Foxwoods Resort Casino on Thursday reported an 8.5 percent dip in January slot revenue, its seventh consecutive month of declines.
Foxwoods, operated by the Mashantucket Pequot tribe, posted slot revenue of $31 million last month, compared to $33.9 million in Jan. 2018.
The amount slot bettors wagered at Foxwoods in January, known as the “handle,” was $378.8 million, down 9.2 percent vs. $417.1 million in the year-ago period.
Foxwoods, required to pay 25 percent of its slot revenue to Connecticut, contributed $7.8 million to the state’s general fund in January.
Foxwoods has now reported lower slot revenues in seven consecutive months, including the last six months with MGM Springfield in operation.
While MGM is siphoning a share of the region’s gaming profits away from Connecticut casinos, officials from Foxwoods and Mohegan last month told Hartford Business Journal its impact has been less than projected.
That realization is encouraging for Foxwoods and Mohegan, which are actively pursuing joint casino project in East Windsor. Tribal leaders recently rebranded the proposed development, the state’s first off-reservation casino, as Tribal Winds Casino.
At a cost of $300 million, the entertainment and gaming facility is meant to regain a cut of gaming and entertainment revenues lost to MGM, which has also been tallying lower gaming revenues than expected.
The East Windsor project has been ready to break ground since the state approved its plans in 2017, but it remains in limbo due to the U.S. Department of Interior’s refusal to endorse a revision to the state’s gaming compacts with the casinos.
But another path for the casino is possible. A proposed bill in the General Assembly would allow the state to amend its gaming compacts with the tribes, allowing them to bypass the Interior Department’s role in approving the changes.
Mohegan Sun, which has averaged a 6.7 percent slot revenue decline since MGM debuted, is expected to release its January results on Friday, a spokesman said.
