The tribal operator of Mohegan Sun posted a roughly 7 percent decline in November slot revenues, just weeks after the casino reported a major drop in fourth-quarter profits.
Mohegan Gaming & Entertainment (MGE) on Friday afternoon said it netted over $44.2 million in slot revenue last month, down about 7 percent vs. the $47.5 million recorded in the year-ago period.
The amount slot bettors wagered in November, known as the “handle,” was $555.2 million, down approximately 6 percent from the $588.1 million wagered in Nov. 2017.
MGE, which provides 25 percent of its slot revenues to the state, said it contributed more than $11 million to Connecticut’s general fund last month.
Amid new competition from MGM Springfield, Mohegan has posted year-over-year slot revenue losses in five consecutive months.
Mohegan’s slot revenues fell 1.3 percent in July; less than 1 percent in August; 8.8 percent in September (MGM’s first full month in operation); and 10.5 percent in October. Slot revenues were flat in June.
Year-over-year slot wagers at Mohegan also dropped in July, August, September and October.
Earlier this month, MGE said it netted nearly $40 million during the fourth quarter this year, down about 25 percent compared to the $53.5 million it recorded in the year-ago period. MGE CEO and President Mario Kontomerkos said the decline was “in part due to the impact of a recent competitive opening in the Northeast gaming market.”
Similar downward trends are also being reported just 15 miles east at Foxwoods Resort Casino.
The Mashantucket-based casino on Friday posted its fifth consecutive month of declining slot revenues.
Ray Pineault, Mohegan’s president and general manager, on Monday said the casino expected the slot revenue fall given MGM’s new Springfield presence. But the declines, he said, are smaller than the casino projected.
“We have exciting enhancements to Mohegan Sun coming on-line over the next few months and well into 2019,” Pineault said. “The new Earth Expo & Convention Center as well as our hotels have also been performing well. We’re not at all disappointed.”
This story has been updated to include comments from Ray Pineault
