The amount of slots bets rung in at Mohegan Sun resort casino in Uncasville hit a 10-year low in November, while much of the state went dark for the first 10 days of the month following a rare late October snowstorm.
Slots play at Mohegan’s rival Foxwoods Resort Casino in Mashantucket was down 6 percent from November 2010.
Despite the loss of betting, revenues for the two casinos were not proportionately impacted because they significantly increased their percentage take, or hold, of those bets.
At Mohegan Sun in November, the total bets placed, or handle, at slot machines was $669 million, down 4 percent from November 2010, the worst Mohegan slots handle since January 2002.
While handle decreased 4 percent year-over-year, Mohegan’s win off those bets was $55 million, down only 1 percent year-over-year.
The Uncasville casino kept its revenue nearly flat because its hold — or percentage take of overall slots bets — increased to 8.22 percent in November from 8.04 percent in November 2010.
Jeffrey Hartmann, Mohegan Sun president and chief executive officer, told the Hartford Business Journal in October that the casino tries to influence its hold every month based on the facilities’ fiscal needs. The hold can be manipulated by adding and subtracting slot machines that pay out different amounts to players.
At Foxwoods in November, the slots handle was $568.8 million, down 6 percent from November 2010. Foxwoods win off those bets was $47.9 million, down 3 percent compared to November 2010.
The Mashantucket casino mitigated its losses from the decreased handle because its hold increased to 8.42 percent from 8.18 percent in November 2010.
“Our slot and other gaming businesses are performing as expected given the economic climate,” said Scott Butera, Foxwoods president and CEO, in the slots announcement. “As important, our balance sheet strength is improving.”
Both Foxwoods and Mohegan point out that slots is the only one of several revenue streams the casinos are required to disclose to the public. The properties also generate revenue from table games, hotels, restaurants, shops, concerts, night clubs and sporting events.
As part of their agreement to operate in the state, the casinos are taxed 25 percent of their slot revenue to the state general fund. In November, Mohegan Sun contributed $14.1 million and Foxwoods contributed $12.8 million.
