at Mohegan Sun was $542.6 million, down 5.3 percent from the comparable month in 2013.
Casino executives blamed the snowstorms, freezing weather and sluggish economy. But you have to wonder if the region is saturated and gamblers have drifted away to newer, flashier gambling dens in nearby states.
The new Massachusetts slots parlor and resort casinos will affect the financial health of the others in the Northeast, such as Twin River in Lincoln. The only question is how much the Massachusetts facilities bring in and how much damage is done to existing locations.
http://www.providencejournal.com/business/content/20140223-kostrzewa--slide-in-conn.-slots-revenue-continues.ece
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